Business Standard

UFO Moviez issue 30 per cent subscribed

Bids have been received for 2.03 million shares, compared to the 6.8 million shares on offer with one day to go

BS Reporter Mumbai
UFO Moviez, the digital movie distribution firm, has managed to raise 30 per cent of its targeted issue size. Bids have been received for 2.03 million shares, compared to the 6.8 million shares on offer with one day to go, according to an exchange note on Wednesday. UFO had earlier tapped 10 anchor investors to raise Rs 180 crore. Investors included Reliance Mutual Fund, SBI Mutual Fund, Pinebrige Global Funds and Bharti Axa Life Insurance.These investors are given allotment before the issue is open to the public, but their shares are subject to a lock-in.    

There have been 753,912 bids received at cut-off price. UFO is looking to raise Rs 600 crore. The initial public offer is priced at Rs 615 and Rs 625 per share.
 
The company has a market share of over 50 per cent in the digital distribution business, though company officials declined to comment on whether its marketshare has been slipping. Its revenue sources include distribution fee, rentals and in-cinema advertising. It had operating cash flow of Rs 120 crore in FY14, and Rs 69 crore in the first nine months of FY15.

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First Published: Apr 29 2015 | 10:42 PM IST

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