Basilic Fly Studio seeks to raise Rs 66.35 crore via IPO, price band set at Rs 92-97 per share

The range for the first public offering price of shares in Basilic Fly Studio is between Rs 92 and Rs 97. The Chennai-based firm’s public issue subscriptions will begin on September 1.

It would be the month of September’s first IPO for a small or medium-sized enterprise.

With a public issue of 68.40 lakh shares at the highest price range, the VFX company hopes to raise Rs 66.35 crore.

An investor must place a bid for a minimum of 1,200 shares, and subsequent bids must be in increments of 12.

Promoter Balakrishnan and Yogalakshmi S. are selling 6 lakh shares as part of the offer, which includes a fresh issue of 62.4 lakh shares. The offer closes on September 5.

When combined, Balakrishnan and Yogalakshmi S’s portion of the company’s stock amounts to 85.40 percent.

There are 10.26 million shares set aside from the total offer for the market maker. Totaling 58,14,000 equity shares, the net offering will be split between qualified institutional buyers (QIB), high-net-worth individuals (HNIs), and retail investors.There will be a 15% allocation for high-net-worth individuals, a 50% allocation for qualified institutional buyers, and a 35% allocation for retail buyers. QIB, which includes the anchor book, will be open for one day on August 31.

Basilic Fly Studio plans to invest up to Rs 21.36 crore, using the proceeds from their net fresh issue, to open a studio or facility in Hyderabad and Salem. They will also spend up to Rs 19.6 crore, using their current facility or office funds, to expand their infrastructure in Chennai and Pune.

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In addition, the parent business will spend up to Rs 4.65 crore on subsidiaries in order to reinforce current facilities or open new offices in Vancouver, as well as acquire new office space in London. There will be some leftover so they can be used for business maintenance and issue costs.

Top Gun: Maverick, The Whale, Spider-Man: No Way Home, Shang-Chi and the Legend of the Ten Rings, Avengers: Endgame, Mary Poppins Returns, and Alita: Battle Angel are just a few of the movies that Basilic Fly Studio has worked on in the past.