SAIF-backed Indian retail platform HomeShop18 files for US IPO

According to a regulatory filing, the IPO will see CEO Sundeep Malhotra and parent company Network18 exit part of their stake in the company while SAIF, OCP and GS Home Shopping - a South Korean strategic investor - will retain their shares.

Noida-headquartered HomeShop18 is operated by TV18 Home Shopping Network, which is in turn owned by NW18 HSN holding - a unit of Network18. SAIF has the largest stake of any financial investor with 25.2%, while GS Home Shopping and OCP hold 17.1% and 6.4%, respectively. Network18 is the overall majority shareholder in the business.

The HomeShop18 television channel launched in April 2008 while the e-commerce site, HomeShop18.com, came online in January 2011. The company generates revenue by earning commission from sales made by third-party vendors via its platforms, primarily the television channel.

It reported more than INR2.2 billion ($36.5 million) in revenue for the 2013 financial year, double the previous year's total.

According to AVCJ Research, SAIF invested around $10 million in the business in April 2008 and then returned three months later to commit $21 million along with Capital18 Media Advisors. In April last year OCP Asia paid around $14.8 million for a 4.5% stake before returning in October for a $14 million follow-on funding round alongside GS Home Shopping and Network18.

SAIF Partners has backed a number of successful IPOs in recent times. Last year it took business directory Just Dial public in India. Prior to that, SAIF-backed online travel agency MakeMyTrip listed on NASDAQ.

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• Topics
• South Asia
• Consumer
• Exits
• Media
• India
• Consumer
• Exit
• IPO
• SAIF Partners
• TMT