Although the IPO plans for Ennadu TV could not be confirmed, given its strong brand value in Andhra Pradesh in particular and in the southern states in general, the market is hoping that the company would go public as well. Same is the case for Ultra, the media company which owns the video rights for a number of films in India and is also in the business of production and distribution of the same.

Market players and intermediaries expect these companies to mop up between Rs 2,000 crore and Rs 2,500 crore. Also most of these companies are going in for book-building instead of the traditional fixed-price route.

Nimbus Communications is all set to be the first media company to hit the block in fiscal 2000. The company has already filed its draft offer document with the Securities and Exchange Board of India (Sebi) and is taking the book-building route. Nimbus is likely to fix an indicative price of Rs 400 for its book-building.

NDTV and UTV are the other two companies which are in their advanced stages of filing their documents with Sebi, according to sources. Creative Eye is planning to raise Rs 120 crore via book building and expects a price of around Rs 300 per share. HSBC is the lead manager to the issue.

Sun TV is in its priliminary stages of preparation, lining up merchant bankers and other intermediaries. So is Sagar Entertaiment, of Ramayan-fame, promoted by Ramanand Sagar.

According to market sources, the latter plans to go public during the second half of the year.

With the focus of fund managers and market players on stories with convergence theme in the market, the demand for media stocks has surged and continues to grow. With very limited choice for media stocks in the market, market players including large institutions and funds have no option but to log into IPOs.