SME IPO: Basilic Fly Studio's Rs 66-crore issue gets bids worth Rs 5,500 crore in just 2 days. Check GMP and subscription
SME IPO of Basilic Fly Studio is receiving a stellar response from investors with the overall subscription at 110 times on the second day of the bidding process.
The issue, which opened on September 1, comprises fresh equity of up to Rs 60.5 crore and an offer for sale (OFS) of 6 lakh shares.
The company plans to raise about Rs 66 crore from the IPO, which closes tomorrow.
According to NSE data, the issue has received bids for 56 crore shares worth Rs 5,507 crore on the second day against just 50.96 lakh shares on offer.
Basilic Fly Studio is a visual effects (VFX) Chennai-based studio with subsidiaries operating in Canada and the UK, which specialises in creating visual experiences that captivate audiences around the world.
It holds proficiency in the VFX industry and has delivered high-quality VFX solutions for movies, TV, net series, and commercials.
According to market sources, the company's shares are commanding a huge premium of Rs 270 in the unlisted market.
The company is offering shares for a price band of Rs 92-97 apiece, and investors can bid for 1,200 shares in 1 lot. About 50% of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors and the rest 35% is set aside for retail investors.
For the year ended March 2023, the company has recorded revenues of Rs 78.95 crore and net profit of Rs 27.74 crore.
The net proceeds from the public offer will be used to set up a studio in Hyderabad, adding infra to strengthen existing facilities and general corporate purposes.
GVR Capital Advisors is acting as the lead manager for the issue, while Purva Sharegistry is the registrar.
The final allotment will likely be made on September 8.
