Prime Focus loses nearly 20 pc after subsidiary postponed IPO offer

Shares of media services firm Prime Focus on Friday fell nearly 20 per cent after the company said its subsidiary has postponed its initial public offering due to ongoing market uncertainty.

Shares of the company fell 19.96 per cent to close at Rs 67.35 apiece on the BSE.

On the NSE, the stock closed at Rs 67.15, down 19.96 per cent.

"DNEG has today decided to postpone its initial public offering (the "IPO") due to ongoing market uncertainty," Prime Focus said in a BSE filing.

The company said its subsidiary DNEG in the UK has decided to postpone its IPO on the back of ongoing market uncertainty. However, DNEG said it will assess when to resume its IPO plans.

"The company can confirm that it has received a strong level of interest from investors and therefore will be assessing when to recommence its IPO plans once market conditions improve," it added.

DNEG is a global digital visual effects and animation company for feature film, television, augmented/virtual reality etc.

DNEG has a network of studios in London, Vancouver, Mumbai, Los Angeles, Chennai, Montreal, Chandigarh, Hyderabad and Goa.