NSE SME Thinking Hats Entertainment Solutions makes a rousing debut

The scrip was listed at Rs 60, a premium of 36.36% over the initial public offer (IPO) price. The stock was currently frozen at its lower limit of 5% compared to its listing price.

The counter hit a high of Rs 61 and a low of Rs 57. About 9.99 lakh shares of the company changed hands at the counter.

Thinking Hats Entertainment Solutions' IPO was subscribed 305.42 times. The issue opened for bidding on 25 September 2024 and it closed on 27 September 2024. The price band of the IPO was set at Rs 42 to Rs 44 per share.

The IPO comprised fresh issue of 34,29,000 shares. The company intends to utilize the net proceeds for prepayment or repayment of all or a portion of certain loans availed by company, working capital requirements of company and for general corporate purpose.

Thinking Hats Entertainment Solutions specialized in concept development, event design, and production for live events, corporate functions, MICE, social and virtual events. The company focused on OTT content production and experiential marketing, emphasizing content development and intellectual property curation. It created exclusive content for OTT platforms such as Netflix, Amazon, Sony Liv, MX Player, Disney+ Hotstar, Voot, and Zee5.

The company's clients included Tata Group, which encompassed Westside and Zudio, Goldman Sachs, McDonald's, and Uber. It also worked with media brands such as The Times of India, HT Media, Network 18 Media & Investments, Radio Mirchi, and Fever Entertainment. As on 7 June 2024, the company had a total 35 employees.

The company recorded revenue from operations of Rs 26.63 crore and net profit of Rs 3.09 crore for the period as on 31 March 2024.