Basilic Fly Studio rewards investors with a bumper 179% gain on listing
economictimes.indiatimes.comBasilic Fly Studio debuted at a robust premium of 179% on the NSE Emerge platform.
On listing, the stock rallied further 5% and was locked in upper circuit at Rs 284. The company has priced the issue at Rs 97 at the upper end.
The debut of Basilic Fly Studio was on the expected lines, tracking the recent trend of massive listing gains in the SME segment.
The Chennai-based VFX studio's Rs 66 crore IPO saw a subscription of 286 times, led by strong demand across categories.
The company received bids worth over Rs 14,000 crore for the issue.
The IPO, which opened on September 1, comprised fresh equity of up to Rs 60.5 crore and an offer for sale (OFS) of 6 lakh shares.
Basilic Fly Studio is a VFX studio based in Chennai with subsidiaries operating in Canada and UK. The company holds proficiency in the VFX industry and has delivered high-quality VFX solutions for movies, TV, net series, and commercials.
It has worked for several Hollywood films like 'Avengers: Endgame', 'Spider-Man: No Way Home' and 'Top Gun: Maverick' among others.
The company has huge potential for growth opportunities given the rising scale of animation and VFX across the world.
