Sea TV,Network

Sea TV Network, a UP-based company engaged, in the business of providing services of a multi system operator (MSO) to cable TV operators, has filed its DRHP with SEBI on 22/1/2008 to enter the capital market with an IPO of  1 crore equity shares  of Rs 10 each, at a price to be decided through a 100% book building process. The issue comprises a promoters contribution of 3,351,000 equity shares and a reservation of 500,000 equity shares to the employees of the company. The net offer to the public is 6,149,000 equity shares. The issue would constitute 36.17% of the fully diluted post issue paid up capital of the company. The company proposes to list the shares on BSE & NSE. The BRLM to the issue is Chartered Capital and Investment.

The company proposes to utilise Rs 54.79 crores from the proceeds of the issue for setting up complete digital headend and network for implementation of Conditional Access System (CAS), a network for IPTV solutions and an own cable distribution (underground optical fibre) network, capable of digital transmission throughout Agra city and adjoining areas. The company is also setting up 20 branch offices in the city with required infrastructure for receiving digital signals and re-transmitting the same through co-axial cables to individual customers/subscribers.

Sea TV network incorporated in 2004, focuses on the cable distribution business and intends to emerge as a MSO with an all India presence, while working in consonance with broadcasters and viewers. Sea TV also has its own free to air local channels, programmes of which are produced by its own production team. These include SEA News (24-hour news channel in Agra city). SEA Janvani (religious  channel for the  Jain  Community). SEA TV (local cultural programme channel) and SEA Bhakti (24-hour religious channel). The company already has a network of about 150 franchisees throughout Agra city.

For the year ended March 31, 2007, the company posted an income of Rs 4.53 crores and net profit of Rs 28 lakhs as against an income of Rs 1.75 crore and a net profit of Rs 2.31 lakhs for FY06. For the period ended November 30, 2007, the company recorded an income of Rs 4.80 crores and  net profit of Rs 1.28 crore.