Prime Focus announce IPO plans; price band Rs 450-500

MUMBAI: Leading Indian post-production company for television and films Prime Focus is gearing up for its first Rs 1.15 billion equity issue in the primary market. The company promoted by Namit Malhotra has filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi).

Prime Focus has fixed a price band of Rs 450 to Rs 500 per equity share of face value Rs 10 for the issue.

According to the draft prospectus, the net proceeds raised from the issue would be deployed towards the following:

1. Domestic Expansion
2. Los Angeles Studio
3. London Studio
4. Hyderabad Studio
5. Long term working capital
6. Dubai Studio Setup

Prime Focus was recently in the news after it acquired a 55 per cent stake in European media service company VTR Group for $ 8.47 million.

It was in January-end that the Anil Ambani controlled Adlabs Films acquired a six per cent stake in the company.

Prime Focus is a Mumbai based company that provides post production services such as editing, sound and special effects, graphics to the ad and film industry. The company is better known for the post-production of music video Jalwa and of the Coke ad film showing an Aamir Khan double.