Indian telemedicine, streaming firm Lytus files for US IPO

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Lytus Technologies Holdings (LYT), a provider of streaming, cable and telemedicine services in India and telemedicine services in the US, has filed to hold an initial public offering in the US.

The holding company, which is incorporated in the British Virgin Islands, operates through three businesses: India-based Lytus Technologies Private Ltd., India-based CCD CATV Network Private Ltd., and US-based Global Health Services Inc., or GHSI. The company has around eight million active users in India.

Lytus filed to offer 2.7M shares priced between $6.30 and $6.90. Underwriters will be granted a 45-day option to buy up to 409K additional shares. The company expects the deal to generate gross proceeds of around $16.7M.

Lytus has already been approved to list its shares on Nasdaq under the symbol LYT. Aegis Capital is serving as lead bookrunner for the deal.

For the fiscal year ended March 31, 2021, Lytus had net income of $2M on revenue of $16.6M.

In addition to providing streaming and cable services in India, Lytus has also been developing a telemedicine service for the US and India. The company already offers telemedicine services to several states in the US through its GHSI unit.

For a more in-depth look at Lytus, check out SA contributor Donovan Jones's "Lytus Technologies Pursues $30 Million US IPO".