NSE SME Picturepost Studios surges on listing day | Capital Market News

Last update: August 10, 2024 | 10:50 AM IST

Shares of Picturepost Studios were listed on the NSE at Rs 31.50, representing a premium of 29.17 per cent over the issue price of Rs 24.

The security was offered at Rs 30, which was a 25% premium over the initial public offering (IPO) price. The shares were frozen at an upper limit of 5% over the listing price.

The maximum value of a share on the stock exchange was Rs 31.50 and the minimum was Rs 28.50. A total of 14.40 lakh shares of the company changed hands on the stock exchange.

The issue opened for bidding on August 2, 2024 and closed on August 6, 2024. The IPO price band was set at Rs 22-24 per share. The issue was subscribed 180.31 times.

The IPO consisted of a fresh issue of 78,00,000 shares. The promoter and promoter group’s shareholding was diluted to 68.27% from 93.02% pre-IPO.

The Company intends to use the net income for capital expenditures related to the purchase of equipment and software, prepayment of all or part of loans taken out by the Company, and for general corporate purposes.

Pre-IPO, Picturepost Studios had raised Rs 5.29 crore from anchor investors on August 1, 2024. The board allotted 22.80 lakh shares at Rs 24 per share to 2 anchor investors.

Picturepost Studios is a creative and innovative post-production company specializing in film editing, computer-generated imagery (CGI), visual effects (VFX), video conversion, grading, mastering of films and commercials for digital channels and platforms. The company offers Offline Editing Services, Computer Generated Imagery, Mastering and Quality Check, Visual Effects (VFX), Color Grading and Creative Editorial. As of April 30, 2024, the company employed 105 employees in various departments.

The company reported revenue from operations of Rs 21.97 crore and net profit of Rs 2.92 crore for the period ended March 31, 2024.

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First published: August 10, 2024 | 10:26 AM IST