Basilic Fly Studio SME IPO Gets Bids Of Over Rs 14,000 Crore

Chennai-based Basilic Fly Studio Ltd., raised Rs 66.35 crore, including Rs 60.53 crore in a fresh issue, through the SME IPO route.

The IPO saw a demand of Rs 14,168 crore. The book built issue was priced between Rs 92 and Rs 97 per share. The company will list on the NSE SME Emerge platform.

The IPO was subscribed 358.60 times. The retail portion was subscribed 415.22 times, the QIB or institutional portion 116.34 times, and HNI or non-institutional portion 549.44 times at close of IPO on Sept. 5.

The company, incorporated in 2016, is a visual effects studio headquartered in Chennai with subsidiaries operating in Canada and the U.K.

The proceeds from the IPO will be used to set up studios costing Rs 21.36 crore in Hyderabad and Salem, Rs 19.61 crore for adding infrastructure at its existing Chennai and Pune facilities, and Rs 4.65 crore for investment in its London and Vancouver subsidiaries.

Basilic Fly Studio provides VFX solutions for movies, TV, net series, and commercials.

The company undertakes sub-contracting work and has worked on films such as Avengers: Endgame, Avatar 2, Spiderman: Far from Home, and Extraction 2. It has also worked on popular series like Stranger Things 4, The Crown, The Witcher.

The company has been audited by multiple studios like Netflix, Disney, FOX Studios, Sony. It employs over 500 skilled team members.

This is the second company in the VFX space to list on the SME platform after Phantom Digital Effects Ltd.'s IPO in October 2022 at Rs 95 apiece. It was subscribed 164.22 times.

The company saw its revenue jump multifold in FY23. On a consolidated basis, revenues jumped to Rs 78.9 crore from Rs 27.90 crore, while profit after tax rose to Rs 25.29 crore from Rs 90 lakh in the previous financial year.