Visual effects company, Digikore Studios listed its shares on the National Stock Exchange on Wednesday at a premium of 57% over the IPO price. The Pune-based VFX company IPO was oversubscribed by 243.11 times with the company receiving applications worth Rs 5,411 crore, making it the third largest SME IPO subscription in the country.

The Rs 30.48 crore Digikore issue was priced at Rs 171 per share and was listed at Rs 270 on the NSE Emerge on Wednesday. Investors bid for a 31.64 crore share, exceeding the total offering of 13.01 lakh shares.

Abhishek More, founder and CEO of Digikore Studios, said the IPO proceeds would be utilised to set up a wholly owned subsidiary in Canada to go closer to the US, the largest market for the VFX and animation industry. Going closer to the market would enable them to win larger deals with more complex projects coming their way, More said. The company will set up operations in Canada next month and start recruiting front-end and creative talent soon. The company will be doubling its turnover to Rs 100 crore next year and to Rs 200 crore the subsequent year on the back of the global expansion.

Digikore works with Disney, Marvel, Netflix, Amazon, Apple, Warner Brothers, Sony, Paramount, and Lionsgate.

Digikore Studios started as a 2D animation and ventured into VFX with James Cameron’s Titanic 3D project. Digikore has been focused on Hollywood films. Since Covid, the online streaming platforms have emerged as an significant customer segment for the company. It now accounts for 25% of their revenues. The OTT platforms will account for 80% of revenues in future, he said.

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The VFX industry is undergoing a shift toward virtual production, and Digikore has been an early adopter of this technology. This would drive substantial revenue and profits in the coming years, he added.

Digikore has provided VFX for films such as Thor: Love and Thunder, Black Panther: Wakanda Forever, Deadpool, Star Trek, Jumanji, Stranger Things, Game of Thrones, The Last Ship, and Ghost Rider: Spirit of Vengeance, among others.