Key Points of IPO Subscription:
- VELS Films International Ltd has launched an SME IPO offering, valued at Rs. 33.74 Cr, with a total of 3,408,000 equity shares.
- The subscription period for the IPO began on March 10 and will continue until March 14, 2023.
- The issue price for this SME IPO is fixed at ₹99 per share, with a lot size of 1200 shares and a face value of ₹10 per share.
- The IPO received a subscription of 0.06 times its offering size on Day 1, with retail subscriptions totaling 0.01 times and NII subscriptions at 0.11 times.
- The IPO is scheduled to debut on Mar 22, 2023, at NSE SME, with the VELS Film International IPO allotment status expected on or around Mar 17, 2023.
- The company’s promoter is Dr. Ishari Kadhirvelan Ganesh, and Cameo Corporate Services Ltd is the registrar of the VELS Film International IPO.
- The company is in the business of film production and selling of film rights, with a membership in the South Indian Film Chamber of Commerce.
- The company has six film projects lined up under its fold, all set to release in FY2023-24.
Details of IPO Subscription:
VELS Films International Ltd Launches SME IPO Offering: Valued at Rs. 33.74 Cr
VELS Films International Ltd has recently launched its SME IPO offering with a total of 3,408,000 equity shares, valued at Rs. 33.74 Cr. The subscription period for this IPO began on March 10 and will continue until March 14, 2023. The issue price for this SME IPO is fixed at ₹99 per share, with a lot size of 1200 shares and a face value of ₹10 per share.
On Day 1, the IPO received a subscription of 0.06 times its offering size, with retail subscriptions totaling 0.01 times and NII subscriptions at 0.11 times. The IPO is scheduled to debut on Mar 22, 2023, at NSE SME, with the VELS Film International IPO allotment status expected on or around Mar 17, 2023.
During the first day of the subscription period, the total number of shares bid for the retail category was 22,800 against the number of shares offered of 16,17,600. For the Non-institutional investors(NII) category, the total number of shares bid was 1,76,400 against the number of shares offered of 16,17,600. The company’s promoter is Dr. Ishari Kadhirvelan Ganesh, and Cameo Corporate Services Ltd is the registrar of the VELS Film International IPO.
Co-founder at Unlisted assets, Manish Khanna commented on the commencement of VELS Films International IPO, stating that the company is in the business of film production and selling of film rights, with a membership in the South Indian Film Chamber of Commerce. The company has six film projects lined up under its fold, all set to release in FY2023-24. On a consolidated basis, the company recorded a turnover of Rs.27.18 crores with a net profit of Rs.3.38 crores in FY22. For H1 of FY23, the company recorded a turnover of Rs.47.19 crores and a net profit of Rs.1.34 crores.
The revenue and profit in this business are volatile, which is reflected in the financials of the company. The subscription for the IPO started on March 10, 2023, and will close on March 14, 2023. As of March 10, 2023, the company has received a subscription of 0.01 times in the retail category and 0.11 times subscription in other categories, getting a total of 0.06 times subscription.
In addition to VELS Films International Ltd, five other companies, namely Global Surfaces, Labelkraft Technologies Ltd, Quality Foils (India) Limited, Bright Outdoor Media Ltd., and Nirman Agri Genetics Ltd. will launch their initial public offerings (IPOs) next week.
About VELS Films International:
Vels Film International Ltd is affiliated with the South Indian Film Chamber of Commerce and has six film projects scheduled for release in the fiscal year 2023-24. In FY22, the company reported a consolidated turnover of Rs.27.18 crores and a net profit of Rs.3.38 crores.
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