Lytus Technologies Holdings, an Indian provider of content streaming and telecasting services, lowered the range, added warrants, and increased the proposed share offering for its upcoming US IPO on Monday.
The Mumbai, India-based company now plans to raise $19 million by offering 3.2 million units at a price range of $4.75 to $6.75. Each unit consists of one share of common stock and one warrant, exercisable at the IPO price. The company had originally filed in April 2021 to offer 2.7 million shares at $10 to $12 before lowering the range last month to $6.30 to $6.90. At the midpoint of the revised range, Lytus Technologies Holdings will raise 4% more in proceeds than previously anticipated and command a market value of $215 million (-47% from original terms).
Because the company is now offering units with warrants attached, Lytus Technologies Holdings is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.
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.
