Mumbai-headquartered Identical Brains Studios (IBS or The Company), a leading VFX company renowned for its innovative and high-quality work in the film and entertainment industry, announced the filing of its Draft Red Herring Prospectus (DRHP) with NSE Emerge. The company’s initial public offering comprises a fresh issuance of up to 36,94,000 Equity Shares with a face value of Rs 10.00, through the book-building route.
The company shared in a press release that the IPO (Initial Public Offering) will be conducted through a book-building process, with Socradamus Capital Private Limited serving as the sole book-running lead manager. Bigshare Services Private Limited will act as the registrar to the offer.
According to the DRHP, 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.
Revenue share
IBS has posted Rs 20.08 crore revenue from operations in FY 2024, compared to Rs 8.04 crore revenue from operations in FY23. It has recorded a profit (PAT) of Rs 5.34 crore in FY24 as against Rs 1.61 crore in FY23, registering over three-fold growth in profit.
According to a D&B report, the Indian VFX industry has grown exponentially, from US$ 107.7 million in CY 2020 to US$ 647.2 million in CY 2023 at a CAGR of approximately 81.8 per cent and is projected to nearly triple in size, jumping from US$ 647 million in CY 2023 to US$ 1,823 million by CY 2030.
About the company
The IBS has carved out a reputation for delivering cutting-edge VFX solutions, collaborating with top-tier streaming giants and leading film and content producers, including major Bollywood Studios.
Founded in 2019 by Raghvendra Rai, a first-generation entrepreneur from Lucknow, the Mumbai-based company offers a comprehensive suite of VFX services in a diverse range of projects such as films, web series, TV series, documentaries, and commercials.
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. The portfolio of IBS includes upcoming project Criminal Justice 4, and completed projects include Khel Khel Mein, Murder in Mahim, 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.
As a “Trusted Partner Network” (TPN)-audited VFX studio, the company is poised to deliver exceptional 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.
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