Picture Post Studios IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details

Picture Post Studios is a leading provider of creative and innovative post-production services, catering to a diverse range of clients from various industries. 

Picture Post Studios, a Book Built Issue amounting to ₹18.72 crores, consisting entirely a Fresh Issue of 78 Lakh Shares. The subscription period for the Picture Post Studios IPO opens on August 02, 2024, and closes on August 06, 2024. The allotment is expected to be finalized on or about Wednesday, August 07, 2024, and the shares will be listed on the NSE SME with a tentative listing date set on or about Friday, August 09, 2024.

The Share price band of Picture Post Studios IPO is set at ₹22 to ₹24 equity per share, with a minimum lot size of 6,000 shares. Retail investors are required to invest a minimum of ₹144,000, while the minimum investment for High-Net-Worth Individuals (HNIs) is 2 lots (12,000 shares), amounting to ₹288,000.

SHRENI SHARES LIMITED is the book-running lead manager, BIGSHARE SERVICES PVT LTD is the registrar for the Issue. Shreni Shares Limited will act as the Market Maker for the Picture Post Studios IPO.

Picture Post Studios Limited IPO GMP Today
The Grey Market Premium of Picture Post Studios Limited IPO is expected in the range of ₹15 to ₹17 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

Picture Post Studios Limited IPO Live Subscription Status Today
As of 06:00 PM on 02 August 2024, the Picture Post Studios Limited IPO live subscription status shows that the IPO subscribed 5.62 times on on the first day of subscription period. Check the Picture Post Studios Limited IPO Live Subscription Status Today at NSE.

Picture Post Studios Limited IPO Allotment Status
Picture Post Studios IPO allotment date is 07 August, 2024, Wednesday. Ola IPO Allotment will be out on 7th August 2024 and will be live on Registrar Website from the allotment date. Check Picture Post Studios Limited IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Picture Post Studios Limited IPO from the dropdown list of IPOs.
- Enter your application number, PAN, or DP Client ID.
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

Objectives of Picture Post Studios Limited IPO
Picture Post Studios Issue Proceeds from the Fresh Issue will be utilized towards the following objects :
1. ₹803.76 Lakhs is required for Funding of capital expenditure of their Company towards purchase of equipment and Software; 
2. ₹500.00 Lakhs is required for Repayment/prepayment of all or certain of their borrowings availed by their Company; 
3. General corporate purposes.

Refer to Picture Post Studios Limited RHP for more details about the Company.

Picture Post Studios IPO Details

IPO Date August 02, 2024 to August 06, 2024
Listing Date August 09, 2024
Face Value ₹1
Price ₹22 to ₹24 per share
Lot Size 6,000
Total Issue Size 7,800,000 Equity Shares (aggregating up to ₹18.72 Cr)
Fresh Issue 7,800,000 Equity Shares (aggregating up to ₹18.72 Cr)
Offer for Sale Nil
Issue Type Book Built Issue IPO
Listing At NSE SME
Share holding pre issue 21,500,000
Share holding post issue 29,300,000

Picture Post Studios IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 6,000 ₹144,000
Retail (Max) 1 6,000 ₹144,000
HNI (Min) 2 12,000 ₹288,000

Picture Post Studios IPO Timeline (Tentative Schedule)

IPO Open Date Friday, August 02, 2024
IPO Close Date Tuesday, August 06, 2024
Basis of Allotment Wednesday, August 07, 2024
Initiation of Refunds Thursday, August 08, 2024
Credit of Shares to Demat Thursday, August 08, 2024
Listing Date Friday, August 09, 2024
Cut-off time for UPI mandate confirmation 5 PM on August 06, 2024

Picture Post Studios IPO Reservation

Investor Category Shares Offered Reservation %
QIB Shares Offered 3,690,000 Not More than 50% of the Net Issue
Retail Shares Offered 2,598,000 Not Less than 35% of the Net Issue
Non-Institutional Shares Offered 1,116,000 Not Less than 15% of the Net Issue
Market Maker Portion 396,000 5.08% of the Issue

