Inspire Films
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 25 Sep 2023 – 27 Sep 2023
- Listing date
- 05 Oct 2023
- Face value
- ₹10 per share
- Issue price
- ₹59 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹21.23 Cr
- Market cap at offer price
- ₹80.30 Cr
- Promoter holding
- 93.98% → 69.17% pre-issue → post-issue
- ISIN
- INE0NDX01019
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Narnolia Financial Services Ltd.
- Registered office
- 111, 1st Floor, Shree Kamdhenu Estate, Chincholi Off Link Road, Bhd Tangent Showroom, Charkop, Malad, 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 | 10,22,000 | — | — |
| Market maker | 1,80,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹59
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,18,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,36,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,44,000 |
| B-HNI (min) | 9 | 18,000 | ₹10,62,000 |
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 (₹) | 3,925.00 | — |
| P/E (×) | 0.02 | — |
| Market cap | — | ₹80.30 Cr |
Key performance indicators
- Return on net worth
- 30.88%
- ROCE
- 32.01%
- Debt / equity
- 0.64
- PAT margin
- 8.29%
- NAV per share
- ₹12,714
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Inspire Films
Inspire Films Limited, incorporated as a private limited company on January 19, 2012, and converted to a public limited company in June 2023, is primarily engaged in the business of creation, production, distribution, and exhibition of television and digital content across broadcasting channels, apps and digital platforms, as well as content writing, production, and sale/purchase of film rights. The company is involved in every aspect of the content-making process, from development to distribution, including financing projects, hiring actors and crew members, scouting locations, creating sets, managing budgets, and overseeing production and post-production processes. It operates through three business verticals: TV (Hindi General Entertainment Channels), Digital Content and OTT platforms, and Regional content, following a B2B business model.
Company Analysis
from RHPInspire Films Limited creates, produces, distributes, and exhibits television and digital content across broadcasting channels, OTT platforms, and digital media, operating in Hindi GEC, digital content/OTT, and regional content verticals.
Inspire Films Limited, incorporated as a private limited company on January 19, 2012, and converted to a public limited company in June 2023, is primarily engaged in the business of creation, production, distribution, and exhibition of television and digital content across broadcasting channels, apps and digital platforms, as well as content writing, production, and sale/purchase of film rights. The company is involved in every aspect of the content-making process, from development to distribution, including financing projects, hiring actors and crew members, scouting locations, creating sets, managing budgets, and overseeing production and post-production processes. It operates through three business verticals: TV (Hindi General Entertainment Channels), Digital Content and OTT platforms, and Regional content, following a B2B business model.
Objects of the Issue
- Working capital requirement ₹1,298.00 Lakh p.25
- General Corporate Purposes ₹505.82 Lakh p.25
- Issue Expenses ₹319.00 Lakh p.25
- Working Capital Requirement ₹1,298.00 Lakhs p.89
- General Corporate Purposes ₹505.82 Lakhs p.94
- Issue Expenses ₹319.00 Lakhs p.94
Issue Structure
- Total Issue
- ₹2,122.82 Lakhs (35,98,000 Equity Shares)
- Fresh Issue
- ₹2,122.82 Lakhs (35,98,000 Equity Shares of face value of Rs.10/- each at Rs. 59/- per share)
- Offer for Sale
- NIL
- Price Band
- ₹56/- to ₹59/- per Equity Share (Floor Price: ₹56/-, Cap Price: ₹59/-)
- Lot Size
- 2,000 Equity Shares (Bid Lot)
- Face Value
- Rs. 10/- per Equity Share
Business Model
The company operates primarily on a 'Commissioned based Content Production' business model, producing shows and web series for broadcasters and digital platforms. It also generates revenue from content writing, production, and the sale/purchase of film rights. The company finances projects, manages production budgets, and handles distribution to broadcasters, TV channels, and digital platforms.
