DQ Entertainment IPO subscribed 3.5 times on day 2

The initial public offering (IPO) of DQ Entertainment, issue was subscribed nearly 3.57 times overall on second day, March 9, 2010, as per data available on the NSE website.

Non-institutional investors' reserved portion got subscribed 0.0519 times followed by QIBs and retail with 6.47 times and 0.93 times, respectively.

The initial public offering of DQ Entertainment, the animation, gaming and live action entertainment production and distribution company, opened for subscription on March 08 and will close on March 10, 2010.

The 1,60,48,011 equity shares IPO is being done through through 100% book building process and will close on March 10, 2010.

The price band for the issue is at Rs 75 - 80 per equity share of Rs 10 each. The issue shall constitute 20.24% of the fully diluted post issue paid-up equity share capital of the company.

The company proposes to utilise the net proceeds of the Issue to part finance investment in co-productions, focusing on  IP content creation, development of office premises and production facilities; development of infrastructure and additional facilities at the SEZ Unit, Kokapet Village, Rangareddy District, Andhra Pradesh, investment in our subsidiary, DQ Entertainment(Ireland) Limited and general corporate purposes.

The equity shares are proposed to be listed on Bombay Stock Exchange Limited.

DQE is one of the leading producers of animation, visual effects, game art and live action entertainment content for the global media and entertainment industry.

Karvy Computershare Private Limited is the Registrar to the issue. SBI Capital Markets Limited is the book running lead manager.