Ullu Digital plans to raise the largest SME IPO: Report

Currently, Vibhu and Megha Agarwal own 95% of its equity, while Zenith Multi Trading DMCC holds the remaining 5%.

According to Moneycontrol, Ullu Digital, an OTT streaming company has submitted draft documents to the BSE SME in an effort to raise funds through an IPO. The company plans to use the IPO—which would only involve the fresh issuance of about 62.6 lakh shares—to raise between Rs. 135 and Rs. 150 crore.

In terms of magnitude, if allowed, it will be the largest SME IPO ever. With an initial public offering (IPO) of Rs 105 crore, Spectrum Talent Management is the largest in the SME market.

According to data from Chittorgarh, Aashka Hospitals raised the most money with Rs 101.6 crore, followed by Baweja Studios with Rs 97 crore, Khazanchi Jewellers with Rs 97 crore, and Wise Travel India with Rs 94.7 crore.

The Mumbai-based over-the-top (OTT) company distributes, displays, markets, promotes, and delivers a variety of content via its platform/app, Ullu, which provides web series, short films, and shows.

The company is owned by Vibhu Agarwal and his wife Megha Agarwal and competes with publicly traded companies like Zee Entertainment Enterprises and Shemaroo Entertainment, intends to use Rs 30 crore of the proceeds for new content creation, Rs 20 crore for foreign show purchases, and Rs 15 crore for technology investments. The company will spend Rs 50 crore to cover its working capital needs, with the remaining money going for general corporate operations.