Lytus Technologies Holdings, an Indian provider of content streaming and telecasting services, raised $12 million by offering 2.6 million shares at $4.75, the low end of the downwardly revised range of $4.75 to $6.75. The company offered 0.6 million fewer shares than anticipated.
The company had originally filed in April 2021 to offer 2.7 million shares at $10 to $12, before lowering the range to $6.30 to $6.90 in February 2022. It revised the terms again the following March, planning to offer 3.2 million units with warrants attached at a range of $4.75 to $6.75. In a post-effective amendment filed in May, the company removed the warrants from its offering.
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 plans to list on the Nasdaq under the symbol LYT. Spartan Capital Securities and Pacific Century Securities acted as joint bookrunners on the deal.
