Basilic Fly Studio IPO Lists with a Significant Premium

Basilic Fly Studio IPO Lists with a Significant Premium. Image/ Courtesy Basilic Fly Studio Ltd website

• NSE SME Exchange Listing Price: Shares of Basilic Fly Studio Ltd made a strong market debut on Monday by listing at ₹271 per share on the NSE SME exchange. This marked a substantial premium of 179.4% over the issue price of ₹97.

IPO Subscription and Strong Demand

• The Basilic Fly Studio IPO subscription period was from September 1 to September 5.
• The IPO garnered robust demand from investors, with a subscription of 286.6 times. Investors submitted bids for 146 crore equity shares against the IPO’s size of 50.96 lakh shares.

IPO Details

• Basilic Fly Studio’s IPO was valued at ₹66.35 crore and included a fresh issue of 6,240,000 shares, amounting to ₹60.53 crore, as well as an offer for sale (OFS) of 600,000 shares priced at ₹10 each, totaling ₹5.82 crore.

Utilization of Proceeds

• The net proceeds from the IPO will be used for various purposes, including establishing studios and facilities in Salem and Hyderabad, enhancing infrastructure at the company’s existing offices in Chennai and Pune, investing through equity in subsidiaries for general corporate purposes, covering issue costs, and developing workspaces by acquiring new office space in London and upgrading current facilities/offices in Vancouver.

IPO Lot Size

• The lot size for the Basilic Fly Studio IPO was 1,200 shares.

Grey Market Premium (GMP)

• The Grey Market Premium (GMP) for the Basilic Fly Studio IPO was +230 on Monday, indicating that shares were trading at a premium of ₹230 in the grey market compared to the issue price.
• Considering the upper end of the IPO price band and the current GMP, the estimated listing price for Basilic Fly Studio shares was ₹327 apiece, reflecting a substantial increase of 237.11% over the IPO price of ₹97.
• The GMP can vary, with the lowest reported at ₹0 and the highest at ₹280, illustrating investors’ willingness to pay more than the issue price.

The significant premium in the grey market and strong listing performance indicate robust investor interest and confidence in Basilic Fly Studio Ltd’s shares.