The IPO of Basilic Fly Studio has attracted huge interest from investors as the offer was oversubscribed 286.61 times, with bids for 146.06 crore equity shares as against the issue size of 50.96 lakh shares.
High networth individuals (HNIs) and retail investors lent big support to the issue as their reserved portions were booked 550.8 times and 415.3 times, respectively, while qualified institutional buyers (QIB) made an investment for shares 116.3 times the allotted quota.
The Chennai-based company intends to raise Rs 66.35 crore via public issue of 68.40 lakh shares. The issue included reservation of 10.26 lakh shares for the market maker and the rest of 58.14 lakh shares was the net issue. There was 50 percent reservation for the QIB in the net issue, 15 percent for HNIs and the remaining 35 percent for retail investors.
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The maiden public issue comprised a fresh issue of shares worth Rs 60.53 crore and an offer-for-sale of 6 lakh shares worth Rs 5.82 crore by promoters. The Rs 16.91 crore has already been raised by the firm via anchor book, a part of QIB.
The visual effects (VFX) studio operator will utilise fresh issue proceeds for setting up a facility in Hyderabad and Salem, and add the infrastructure to existing facilities in Chennai and Pune.
Further, the expansion of workspace in London, strengthening the facilities in Vancouver, and general corporate purposes will also be funded by fresh issue money.
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Meanwhile, Mumbai-based promotional marketing agency Pramara Promotions also closed its Rs 15.27-crore public issue on September 5, getting subscribed 24.31 times as it received bids for 5.89 crore shares against the offer size of 24.24 lakh shares.
Specialty chemicals & API supplier Saroja Pharma Industries India, too, concluded the IPO on September 5. The offer was booked 8.47 times as investors bought 91.88 lakh shares against IPO size of 10.84 lakh shares.
Also read: Chavda Infra IPO opens on September 12, price band set at Rs 60-65 per share
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