Picture Post Studios IPO Promoter Holding

Share Holding Pre Issue 93.02%
Share Holding Post Issue 68.27%

Picture Post Studios IPO Subscription Status

Investor Category Shares Offered Shares Bid For No oF Times Subscribed

About Picture Post Studios Limited

Picturepost Studios Limited (“Company or Picturepost Studios or PPSL”) is a creative and innovative post-production Company specializing in film editing, Computer Generated Imagery (“CGI”), visual effects (“VFX”), video conversion, grading, film and Commercial mastering of channels and digital platforms. The Company was established in the year 2019 as a Limited Liability Partnership (“LLP”) under the name and style of “Prodace Solutions LLP”. Picturepost Studios, with a team of professionals, offer a wide range of services to cater to the diverse needs of the entertainment industry. They are one of the visual effects Company covering the entire spectrum of post- production requirements ranging from digital intermediates and visual effects to online editorials and operates as a studio, specializing in Films, Web series and advertisements, With a strong focus on high-end colour grading, motion design, visual effects, and online editing. They push creative boundaries and embrace innovation. Their commitment to delivering cutting-edge solutions and adapt to evolving technologies has propelled them to rapid success. They specialize in creating visual experiences that captive audience around the world.

Post-production is a part of the process of filmmaking, video production and photography. Post-production includes all stages of production occurring after principal photography or recording individual program segments. Their studio has required equipment, software, and skilled professionals to enhance the quality of the footage and bring the Director's vision to life. They ensure that the final product meets industry standards and effectively communicates the intended message to the audience. Overall, post-production studios play a vital role in transforming raw footage into a polished, professional film or video project. Their services portfolio allows Producers, Directors and Filmmakers to build bespoke addressing disparate aspects of advertisements or films for end viewers.

They offer following services under post production activities: 
Offline Editing Services 
Computer Generated Imagery (“CGI”) 
Mastering and Quality Check 
Visual Effects (VFX) 
Color Grading 
Creative Editorial

Visual effects (VFX) are the process of creating or manipulating any kind of imagery that does not physically exist in the real world. These things are not present during the shooting of the film. VFX involves the integration of the actual footage and the manipulated imagery to create realistic-looking environments. Most of the time these environments or scenes are either too dangerous to shoot or these worlds just don’t exist.

INDIAN MEDIA AND ENTERTAINMENT INDUSTRY
The Indian Media and Entertainment (M&E) industry is a sunrise sector for the economy and is making significant strides. The increasing availability of fast and cheap internet, rising incomes, and increasing purchases of consumer durables have significantly aided the industry. India’s media and entertainment industry are unique as compared to other markets. The industry is well known for its extremely high volumes and rising Average Revenue Per User (ARPU). 

This significantly aided the country’s industry and made India leading in terms of digital adoption and provided companies with uninterrupted rich data to understand their customers better. India has also experienced growing opportunities in the VFX sector as the focus shifted globally to India as a preferred content creator. 

Proving its resilience to the world, Indian M&E industry is on the cusp of a strong phase of growth, backed by rising consumer demand and improving advertising revenue. According to a FICCI-EY report, the advertising to GDP ratio is expected to reach 0.4% by 2025 from 0.38% in 2019.

The Indian M&E industry is on an impressive growth path. The industry is expected to grow at a much faster rate than the global average rate. This can be majorly credited to rising incomes, increasing internet penetration and a growing push toward digital adoption. 

In the long run, growth is the M&E industry is expected in retail advertisement on the back of several players entering the food and beverages segment, E-commerce gaining more popularity in the country, and domestic companies testing out the waters. India’s rural regions are expected to be the next regions for growth. India has also gotten on board with 5G and is already planning for 6G well ahead of the future. This push towards digital adoption especially in the rural regions will provide advertisers and publishers with an immense opportunity to capture untapped markets and help grow India’s media and entertainment industry forward.

PICTURE POST STUDIOS LIMITED STRENGTHS 
1. Entrenched relationships with marquee Clients
2. Having enrolled as the trusted partners by Trusted Partner Network (“TPN”)
3. Proprietary technology platform that ensures scalability
4. Introduce Innovative techniques

PICTURE POST STUDIOS LIMITED STRATEGIES
1. Expand our Current Business Relationships
2. Leveraging our Market skills and Relationships
3. Continuous innovation
4. Focus on quality

PICTURE POST STUDIOS LIMITED RISK FACTORS & CONCERNS
1. The Company operates in a constantly evolving VFX market, which is subject to rapidly changing client's behaviour and tastes and depends on the acceptance of content by the audience through which the Company gains the longterm popularity of its name.
2. They operate in an industry which is highly sensitive with regards to maintenance of secrecy of the projects and its contents.
3. They depend on their relationships with production house and film directors and other industry participants to exploit their film content.
4. They derive a significant amount of revenue from the Post Production Services for Advertisement.
5. Intensified competition may restrict their ability to access content and/or talent.

