The diversified media, entertainment and communications group Percept Limited is planning to list its recently launch 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, by 2015-15 at an valuation of $1 billion,” Harindra Singh,Vice-Chairman and Managing Director Percept Limited told Business Standard.
On the reason behind looking at offshore exchange, Singh said that in India, problem is people do not want to invest in companies with non-tangible assets. “In 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 IPs 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 big 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.
According to Singh, Sunburn last year saw a footfall of 150,000, but in this year, all inclusive, half a million population came for the event. "Next we will take the event truly global to 10-12 different countries in next 2-3 years. We have also expanded Sunburn to include things like merchandise," Singh added.
‘Lost’ is another IP property that the company is looking to build under Percvept Live. The company has partnered with Arjun Rampal for this. LOST is a live music festival featuring International and domestic talent across various live music genres such as Pop, Rock, Dubstep, House, Reggae, Metal and R&B.