Baweja Studios
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 29 Jan 2024 – 01 Feb 2024
- Listing date
- 06 Feb 2024
- Face value
- ₹10 per share
- Issue price
- ₹180 per share
- Lot size
- 800 shares
- Issue type
- Book Building issue
- Total issue size
- ₹97.20 Cr
- Market cap at offer price
- ₹332 Cr
- Promoter holding
- 99.99% → 70.69% pre-issue → post-issue
- ISIN
- INE0JFJ01011
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Fedex Securities Pvt.Ltd.
- Registered office
- Flat No.C/65, Ashirwad, 2nd, Cross Lane, Lokhandwala, Complex, Andheri, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 3,26,400 | — | — |
| Market maker | 2,88,000 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹180
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,44,000 |
| S-HNI (min) | 2 | 1,600 | ₹2,88,000 |
| S-HNI (max) | 6 | 4,800 | ₹8,64,000 |
| B-HNI (min) | 7 | 5,600 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.52 | 4.32 |
| P/E (×) | 32.61 | 41.67 |
| Price to book (×) | 13.07 | — |
| Market cap | — | ₹332 Cr |
Key performance indicators
- Return on net worth
- 40.12%
- ROCE
- 52.55%
- Debt / equity
- 0.07
- PAT margin
- 10.80%
- NAV per share
- ₹19.51
- Price to book
- 13.07
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Baweja Studios
Baweja Studios Limited was incorporated as 'Baweja Movies Private Limited' on March 16, 2001 in Mumbai under the Companies Act, 1956, was renamed Baweja Studios Private Limited (fresh certificate September 06, 2021) and converted to a public limited company as Baweja Studios Limited on December 01, 2021 (CIN U92112MH2001PLC131253). Founder Harjaspal Singh Baweja ('Harry Baweja'), who began his producing journey with the blockbuster 'Dilwale' in 1994, built the business into a production house that, as on the date of the RHP, has produced over 22 projects — including Hindi theatrical films (Dilwale, Qayamat, Love Story 2050), the animated Chaar Sahibzaade franchise, web series (Bhaukaal), Punjabi films, advertisement films and music videos — with 6 films under production and 7 in pre-production. The company makes money through two engagement models: full production, where it bears all costs, retains all copyrights/IP and exploitation rights and earns by exploiting content across theatrical (a specified percentage of gross box-office receipts), television broadcaster, OTT/digital and telecom distribution channels; and co-production/line production, where it delivers completed content (including ownership/copyrights) to studios/platforms for a pre-agreed fee, collecting payments at milestones, sometimes with profit-sharing. It also trades movie rights purchased from producers onward to exhibitors/streaming platforms and operates an in-house digital post-production studio. Restated revenue from operations rose from ₹1,944.54 lakhs (FY21) and ₹4,071.02 lakhs (FY22) to ₹7,379.05 lakhs (FY23), with PAT of ₹796.91 lakhs in FY23 and ₹435.33 lakhs for the period ended September 30, 2023.
Company Analysis
from RHPBaweja Studios Limited is a Mumbai-based, technology-driven content production house that originates, produces and exploits commercial motion pictures across Hindi, Punjabi, animated and digital/web-series formats in India's media & entertainment industry.
Baweja Studios Limited was incorporated as 'Baweja Movies Private Limited' on March 16, 2001 in Mumbai under the Companies Act, 1956, was renamed Baweja Studios Private Limited (fresh certificate September 06, 2021) and converted to a public limited company as Baweja Studios Limited on December 01, 2021 (CIN U92112MH2001PLC131253). Founder Harjaspal Singh Baweja ('Harry Baweja'), who began his producing journey with the blockbuster 'Dilwale' in 1994, built the business into a production house that, as on the date of the RHP, has produced over 22 projects — including Hindi theatrical films (Dilwale, Qayamat, Love Story 2050), the animated Chaar Sahibzaade franchise, web series (Bhaukaal), Punjabi films, advertisement films and music videos — with 6 films under production and 7 in pre-production. The company makes money through two engagement models: full production, where it bears all costs, retains all copyrights/IP and exploitation rights and earns by exploiting content across theatrical (a specified percentage of gross box-office receipts), television broadcaster, OTT/digital and telecom distribution channels; and co-production/line production, where it delivers completed content (including ownership/copyrights) to studios/platforms for a pre-agreed fee, collecting payments at milestones, sometimes with profit-sharing. It also trades movie rights purchased from producers onward to exhibitors/streaming platforms and operates an in-house digital post-production studio. Restated revenue from operations rose from ₹1,944.54 lakhs (FY21) and ₹4,071.02 lakhs (FY22) to ₹7,379.05 lakhs (FY23), with PAT of ₹796.91 lakhs in FY23 and ₹435.33 lakhs for the period ended September 30, 2023.
