Stocks

Silly Monks stock surges 20% on Day 1

Our Bureau Hyderabad | Updated on January 18, 2018

Shares of Silly Monks Entertainment, a Hyderabad-based digital entertainment firm, were listed on the NSE on Thursday at a huge premium.

Shares of the company, which is looking to tap the content demand in Bangla, Hindi, Marathi and Chinese language markets, were listed at ₹144, against the issue price of ₹120, a premium of 20 per cent.

The initial public offering of Silly Monks was subscribed about 17 times.

The firm said it will double its headcount to 100 by the end of the year.

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

Unlike peers, the firm chose to go public instead of tapping private equity investments. The company came out with a public issue of 12.60 lakh equity shares of ₹10 each (equity shares) for cash at a price of ₹120 a share, aggregating to ₹15.12 crore. The issue consisted of a fresh issue of 9.70 lakh shares aggregating to ₹11.64 crore and an offer-for-sale of 2.90 lakh shares by Tekulapalli Sanjay Reddy and Anil Kumar Pallala (selling promoter shareholders).

The firm registered a turnover of ₹12 crore and a profit of ₹1.48 crore for FY17.

“The 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 ₹1,600 crore,” Achal Jaiswal, NSE’s Southern Region Head, said.

Published on January 18, 2018

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor