India’s Eros International is switching its listing from the UK’s Alternative Investment Market (AIM) to the New York Stock Exchange (NYSE), through which it aims to raise up to $250m.
The company expects that its shares will start trading on the NYSE on May 2, the same date that its AIM listing will be cancelled.
In a filing to the US Securities and Exchange Commission (SEC), Eros said: “We intend to use the net proceeds from this offering to fund new co-productions and acquisitions, including catalogue content, to grow our digital and other distribution channels and for general corporate purposes.”
Eros said it was making the switch because it believes US capital markets provide a more relevant peer group of similar companies, broader financial analyst coverage, increased liquidity and more efficient access to additional equity capital on favourable terms.
The company listed on the UK’s AIM in 2006, around the same time as India’s UTV and The Indian Film Company, which have since also delisted.
Eros released Agent Vinod, starring Saif Ali Khan and Kareena Kapoor, in India and overseas markets on March 23. The company’s upcoming slate includes Kochadaiyaan – The Legend, a performance capture feature starring Rajnikanth and produced by the UK’s Mediaone Global Entertainment. The film is currently in post-production after shooting at the UK’s Pinewood Studios.