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A new fund established by Bollywood insiders and media figures to invest in the Indian film industry has raised an eight-figure sum on AIM. The Indian Film Company, which counts film-maker Shyam Benegal and media mogul Raghav Bahl among its founders, raised £55 million from the IPO.

Shares were valued at 100p each on admission to AIM, equating to a market capitalisation of £55 million for the company. The proceeds will be invested not only in Bollywood films but also in movies targeting Indian audiences around the world. According to reports, the company, which has offices in Delhi and Bombay, is currently working on 20 film projects.

Bahl comments: ‘We are excited about the growth potential for The Indian Film Company on AIM. It will enable high-quality international investors to reap the benefits of the structural changes and growth opportunities being thrown up by the Indian film industry.’

The admission was managed by nominated adviser Grant Thornton with Oriel Securities and Elara Capital as joint brokers.

This is not the first Indian media and entertainment business to join AIM. Eros International completed an IPO last year.

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