Studio LSD wants ₹74 crore from you to keep producing your binge-worthy digital dramas. Price band ₹51–54, lot size ₹2 lakh+ minimum (yes, only for those who can afford both Netflix and NSE SME). Pre-IPO, promoters held 100%; post-IPO they still hog 73.5% — basically, you’re funding the set lights, but they keep the script control. Subscribed 1.43x on Day 1 — retail is already falling for the drama, while QIBs are ghosting harder than your Tinder date.
2. Introduction
Founded in 2017, Studio LSD is one of those Andheri West creative houses that wants to scale from “shooting YouTube-level sketches” to “India’s answer to Netflix Originals.” They do everything: scripting, shooting, editing, casting, distribution, marketing, and probably negotiating with that one diva actor who won’t work past 7 pm.
Financials look flashy: revenues doubled from FY23 → FY24, then grew just 2% in FY25. Translation: Season 1 was a blockbuster, Season 2 barely got renewed. But profits? They still managed ₹11.7 Cr FY25, thanks to tighter budgets — or in desi terms, “cutting chai instead of cappuccino on set.”
So yes, they’re raising ₹59 Cr fresh + ₹14.8 Cr OFS, basically saying: “Help us grow, but also let a few insiders cash out.”
3. Business Model (WTF Do They Even Do?)
Simple pitch: Studio LSD makes content — scripted shows for TV and OTT platforms. Services include:
Concept + scriptwriting
Production (crew, sets, lights, action)
Post-production (editing, VFX, sound)
Marketing + distribution
They’re not Netflix. They’re the vendors who sell shows to Netflix, Hotstar, Sony, etc. Think of them as the “wedding planners of content.” You hire them, they manage the chaos, deliver a polished final product.
Revenue model = project-based + margins. The problem? Media production is competitive, cyclical, and heavily reliant on a few hit shows. One flop and your “high-margin creative content” turns into a loss-making soap opera.
4. Financials Overview
Metric
FY25 (₹ Cr)
FY24 (₹ Cr)
YoY %
Revenue
105.0
102.5
2.5%
EBITDA
15.5
14.8
4.6%
PAT
11.7
10.9
7.1%
EPS (₹)
2.85
2.66
7.1%
Post-issue EPS = ₹2.25 → P/E balloons to 24x. Auditor’s take: “Revenue flat, PAT inching up, yet valuation tripled — classic Bollywood accounting plot twist.”
5. Valuation (Fair Value Range Only)
P/E Method EPS post = ₹2.25. Assign 15–20x (peer range for small media). FV range = ₹34 – ₹45.
