MUMBAI: The IPO of Hyderabad-based digital entertainment company Silly Monks Entertainment was over-subscribed by 17.23 times. The plan was to raise Rs 15.12 crore and the IPO saw bids worth Rs. 260.56 crore.
The shares reserved for High Networth Individuals (HNIs) was over-subscribed by 24.08 times while the ones for retail investors was oversubscribed by 12.35 times.
The digital entertainment company offered 12.60 lakh equity shares of face value of Rs 10 each. The IPO was a fixed price offer and was offered at the price of Rs. 120 per share.
The company proposes to utilise the net proceeds from the IPO to acquire audio and video content, to expand their presence pan-India and general corporate purposes.
Silly Monks Entertainment has its focus on digital media publishing. The company publishes the digital content on various platforms such as YouTube, Facebook, Amazon, and Vuclip.
The contents published are either created by the company or acquired through outright purchase or through syndicated method.
In case of acquired content, the company owns the copyrights through an agreement with assignor and hence the publishing revenue is fully accrued to the company. When the content is through syndication, the company shares the revenue with the content partner.
The company is also engaged in movie/content production, celebrity’s social media management, App development, Audio content Distribution, Google Ad word and online/digital Advertising, event management, and live band performances.