The initial public offer (IPO) of Picturepost Studios received bids for 3,14,46,000 shares as against 78,00,000 shares on offer, as per NSE data as of 17:00 hours on Friday (2 August 2024). The issue was subscribed 4.03 times.
The issue opened for bidding on Friday (2 August 2024) and it will close on Tuesday (6 August 2024). The price band of the IPO is fixed at Rs 22 to Rs 24 per share. The minimum order quantity is 6,000 equity shares. The equity shares will list on NSE’s SME platform.
The IPO comprises fresh issue of 78,00,000 shares. The promoter and promoter group shareholding will dilute to 68.27% from 93.02% pre-IPO.
About 3,96,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 74,04,000 equity shares. The issue and the net issue will constitute 26.62% and 25.27%, respectively of the post offer paid up equity share capital of the company.
The company intends to utilize the net proceeds for capital expenditure requirements towards purchase of equipment and software, prepayment of all or certain borrowings availed by company and for general corporate purpose.
Ahead of the IPO, Picturepost Studios on Thursday, 1 August 2024, raised Rs 5.29 crore from anchor investors. The board allotted 22.80 lakh shares at Rs 24 per share to 2 anchor investor.
Picturepost Studios is a creative and innovative post-production company specializing in film editing, computer generated imagery (CGI), visual effects (VFX), video conversion, grading, film and commercial mastering of channels and digital platforms. The company offers the services Offline Editing Services, Computer Generated Imagery, Mastering and Quality Check, Visual Effects (VFX), Color Grading and Creative Editorial. As on 30 April 2024, company has 105 employees in various departments.
The company recorded revenue from operations of Rs 21.97 crore and net profit of Rs 2.92 crore for the period as on 31 March 2024.
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