Chennai, September 1, 2023 – Leading visual effects (VFX) powerhouse, Basilic Fly Studio, headquartered in Chennai, has successfully secured a substantial investment of Rs 16.91 crore through an anchor book on August 31, a strategic move prior to its highly anticipated initial public offering (IPO). The subscription for the IPO is set to commence on September 1, ushering in an exciting new chapter for the company.
The anchor book phase, which saw enthusiastic participation from qualified institutional buyers (QIBs), witnessed contributions from four key investors: Rajasthan Global Securities, LRSD Securities, Saint Capital Fund, and Silver Stallion. In accordance with insights provided by the merchant bankers, the company has meticulously allocated 17.43 lakh equity shares to these anchor investors, valuing each share at an attractive offer price of Rs 97.
A noteworthy allocation of shares includes 13.3 lakh shares to Rajasthan Global Securities, while both Saint Capital Fund and Silver Stallion secured 1.03 lakh shares each, reinforcing the faith placed in Basilic Fly Studio’s growth potential.
The upcoming IPO endeavors to raise Rs 66.35 crore, involving the issuance of 68.40 lakh shares at the upper end of the price band spectrum. This IPO consists of a fresh issue of 62.4 lakh shares and an offer for sale of 6 lakh shares by the esteemed promoters, Balakrishnan and Yogalakshmi S.
Of the overall issue, a portion of 10.26 lakh shares has been thoughtfully reserved for the market maker, with the net issue amounting to 58.14 lakh equity shares, exclusive of the market maker allocation. This offering emphasizes inclusivity by reserving 50% of the net issue for qualified institutional buyers, while dedicating 15% to high net worth individuals. The remaining 35% is extended to retail investors, fostering a diverse investor base.
Also Read: Basilic Fly Studio IPO: GMP, review & key details you should know
The IPO subscription window is set to close on September 5, with the price band thoughtfully established at Rs 92 to Rs 97 per share, catering to a broad spectrum of investors with varying preferences.
Exciting developments await Basilic Fly Studio as it looks forward to strategically expanding its footprint. With plans to establish new studios in Hyderabad and Salem, enhance the infrastructure of existing facilities in Chennai and Pune, and invest in subsidiaries situated in London and Vancouver, the company is poised for remarkable growth. Additionally, the remaining funds will be allocated towards fulfilling general corporate objectives and managing issue-related expenses.
About Basilic Fly Studio:
Established in 2016, Basilic Fly Studio Limited is a prominent company specializing in visual effects (VFX) services. With a presence in both Canada and the UK, the company has solidified its reputation in the industry. Its main offices are located in Chennai, India. Basilic Fly Studio excels in providing VFX solutions for a diverse range of media, including films, television shows, web series, and advertisements.
For more of the Latest News, Click Here
