Indian Media Firm Videocon d2h rings NASDAQ Opening Bell

Videocon d2h rang the opening bell at the prestigious Nasdaq stock market in New York after becoming the first Indian private company since the year 2000 to list overseas, issuing ADR worth $325 million to the public.

Rajkumar Dhoot, a member of Indian parliament and Saurabh Dhoot, managing director of Videocon d2h, rang the symbolic opening bell Tuesday at the Nasdaq Market Site at Times Square in New York.

One of India’s leading Direct To Home (DTH) companies, Videocon d2h has achieved several milestones through this listing like becoming the first sizeable Indian listing on US exchanges since 2010 and the first Indian media company to be listed at Nasdaq.

At an approx market cap of $1.15 billion, Videocon d2h has become the most valued Indian company at NASDAQ, according to a media release.

“Our listing on the NASDAQ Stock Exchange is a major corporate milestone for the entire Indian Media industry not just Videocon d2h,” Saurabh Dhoot said.

It was “a testament to the tremendous progress we have made under the Digital India vision” of Prime Minister Narendra Modi, he said.

“This is the success of thousands of Videocon d2h employees working tirelessly and our customers who believed in our brand, product and services. We have just begun,” Dhoot said.

Videocon d2h claims to have launched many firsts in the Indian DTH industry like the first to launch the 4K Ultra HD Channel, 1000 GB High Definition Digital Video Recorder, Radio Frequency Remote for DTH, Wireless DTH Headphones, 500 channels & services. (IANS)