Dubai-based Arqaam Capital has raised its estimate of pay TV group OSN’s worth from US$2.5 billion (€1.8 billion) to US$4.3 billion ahead of the company’s potential IPO.
Arqaam said that OSN’s acquisition of South Asian channel provider Pehla Media & Entertainment in August would boost its performance. According to Arqaam, OSN posted revenue growth of 24% and subscriber growth of 22% in the first nine months of this year.
Reuters reported last month that private equity investor Stanford Marine Group hired Deutsche Bank and Golgman Sachs to look at a stock market listing in London. OSN’s largest investor, Kuwait private equity and investment firm KIPCO, which holds a 60.5% stake in the operator, said in June that it had hired Rothschild Group to advise on the potential IPO.