Pyramid Saimira Theatre listed at 35 per cent premium

MUMBAI: The equity shares of Pyramid Saimira Theatre Ltd was listed today at Rs 135 on BSE, at a premium of 35 per cent over the issue price of Rs 100 per equity share of Rs 10 each.

The company had entered the capital market on 11 December, 2006 with an IPO aggregating Rs 84.44 crores and was subscribed 16.26 times when the issue closed on 18 December, 2006.

Pyramid Saimira Theatre has 148 screens operational across the country. The project is for expansion of the current theatre chain into North India and consolidation of theatres in South India. The company plans to reach 350 screens operational by March 2007.

The company’s vision and planning is for creating Mega Digital Theatre Chain across every single township in India and also plans to have over 2000 screens in 1550 locations across India with 58.75 mn. Sq.ft. under operational management by year 2010.

The total fund requirement is estimated at Rs 111.19 crores, which is being financed through the IPO of Rs 84.44 crores and pre-issue capital and internal accruals of Rs 26.75 crores. The company’s total sales have gone up from Rs 2.92 crores in FY 2005 to Rs 4.99 crores in FY 2006 and further to Rs 52.53 crores for the first half of current year ended 30th September 2006. The PAT for the same period was up from Rs 1.05 lacs to Rs 1.72 crores and further to Rs 4.90 crores respectively.