Lytus Technologies Holdings, an Indian provider of content streaming and telecasting services, lowered the proposed deal size for its upcoming IPO on Wednesday. In its latest filing, the company also disclosed updated financials for the six months ended September 30, 2021.
The Mumbai, India-based company now plans to raise $18 million by offering 2.7 million shares at a price range of $6.30 to $6.90. The company had previously filed to offer the same number of shares at a range of $10 to $12. At the midpoint of the revised range, Lytus Technologies Holdings will raise -40% less in proceeds than previously anticipated.
Lytus Technologies is a platform services company primarily providing content streaming and telecasting services, with over 8 million active users located across India. Its business also covers telemedicine services with the assistance of local Health Centers. Through its platform, customers are connected via customer premises equipment devices and set top boxes. The company is primarily focused on India, but expects to grow its international presence in regions such as Africa, Indonesia, the UK, and the US.
Lytus Technologies Holdings was founded in 2015 and booked $17 million in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol LYT. Aegis Capital Corp. is the sole bookrunner on the deal.
