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Last Updated : Oct 15, 2019 12:36 PM IST | Source: Moneycontrol.com

Prime Focus gains 20% as UK arm files for IPO

The company intends to use the net proceeds from the issue of the new shares to finance growth plans and reduce net debt.

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Prime Focus gained 20 percent intraday on October 15 after the company's UK arm filed for an initial public offering (IPO).

DNEG said that it planned to publish a registration document that has been submitted to the UK Financial Conduct Authority for approval and was considering an initial public offering of its ordinary shares, as per the company’s BSE release.

The offer will comprise £150 million worth of new shares and existing shares to be sold by certain shareholders.

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DNEG intends to use the net proceeds from the issue of new shares to finance further growth plans and reduce net debt.

"A London listing will continue our development as one of the world’s leading partners for the film, television and entertainment industries,” Chief Executive Officer Namit Malhotra said.

At 1213 hours, Prime Focus was quoting at Rs 48.20, up Rs 7.05, or 17.13 percent, on the BSE.

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First Published on Oct 15, 2019 12:36 pm
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