Studio LSD shares list at 20% discount to IPO price on NSE SME platform

Studio LSD shares made a weak debut on the NSE SME platform at Rs 43.20 apiece, a steep 20% discount to the issue price of Rs 54. While the Rs 74.25 crore IPO saw healthy subscription, it drew a muted response in the unlisted market. The grey market premium on the shares of the company hovered near Rs 0 ahead of the debut, signalling a subdued listing, which eventually turned out weaker than expected.

Subscription and IPO details

The IPO, which opened on August 18 and closed on August 20, saw an overall subscription of 2.35 times. The retail category was the most active, with bids 3.26 times the reserved portion, while the Non-Institutional Investor (NII) quota was subscribed 1.02 times and the Qualified Institutional Buyer (QIB) portion covered just about 1 time.


The issue comprised a fresh issue of 1.10 crore shares worth Rs 59.40 crore and an offer for sale (OFS) of 28 lakh shares aggregating Rs 14.85 crore.

Company Profile

Founded in 2017, Studio LSD is a multimedia production house specializing in original content for television and OTT platforms. It handles end-to-end production — from concept development and scripting to post-production and distribution.

The company has built a diverse portfolio of digital series and television content and works on high-quality, genre-specific projects. As of January 2025, it employed 16 staff across departments.

Financials

The company reported revenue of Rs 105.01 crore in FY25, up 2% from Rs 102.49 crore in FY24. Profit after tax rose 7% year-on-year to Rs 11.67 crore.

Its return on equity (ROE) stood at an impressive 53.78%, while PAT margins were 11.17%. Post-issue, the company’s market capitalization is pegged at Rs 280.22 crore, valuing it at a P/E of around 24x FY25 earnings.

Proceeds from the IPO will be used for capital expenditure of Rs 18 crore, working capital needs of Rs 24.92 crore and general corporate purposes.

With subscription modest and GMP flat, all eyes will be on Studio LSD’s listing on Monday to see if retail interest can provide momentum in the secondary market.

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