Basilic Fly Studio's IPO grows investor wealth by nearly 180%
Basilic Fly Studio, a visual effects studio operator, had a remarkable debut on the NSE SME platform. Its shares were listed at Rs. 271, a 179% premium over the IPO price of Rs. 97. On Monday, the company's grey market premium (GMP) reached Rs. 230, suggesting a potential listing price of Rs. 327 per share. The IPO was oversubscribed 286.61 times, with bids for 146.06 crore equity shares as against the issue size of 50.96 lakh shares.
Company had set share issue price band at Rs. 92-97
Basilic Fly Studio IPO is worth Rs. 66.35 crore and consists of 68,40,000 shares. The public issue consisted of a fresh issue of 62,40,000 shares aggregating up to Rs. 60.53 crore and an offer for sale of 6,00,000 shares totaling up to Rs. 5.82 crore. The company had set the price band for the issue at Rs. 92-97 per share. The shares touched an intraday high of Rs. 284.55, rallying a further 5% from the opening price of Rs. 271.
Expansion plans
Basilic Fly Studio plans to allocate some of the money raised from the IPO to establish new studios in Hyderabad and Salem. Additionally, they intend to invest in upgrading their existing offices in Chennai and Pune. The company also aims to expand its workspace by acquiring new office space in London and improving its current facilities in Vancouver. Lastly, a portion of the funds will be set aside for general corporate needs and to cover the issue expenses.
