Identical Brains Studios (“IBS” or “The Company”), a VFX company known for its high-quality work in the film and entertainment industry, today announced that it has received in-principle approval for its IPO from NSE Emerge exchange on December 03,2024. The company filed a Draft Red Herring Prospectus (DRHP) with NSE Emerge in August 2024. It is in the process of filing RHP with updated information and is expected to be listed on the platform very soon.
The Mumbai-headquartered company plans to raise approximately Rs. 20 crores from the offer which comprises a fresh issuance of 36,94,000 Equity Shares each with a face value of Rs. 10, through the book-building route. Socradamus Capital Private Limited is the sole Book Running Lead Manager to the Issue, and Bigshare Services Private Services is the Registrar.
Identical Brains Studios offers a comprehensive suite of VFX services in a diverse range of projects such as films, web series, TV series, documentaries, and commercials. Its customers include some of the major film and content producers, including major Bollywood Studios.
The portfolio of the company includes upcoming project Criminal Justice 4, and completed projects include Khel Khel Mein, Murder in Mahim, Tanaav 2, Bad Cop, The Crew, Article 370, Mission Raniganj, Dream Girl 2, Indian 2, Rocket Boys, Bob Biswas, Kutch Express, Ek Villian Returns, Night Manager, Criminal Justice 3, Phone Bhoot, Satyamev Jayate 2, Angrezi Medium, Scam 1992:
The Harshad Mehta Story, Good Newwz, Panipat and many more. The company has won two Filmfare OTT Awards for Best Visual Effects for Scam 1992: The Harshad Mehta Story (2020) and Rocket Boys (2022) in association with Variate Studios LLP.
Identical Brains Studios Limited intends to utilise the net proceeds from the IPO to fund
capital expenditure towards the renovation of the existing office and studio in Andheri; to fund capital expenditure to establish Colour Grading Digital Intermediate (DI) and Sound Studio set up at new branch office in Andheri; to fund capital expenditure towards
establishment of the new branch office in Lucknow; to fund capital expenditure for the
purchase of computers, storage systems and software to further strengthen the existing
facilities/offices of the company; to fund company’s incremental working capital
requirements and for general corporate purposes. As a “Trusted Partner Network” (TPN)-audited VFX studio, the company is poised to deliver VFX solutions tailored to meet the standards of the US and European markets. Currently, IBS has received approval for projects from Disney Hotstar and Amazon.
Founded in 2019 by Mr. Raghvendra Rai, a first-generation entrepreneur from Lucknow,
Identical Brains Studios has rapidly emerged as a prominent player in developing proprietary workflow processes and technologies that enables its qualified, creative and technical personnel to provide advanced VFX services to customers. With over a decade of experience in the VFX industry, Mr. Rai’s skills and unwavering dedication have been
instrumental in driving the company’s success and expansion.
IBS has posted Rs. 20.08 crore revenue from operations in FY 2024, compared to Rs. 8.04 crore revenue from operations in FY 2023. It has recorded a profit (PAT) of Rs. 5.34 crore in FY 2024 as against Rs. 1.61 crore in FY 2023, registering over three-fold growth in profit.
