Dainik Bhaskar Files New Draft Prospectus For IPO; Warburg Pincus Is Exiting

 DB Corp Ltd, publisher of Dainik Bhaskar, has filed a Draft Red Herring Prospectus (DRHP) for an initial public offering. The DRHP, filed on 14 August with market regulator the Securities and Exchange Board of India, proposes sale of up to 24,781,190 equity shares of face value of Rs10. The issue is for approximately 13.65% of the post-issue capital of the company. Cliffrose Investments Ltd, a Warburg Pincus affiliate that holds 7.14% stake in the company, is selling and their holding comprises of nearly half of the issue. The other half is the fresh issue of shares by the company, representing a 7.01% stake. Cliffrose, however, has an option of making a pre-IPO placement and necessarily has to sell only shares comprising of 2.99% stake in the company. In that event, the issue will represent only about 10% of the post-issue capital of the company.