Business Segments
SWOT Analysis
- • Established production track record with extensive content library(p.138)
- • Experienced management with 25+ years in media and entertainment(p.138)
- • Diversified business model across multiple content verticals(p.138)
- • Strong revenue growth trajectory(p.100)
- • Significant improvement in profitability metrics(p.100)
- • Experienced and strong management team led by promoter with 25+ years in entertainment(p.153)
- • Organized marketing team ensuring client compatibility and relationship continuity(p.153)
- • Established operations with proven track record of revenue growth(p.154)
- • Strong long-standing relationships with broadcasters and channels across segments(p.154)
- • Diverse network of major broadcasters and digital platforms as clients(p.154)
- • Diversified content production across TV, OTT, and regional platforms(p.253)
- • Significant revenue growth trajectory(p.257)
- • Expanded project portfolio and production capacity(p.257)
- • Strong profitability improvement(p.259)
- • Effective cost allocation across growing project base(p.259)
- • Positive net worth and operating profitability(p.276)
- • Dependence on few key individuals for creative success(p.31)
- • Heavy reliance on key management personnel(p.32)
- • First-generation entrepreneurs as promoters with limited experience(p.32)
- • Outstanding legal proceedings against company and promoters(p.32)
- • No owned premises for business operations(p.33)
- • Contingent liabilities related to pending tax proceedings(p.37)
- • Negative operating cash flows in current year(p.37)
- • High dependence on few customers for revenue(p.36)
- • IPR not registered in company name; only usage rights(p.38)
- • Loss incurred in one of three previous financial years(p.38)
- • High concentration of ownership with promoters(p.75)
- • Negative operating cash flow in recent year(p.100)
- • Significant increase in working capital requirements(p.89)
- • Limited institutional investor participation(p.76)
- • Dependence on small pool of key personnel creating talent shortage risk(p.157)
- • Limited financial resources constraining investment in new technologies and talent(p.157)
- • Limited marketing and advertising resources versus larger production houses(p.157)
- • High customer concentration with top customer representing 27.41% of FY2023 revenue(p.160)
- • Lack of owned infrastructure; studios rented on short-term basis(p.162)
- • High dependence on few major clients(p.257)
- • Significant accumulated debt obligations(p.263)
- • High finance costs relative to profits(p.258)
- • Pending TDS prosecution and litigation against promoters(p.266)
- • Outstanding trade payables with aging exceeding three years(p.232)
- • Significant working capital volatility(p.258)
- • Growing Indian M&E industry with strong growth trajectory(p.25)
- • Increasing rural market expansion(p.25)
- • Rising digital adoption and OTT expansion in emerging markets(p.24)
- • Rising advertising to GDP ratio indicating growth(p.25)
- • Growing VFX sector opportunities with global focus on India(p.25)
- • Strong growth in Indian media and entertainment sector(p.133)
- • Rapid expansion of OTT platforms and digital content demand(p.134)
- • Growing regional content market across multiple languages(p.138)
- • Increasing advertising revenue and digital advertising growth(p.133)
- • Strategic expansion into new projects and platforms(p.92)
- • Expansion into new genres and content styles to attract diverse audiences(p.157)
- • Strategic partnerships with distributors and content providers for market expansion(p.157)
- • Growth potential in Indian television market still in expansion phase(p.157)
- • Expansion into international markets with higher demand for Indian content(p.157)
- • Creating own OTT platform for direct distribution and personalized viewer experience(p.155)
- • Growth through influencer summits and branded content monetization strategy(p.154)
- • Expansion into sports content segment and events coverage(p.156)
- • Expansion into premium content production(p.257)
- • Growing OTT and digital platform demand(p.253)
- • Regional content production expansion(p.253)
- • Post-COVID industry recovery and growth(p.259)
- • Unpredictable shifts in consumer taste and preferences(p.31)
- • Intense competition from larger players with greater resources(p.34)
- • Corporate promoter engaged in similar business creating conflict(p.34)
- • Concentration of shareholding with promoters limiting shareholder rights(p.44)
- • Delays in payment from distributors and broadcasters(p.37)
- • Global E&M revenue growth deceleration(p.44)
- • COVID-19 and communicable disease outbreak risks(p.52)
- • Terrorist attacks and regional conflicts impacting business(p.53)
- • Natural disasters and pandemics beyond company control(p.56)
- • Global economic slowdown and reduced growth projections(p.45)
- • Intense competition from established content production companies(p.125)
- • Dependence on broadcaster and platform commissioning decisions(p.138)
- • Volatility in consumer spending and economic slowdown(p.124)
- • Regulatory challenges and content compliance requirements(p.135)
- • Fluctuation in foreign exchange and commodity costs(p.139)
- • Intense competition from well-established players and international OTT platforms(p.163)
- • Rapidly evolving technology requiring continuous investment to remain competitive(p.157)
- • Changes in consumer preferences and content trends impacting demand(p.157)
- • Regulatory changes and legal challenges affecting content distribution(p.157)
- • Competition focused on acquiring exclusive talent and content deals(p.163)
- • Dependency on regulatory framework and broadcasting policies(p.254)
- • Cyclical nature of media and entertainment industry(p.262)
- • Competitive market dynamics and performer availability(p.262)
- • Risk of production cost inflation(p.261)
- • Economic sensitivity affecting broadcaster demand(p.262)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Yash Arabinda Patnaik | Promoter | 0.01% | 0.01% |
| Beyond Dreams Entertainment Private Limited | Corporate Promoter | 92.95% | 68.37% |
| Beyond Dreams Entertainment Private Limited | Corporate Promoter | 92.95% | 69.11% |
| Yash Arabinda Patnaik | Promoter | 0.01% | 0.01% |
| Beyond Dreams Entertainment Private Limited | Corporate Promoter | 92.95% | — |
| Yash Arabinda Patnaik | Promoter/Managing Director | 0.01% | — |
| Beyond Dreams Entertainment Private Limited | Promoter | 94% | — |
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.