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PNN
New Delhi [India], July 20: Basilic Fly Studio Limited (BFS),a leading visual effects (VFX) studio in India, has announced its plans to enter the primary market with an initial public offering (IPO)ofUp to 68,40,000 equity shares aggregatingaround65 crores to70crores, comprising a fresh issue of up to 62,40,000 shares and an OfferforSale (OFS) of up to 6,00,000 shares.The company, BFS, has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge in preparation for theSMEIPO. BFS has a remarkable track record, having successfully completed over 10,000 projects to date. This includes work on 900 movies, over 2,000 series, and more than 8,000 commercials. With a dedicated team of 450 talented members, BFS serves a diverse clientele of over 300 clients spanning various industries. The company operates from its offices located in Chennai, Pune, London, and Vancouver, catering to clients globally. India has emerged as a prominent hub for visual effects, with both foreign-owned and locally-owned VFX studios meeting the increasing demand for VFX and animation. The surge in content consumption driven by streaming companies has led to a significant rise in the demand for VFX and animation services. As a result, the global market revenue for VFX is projected to grow at a compound annual growth rate (CAGR) of 10.9%, from $26.3 billion in 2021 to $48.9 billion in 2028. Leveraging its decade of experience, innovative approach, and technological strengths, BFS aims to capitalize on the growing demand for VFX and animation. The company intends to raise funds through theSME IPOto fuel its expansion plans in the United States and Western Europe, invest in technological advancements, and strengthen its working capital. BFS also plans to establish two new facilities within India. In the fiscal year 2022-2023, BFS reported total revenues of78.95crore and a net profit of27.74crore, reflecting its strong financial performance and market position. GYRCapital Advisors Private Limitedhas been appointed as the Book Running Lead Manager to the Issue, while PurvaSha RegistryIndia Private Limited will serve as the Registrar to the Issue. With its impressive portfolio, commitment to technological innovation, and strategic expansion plans, Basilic Fly Studio is poised to capitalize on the growing market opportunities in the VFX and animation industry. (Disclaimer: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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