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HomeShop18 files for confidential IPO at NASDAQ; to raise about $100 million

Network18 owned online and on-air retail arm HomeShop18
has reportedly filed for a confidential IPO at NASDAQ, reports NextBigWhat. With this filing, the

Network18 owned online and on-air retail arm HomeShop18
has reportedly filed for a confidential IPO at NASDAQ, reports NextBigWhat. With this filing, the
firm intends to raise about $100 million, reports Reuters. The group is in
talks with institutional investors, including private equity firms, to take up
shares as part of the listing plan, said the sources, who declined to be
identified as the talks are not yet public.

A confidential IPO allows companies with less than $1 billion in annual revenues, to submit their documents to the SEC for confidential reviews and wait until 21 days before their IPO roadshow to make a public filing. HomeShop18 would be the third
online company from India to be listed in Nasdaq after Rediff and MakeMyTrip.

“We have ambitions to get listed and
are open to it but it is premature to talk about it now. We cannot give any
timeframe on that at the moment,” Sundeep Malhotra, Founder and Chief
Executive Officer has said.

In 2008, HomeShop18 had raised $26 million from
private equity fund SAIF Partners in two tranches and in 2009 it raised $18.5
million from South Korean home shopping retailer GS Home Shopping.  According to reports, HomeShop18 has a current
revenue of around Rs 750 crore ($142.13 million) and sells everything from
mobile phones, laptops and televisions sets to apparel and lifestyle products.

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