Renowned investor Ashish Kacholia has made a strategic move by acquiring a 2.35% stake in Basilic Fly Studio, a Chennai-based VFX company that has been making waves in the market since its successful listing. Kacholia’s purchase of 5.47 lakh shares adds a significant endorsement to the company’s promising future.
As per the latest shareholding pattern available on the exchanges, the promoters maintain a controlling interest with a 59.9% stake, while the public holds the remaining 40.1%. Notably, there is no substantial institutional investment from both domestic and foreign entities among the public shareholders.
Basilic Fly Studio gained substantial attention during its Rs 66-crore IPO in September of the previous year. The overwhelming response from investors led to a staggering subscription of 286 times, resulting in a remarkable listing gain of nearly 180%.
Post-listing, the company’s shares have surged by approximately 70%. Investors who participated in the IPO at the issue price of Rs 97 are currently enjoying an impressive return of 371%.
The VFX studio, recognized for its contributions to Hollywood blockbusters such as ‘Avengers: Endgame,’ ‘Spider-Man: No Way Home,’ and ‘Top Gun: Maverick,’ operates not only in Chennai but also has subsidiaries in Canada and the UK. Basilic Fly Studio excels in delivering top-notch VFX solutions for a wide range of entertainment mediums, including movies, TV shows, web series, and commercials.
Utilizing the funds raised through the IPO, Basilic Fly Studio is in the process of establishing a new studio in Hyderabad, indicating strategic expansion plans and a commitment to future growth.
With the animation and VFX industry gaining momentum globally, Basilic Fly Studio is well-positioned to capitalize on the burgeoning opportunities. In India alone, the animation sector reached a valuation of Rs 2,450 crore ($330 million) in 2020, with a significant portion of revenues (70-75%) originating from international clients.
The financial performance for the first half of the fiscal year ending September 2023 reflects the company’s robust growth trajectory, with recorded revenues of Rs 51.6 crore and a net profit nearing Rs 19 crore.
As Ashish Kacholia aligns his investment portfolio with the promising prospects of Basilic Fly Studio, the company’s trajectory in the dynamic world of VFX and animation appears poised for continued success.