Objects of the Issue
- To meet the working capital requirements ₹ 5410 lakhs p.98
- General Corporate Purposes p.101
Issue Structure
- Total Issue
- Up to 54,00,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Fresh Issue
- Up to 40,00,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Up to 14,00,000 Equity Shares by Harjaspal Singh Baweja (Promoter Selling Shareholder) aggregating up to ₹ [●] Lakhs
- Lot Size
- 800 equity shares and in multiples of 800 equity shares thereafter
- Face Value
- ₹ 10/- each
Business Model
Content development is done in-house or via acquisition of scripts, remake rights and literary adaptation rights from third parties; after selection, projects are executed under either (i) a production model, in which the Company undertakes the entire production, retains all titles, copyrights, IP and exploitation rights and accrues revenues from marketing, promotion and distribution of the film across multiplex/single-screen operators (specified percentage of gross box-office receipts), TV broadcasters, OTT platforms, digital platforms and telecom operators, plus derivatives such as remakes, sequels, games and merchandising, or (ii) a co-production/line-production model, in which it produces and delivers movies to clients (including ownership and copyrights) for a pre-agreed fee ensuring predictable profits, with financing largely borne by co-producers and revenue earned at stages of film completion per production agreements. The Company also engages in trading of movie rights — purchasing rights connected to a movie from producers and onward trading them to exhibitors/streaming platforms.
Business Segments
SWOT Analysis
- • Experienced promoter leadership driving business growth(p.141)
- • Qualified, hands-on senior management team(p.142)
- • Long-standing goodwill and repeat business relationships in the industry(p.142)
- • Diverse and growing multi-format content library(p.142)
- • 'Low risk, high reward' distribution and co-production model(p.142)
- • Owned in-house state-of-the-art digital post-production studio(p.148)
- • Dependence on maintaining industry relationships for content acquisition(p.33)
- • Very limited recent experience releasing own-banner films; last own production failed to recover costs(p.35)
- • High customer concentration among TV broadcast and New Media buyers(p.37)
- • Company trademark not yet registered — no statutory IP protection pending registration(p.36)
- • History of related party transactions with promoters, which may continue(p.37)
- • Unsecured loans from promoter repayable on demand(p.45)
- • Cross-promotion of content library across multiple platforms including OTT(p.143)
- • Plan to release at least 5 new films annually across theatrical, digital, series and animation formats(p.143)
- • Large confirmed project pipeline of approximately ₹60,000 lakhs at various stages(p.99)
- • Scale up conceptualisation and production capabilities catering to all entertainment demands(p.144)
- • Diversify content library, expand into music industry and IP acquisitions leveraging digital convergence(p.144)
- • Indian M&E industry tailwind — expected to grow to $55-70 Bn by 2030 at 10-12% CAGR(p.134)
- • Direct competition with other Indian film producers/distributors and alternative leisure/entertainment options(p.34)
- • Digital and internet piracy eroding revenues from content exploitation(p.35)
- • CBFC certification uncertainty may force costly modifications to films(p.36)
- • Unpredictable shifts in consumer tastes compromising predictability of a film's success(p.37)
- • Changes in the regulatory framework could hurt operations and growth prospects(p.46)
- • Macro-political/economic factors beyond company control (interest rates, taxation, instability)(p.46)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Harjaspal Singh Baweja | Promoter / Promoter Selling Shareholder | 49.53% | — |
| Paramjit Harjaspal Baweja | Promoter | 49.53% | — |
| Harman Baweja | Promoter | 0.43% | — |
| Rowena Baweja | Promoter | 0.51% | — |
| Sasha Ramchandani | Promoter Group | 0.00% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.