Diversified media, entertainment and communications group Percept Limited is planning to list its recently-launched, wholly-owned subsidiary, Percept Live, at the overseas exchange with a valuation of $1 billion. Percept Live is a global entertainment company that focuses on creating intellectual properties in the three verticals of sport, entertainment and social media.
“We are targeting to list Percept Live at an offshore stock exchange, preferably NYSE (new York Stock Exchange), by 2015-15 at an valuation of $1 billion,” Harindra Singh, vice-chairman and managing director of Percept Limited told Business Standard.
On the reason behind looking at offshore exchange, Singh said that in India, the problem was people do not want to invest in companies with non-tangible assets. “In the entertainment business, the only asset that we can make is not tangible. Every time you create an event, you bring everything together, and 24-hours later there is nothing physical. And we will be the first company of our kind to list in that market,” Singh added.
Percept is already infusing Rs 200 crore in Percept Live, which was launched in July this year. The company aims to tap live event audiences for intellectual properties in the Live Entertainment, Sports, Fashion, Digital and Media space. The Ips include Sunburn, Fight Night, Bollywood Live, LOST, Superstar, and Windsong Music Festival.
A major focus of the company is on the expansion of one of its well known IP properties Sunburn, a music festival which the media conglomerate plans to launch in other cities.
It has already organised Sunburn in Mumbai, Delhi and Colombo, apart from Mumbai. Now, the company aims to to take Sunburn to cities like Jakarta, Dubai, Singapore and in Mexico.
