Post-production and visual effects studio Prime Focus on Monday filed its draft red herring prospectus with the Securities & Exchange Board of India to raise up to Rs 150 crore.
MUMBAI: Post-production and visual effects studio Prime Focus on Monday filed its draft red herring prospectus with the Securities & Exchange Board of India to raise up to Rs 150 crore.
This includes the greenshoe option of Rs 15 crore. The number of shares on offer, price band, issue opening-closing dates, would be announced later.
The issue is likely to open in February. Entire issue would be a fresh issue, with none of the current promoters selling their stake.
The paid-up capital of the company is Rs 10.32 crore, while the authorised capital is Rs 15 crore.
Prime Focus is raising money to finance its ambitions expansion plans. It is setting up digital studios in London, Los Angeles, and Dubai, and a high definition camera rental facility at Dubai.
The investment required to set up the studios and rental facility is pegged at Rs 117.25 crore.
For the six month period ending Sep. 30, Prime Focus has reported revenues of Rs 21 crore.
Revenues for 2004-05 (April-March) was Rs 32 crore. Net profit for the six month period was Rs 7 crore and for FY05 was Rs 8 crore.
The Anil Dhirubhai Ambani Group holds about 20% of the pre-issue capital. Maverick investor Rakesh Jhunjhunwalla holds another 8.5% stake in the company.
The Anil Ambani group’s stake in the company is through group companies Adlabs Films and Reliance Capital.
It may be recalled that in a spree of media acquisitions last year, ADAG acquired a controlling stake in Adlabs Films and a minority stake in Prime Focus.
In March 2004, Prime Focus had offered 684,000 shares to Adlabs at Rs 48.40 per share.
Three months later, Jhunjhunwalla picked up his stake at Rs 33.08 per share. And in June 2005, Reliance Capital, through a bought 1.5 million shares at Rs 166.66 a piece.
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