Basilic Fly Studio SME IPO: Bumper listing, stock debuts at 179% premium on NSE

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Basilic Fly Studio, a visual effects (VFX) studio operator, made a bumper debut on the NSE SME platform on Tuesday, listing at Rs 271, a premium of 179% over its issue price of Rs 97.

The company’s shares opened at Rs 271 and touched an intraday high of Rs 284.55, before closing at Rs 270.50.

The IPO was oversubscribed 286.61 times, with bids for 146.06 crore equity shares as against the issue size of 50.96 lakh shares.

The company had set the price band for the issue at Rs 92-97 per share. The total issue size was Rs 66.35 crore, or 68,40,000 shares. The public issue consisted of fresh issue of 62,40,000 shares aggregating up to Rs 60.53 crore, and an offer for sale of 6,000,00 shares totalling up to Rs 5.83 crore.

The company will use the proceeds of the IPO to set up a facility in Hyderabad and Salem, and add the infrastructure to existing facilities in Chennai and Pune.

The strong listing of Basilic Fly Studio is a positive sign for the SME IPO market, which has seen a few tepid listings in recent months.

The benchmark equity indices, NSE Nifty 50 and BSE Sensex, gained over half a percent in the early morning trade today amid mostly positive global cues.


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