Silly Monks makes strong debut on NSE
City-based Silly Monks Entertainment Ltd on Thursday made strong debut on NSE Emerge, the exclusive listing platform for SMEs, with its shares listing at Rs 144, a premium of 20 per cent against the issue price of Rs 120.
Hyderabad: City-based Silly Monks Entertainment Ltd on Thursday made strong debut on NSE Emerge, the exclusive listing platform for SMEs, with its shares listing at Rs 144, a premium of 20 per cent against the issue price of Rs 120.
The four-year-old company founded by T Sanjay Reddy and Anil Pallala, both experienced hands in television entertainment space, took to the Initial Public Offering (IPO) route to raise Rs 15.12 crore by offering 12.60 lakh equity shares of Rs 10 face value at Rs 120 each. The IPO which opened for subscription on January 5 and closed on January 10 was oversubscribed 17.23 times.
“We will use proceeds from this IPO to expand our operations across India, to acquire audio and video content, and for general corporate purposes,” Sanjay Reddy told the media here post the listing. NSE held listing ceremony for the company in the city.
Silly Monks which owns original entertainment content and has nearly 1000 Youtube channels will primarily focus on digital entertainment. It will also focus on content aggregation, customisation, deployment of content in audio and video format for mobile carriers, devices and music stores, both in India and overseas.
Reddy said the digital entertainment segment would offer a great growth potential. “It is estimated that digital advertisement segment in India will grow from Rs 13,000 crore now to Rs 18,000 crore by 2020. That’s a clear indication how fast the segment is growing,” he maintained.
Replying to a query, Anil Pallala, company’s Whole Time Director, said Silly Monks would also enter film making. “Apart from acquiring original content from others, we will create our own content including films. However, we will be very careful when it comes to film making and our focus will be on low-budget movies with unique content,” he explained.