Basilic Fly Studio's initial public offering (IPO) has seen robust response from investors, even on the second day of bidding on September 4. The offer has been subscribed 110.01 times, garnered bids for 56.06 crore equity shares against the IPO size of 50.96 lakh shares.
Retail investors and high networth individuals, who have 35 percent and 15 percent reservation in the net issue, remained at the forefront, buying 213.7 times and 122.66 times the portions set aside for them, respectively, while the 50 percent reserved portion of qualified institutional buyers was subscribed 16.12 times.
The offer, which closes on September 5, was subscribed 26.08 times till the first day of bidding, September 1.
The visual effects (VFX) studio with subsidiaries in the Canada and the UK intends to mobilise Rs 66.35 crore via maiden public issue at the upper end of price band of Rs 92-97 per share. On August 31, a day before the issue opening, the company raised Rs 16.91 crore via anchor book.
The IPO comprises a fresh issuance of shares worth Rs 60.53 crore and an offer for sale of 6 lakh shares worth Rs 5.82 crore by promoters Balakrishnan and Yogalakshmi S.
The Chennai-headquartered company is going to make use of net fresh issue proceeds for setting up a facility in Hyderabad and Salem, and adding the infrastructure to the existing facilities in Chennai and Pune.
Further, apart from IPO expenses, the issue proceeds will also be utilised for the expansion of workspace by acquiring office space in London, strengthening the facilities in Vancouver, and general corporate purposes.
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The company has executed several projects in English movies such as The Whale, Spider-Man: No Way Home, Top Gun: Maverick, Avengers: Endgame, Shang-Chi and the Legend of the Ten Rings, Alita: Battle Angel, and Mary Poppins Returns.
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