Moving Media Entertainment’s IPO opened for subscription on Thursday, but its debut didn’t exactly light up the markets. By the end of Day 1, the numbers were underwhelming. Despite solid financials and a growing client base, the company managed to attract only modest interest—and institutions haven’t shown up yet.
This ₹43.40 crore issue is open until June 30, and while there’s still time, Day 1 figures show it’s mostly retail investors testing the waters. Meanwhile, the unofficial grey market suggests something very different—premium activity that points to high expectations ahead of listing.
Here’s What You Should Know First
The IPO price band is set between ₹66 and ₹70 per share. Investors have to buy a minimum of 2,000 shares, which brings the smallest ticket to around ₹1.4 lakh. Moving Media plans to use the IPO funds to expand its film production equipment inventory, pay off some debt, and handle basic corporate expenses.
The allotment will be finalized on July 1, and the stock is expected to list on the NSE SME platform on July 3.
Subscription Snapshot: Lukewarm Opening
By the close of Thursday’s session, the IPO was just 0.39 times subscribed. Retail investors showed the most interest, filling about two-thirds of their portion (0.66x), while non-institutional investors (NIIs) remained cautious at 0.28x. But the big red flag? Qualified Institutional Buyers (QIBs) didn’t touch it—zero subscriptions from that camp so far.
Of course, Day 1 isn’t everything. Many IPOs see momentum build on the second or third day. Still, the absence of QIBs raises a question: are the big players simply waiting, or not buying the story?
But Wait—GMP Just Jumped Overnight
While the official figures were muted, the unofficial grey market premium (GMP) told a different story. It climbed from ₹5 earlier this week to ₹15 on Thursday, suggesting an expected listing price of around ₹85—a 21% gain over the upper end of the issue price.
That’s a solid signal of retail excitement, even if it’s speculative. GMP tends to reflect sentiment, not guaranteed outcomes. Still, a rising GMP can pull more retail interest in the days to come.
What Does Moving Media Actually Do?
The company rents out high-end equipment—like cameras, lighting, and audio setups—to film producers, TV networks, digital content studios, and event managers. Think of it as a behind-the-scenes partner for the entertainment world. Their client list includes some big names: Star India, SOL Production, and Sunshine Pictures, among others.
Financially, they’re solid. In FY25, revenue jumped to ₹37.06 crore, up nearly 60% from the previous year. Net profit was ₹10.4 crore, with net margins around 28%. That’s high for a rental business, which generally thrives on efficient use of expensive assets.
So Why the Hesitation?
Even with good margins and strong year-over-year growth, the lukewarm demand could stem from a few things:
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The IPO’s pricing might feel tight for institutions.
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It’s an SME listing—not all funds participate in these.
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Or perhaps it’s just Day 1 nerves, and the big money’s coming later.
Retail investors, on the other hand, are clearly watching the GMP and taking the risk.
What Happens Next?
Keep an eye on:
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Day 2 & Day 3 demand: These will be make-or-break for the overall subscription health.
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GMP trend: If it continues to rise, retail interest could surge.
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QIB entry: Even a small institutional signal on Day 2 or 3 could shift momentum.
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Allotment & listing: July 1 for allotment, July 3 for listing. That’s when we’ll really see if the buzz turns into gains.
Final Thought
Moving Media’s IPO story is far from over. The first day might have been slow, but there’s a lot riding on what happens next. The company operates in a niche space with solid clients and healthy margins, but whether that translates to listing success depends on how much confidence investors show over the next couple of days.