Picture Post Studios Limited Financial Information (Restated Consolidated)

Amount in (₹ in Lakhs)

Period Ended Mar 31, 2024 Mar 31, 2023 Mar 31, 2022
Reserve of Surplus 485.01 - -
Total Assets 1,848.33 843.80 1.95
Total Borrowings 556.02 273.40 -
Fixed Assets 688.36 70.17 - -
Cash 4.39 9.28 0.01
Net Borrowing 551.63 264.12 -0.01
Revenue 2,212.17 1,085.35 29.00
EBITDA 520.41 107.96 21.69
PAT 292.13 59.97 21.69
EPS 1.36 0.28 0.10

Note 1:- ROE & ROCE in KPI is based on 31st March, 2024 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (PAT) on 31st March, 2024 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st March, 2024 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price after completion of an Offer, given in Financial Express.

Key Performance Indicator

KPI Values
EPS Pre IPO (Rs.) ₹1.36
EPS Post IPO (Rs.) ₹0.99
P/E Pre IPO 17.64
P/E Post IPO 24.24
ROE 68.03%
ROCE 26.75%
P/BV 2.98
Debt/Equity 0.79
RoNW 55.64%

Picture Post Studios Limited IPO Peer Comparison

Company Name EPS ROCE ROE P/E (x) P/Bv Debt/Equity RoNW (%)
Picturepost Studios Limited ₹0.99 26.75% 68.03% 24.24 2.98 0.79 55.64%
Phantom Digital Effects Limited ₹17.8 66.9% 54.5% 22.7 3.78 0.14 54.5%
Prime Focus Limited ₹-13.5 -0.54% -150% - 8.45 9.42 -150%
Digikore Studios Limited ₹15.1 118% 161% 32.5 7.31 0.21 161%
Picture Post Studios Limited Contact Details

PICTUREPOST STUDIOS LIMITED

701, 7th Floor, Sapphire Building, Junction of S.V. Rd & 1st Rd, Khar (W), Khar Colony, Mumbai 400052, Maharashtra, India
Contact Person Mr. Abhishek Sharma
Telephone +91 9769199410
Email Id : investors@picturepost.com
Website : https://picturepoststudio.com/

Picture Post Studios IPO Registrar and Lead Manager(s)

Registrar : BIGSHARE SERVICES PVT LTD
Telephone : 022 - 6263 8200
Email Id : ipo@bigshareonline.com
Website : https://www.bigshareonline.com/

Lead Manager : SHRENI SHARES LIMITED
Telephone : 022 - 2089 7022
Email Id : shrenishares@gmail.com
Website : https://shreni.in/

Picture Post Studios IPO Review

Picture Post Studios is a leading provider of creative and innovative post-production services, catering to a diverse range of clients from various industries. 

The Company is currently promoted by Mr. Parish Tekriwal, Chairman and Managing Director, Mr. Shailendra Ishwardas Chandgotia, Executive Director, Ms. Pooja Shailendra Chandgothia, Chief Financial Officer and Ms. Deepa Shailendra Chandgothia, Executive Director. Their Promoters manage and control the major affairs of their Business Operations with their considerable experience in their Industry.

Financially, Picture Post Studios revenue increased from ₹29.00 Lakhs in FY22 to ₹1,085.35 Lakhs in FY23 and currently increased at2,212.17 Lakhs in FY24. Similarly, EBITDA also increased from ₹21.69 Lakhs in FY22 to ₹107.96 Lakhs in FY23 and currently increased at 520.41 in FY24. The PAT also increased from ₹21.69 Lakhs in FY22 to ₹59.97 Lakhs in FY22 and currently increased at ₹292.13 Lakhs in FY24. This indicates a steady financial performance.

For the Picture Post Studios IPO, the company is issuing shares at a pre-issue EPS of ₹1.36 and a post-issue EPS of ₹0.99. The pre-issue P/E ratio is 17.64x, while the post-issue P/E ratio is 24.24x against the industry P/E ratio of 42x. The company's ROCE for FY24 is 26.75% and ROE for FY24 is 68.03%. These metrics suggest that the IPO is fairly priced.

The Grey Market Premium (GMP) of Picture Post Studios indicates potential listing gains of 70% to 75%. Given the company's financial performance and the valuation of the IPO, we recommend Investors to Apply Picture Post Studios IPO for Listing gain purposes or Long Term Investment Purposes.

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