Eros International, which produces and distributes Indian films in over 50 countries, lowered the proposed deal size for its upcoming IPO on Tuesday. The Mumbai, India-based company now plans to raise $60 million by offering 5.0 million shares (all primary) at $12 per share. The company had previously filed to offer 12.5 million shares (38% insider) at a range of $15 to $17. The expected proceeds are 70% less than previously anticipated.
Eros International, which was founded in 1977 and booked $208 million in sales for the 12 months ended September 30, 2013, plans to list on the NYSE under the symbol EROS. Deutsche Bank, BofA Merrill Lynch, UBS Investment Bank, Jefferies and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of November 11, 2013.
