Bright Outdoor Sees Steady Growth Post IPO
Being listed on the SME Board in March last year, Bright Outdoor Media was among the first companies from the outdoor media and advertising sector in India to take the IPO route. According to the company’s Chairman & MD, Yogesh Lakhani, this was a natural step for the outdoor player, as more areas of growth came to the fore for out-of-home (OOH) advertising.
“Ours was the first company in India in the outdoor sector that had taken the IPO route. Bright Outdoor Media started from scratch in 1980, growing well in the OOH space. In Mumbai, out of the 60 LEDs, 24 are ours and there are 16 more in the works. Each of these needs investment. I wanted to fill new tenders as well. When such opportunities surfaced in the past, I would approach the bank. Over time, we built a reputable business. We hit a setback during the pandemic but the operations picked up with steady performance. For us at this point, the SME IPO was the right route,” explains Lakhani.
Upping the Game
After going public, Bright Outdoor has undertaken several new initiatives in the last few months. The company’s focus has been the OOH sector and it also entered into partnerships that it believed were future-focused. “We partnered with Zest Outdoor Media for a solar panels project that is generating power for the railways and is in line with Prime Minister Modi’s vision for a sustainable future,” Lakhani informs.
While OOH will remain its mainstay, Lakhani is also keen to add an experiential layer to his company’s offering. “I am keen to do more with events and celebrities as that is an industry I am connected with. But I would also like to create more experiential options such as a resort. This is already factored in our growth plans,” he says.
60, Going To 17
Lakhani says he has been busier ever since the IPO. One of the primary reasons for this is the increase in accountability and transparency. “. At the age of 60, I am working like a 16-year-old. People have trusted the company and the idea now is to bring benefits to everyone connected with us. I am working thrice as much as I have in the past. There is increased transparency because one needs to keep perfect records and declare results every six months. Anyone can look at everything about the company at any time,” he remarks.
The Indian OOH space has been unorganised and immeasurable with many players. Citing that not many people were investing in it because of this, Lakhani states, “Bright Outdoor was one of the first to make a change and also one of the first to get into IPO. My dream is to continue reaching newer milestones.”
