Basilic Fly Studio IPO gets oversubscribed 286.61 times on the final day

Investors showed a great deal of interest in Basilic Fly Studio's initial public offering (IPO), which received 286.61 times more bids for 146.06 crore equity shares than the issue size of 50.96 lakh shares.

High net worth individuals (HNIs) and retail investors provided significant support for the offering, as evidenced by the booking of their reserved portions at rates of 550.8 times and 415.3 times, respectively. Qualified institutional buyers (QIBs) invested 116.3 times the allocated quota in shares.

The Chennai-based business hopes to collect Rs 66.35 crore by selling 68.40 lakh shares in the open market. 10.26 lakh shares were reserved in the issuance for the market maker, leaving 58.14 lakh shares as 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.

It 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.

Source: Media Reports