Silly Monks gets listed on NSE

Our Bureau Hyderabad | Updated on January 18, 2018

Hyderabad-based digital entertainment firm to focus on Hindi, Chinese, Bangla content

Silly Monks, a Hyderabad-based digital entertainment firm, is looking at tapping the content demand in Bangla, Hindi, Marathi and Chinese language markets.

The firm, which listed its shares on National Stock Exchange (NSE) on Thursday, said the firm was going to double the headcount to 100 by the end of the year.

As against the issue price of Rs 120, the scrip was listed at Rs 144, with a premium of 20 per cent. It was oversubscribed by about 17 times.

“We will use the proceeds from the IPO to acquire audio and video content and to expand their presence pan-India,” Sanjay Reddy, Managing Director of Silly Monks, said.

Unlike others in the league, the firm chose to go for a public issue instead of tapping private equity companies. It diluted 27 per cent for the public issue to raise Rs 15.12 crore. While two angel investors hold 32 per cent in the Hyderabad-based firm, the two Co Founders -- Sanjay Reddy and Anil Pallala, -- retain the remaining stake in the firm.

The firm registered a turnover of Rs 12 crore and a profit of Rs 1.48 crore last year.

“NSE Emerge is a unique platform for equity capital raising for SMEs. As many as 115 companies have listed on this platform so far to raise Rs1,600 crore,” Achal Jaiswal, NSE’s Southern Region Head, said.

Published on January 18, 2018

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