Videocon d2h rings opening bell at Nasdaq after listing

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

Rajkumar Dhoot, a member of Parliament and Saurabh Dhoot, managing director of Videocon d2h, rang the symbolic opening bell on Tuesday at the Nasdaq Market Site at Times Square in the Big Apple.

With this listing, the leading Direct To Home (DTH) company has become the first sizeable Indian listing on US exchanges since 2010 and the first domestic media company to be listed at Nasdaq.

At an approx market capitalisation of US $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 added.

Videocon d2h claims to have launched many firsts in the domestic DTH industry, including a 4K Ultra HD Channel, 1000 GB High Definition Digital Video Recorder, Radio Frequency Remote for DTH, Wireless DTH Headphones, 500 channels & services.