Identical Brains Studios IPO Sets Sights on Public Offering Amid VFX Industry Boom
Identical Brains Studios (IBS), a leading VFX studio in Mumbai, is making headlines with its plans to go public. The company, known for delivering cutting-edge visual effects in the film and entertainment industry, has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge, marking a significant milestone in its growth trajectory. This move highlights the company’s ambition to solidify its position as a key player in the rapidly expanding Indian VFX industry.
IPO Details and Strategic Vision
Identical Brains Studios initial public offering (IPO) will see a fresh issuance of up to 36,94,000 equity shares, each with a face value of Rs. 10.00, through the book-building route. This strategic financial move is designed to fuel the company’s expansion plans and enhance its operational capabilities. Socradamus Capital Private Limited has been appointed as the sole Book Running Lead Manager, while Bigshare Services Private Limited will act as the Registrar to the offer.
The proceeds from the IPO are earmarked for several key initiatives that will drive the company’s growth. These include the renovation of its existing office and studio in Andheri, the establishment of new facilities such as a Colour Grading Digital Intermediate (DI) and Sound Studio at its new branch office in Andheri, and the opening of a new VFX studio in Lucknow. Additionally, funds will be allocated for the purchase of advanced computers, storage systems, and software to further bolster the company’s technical infrastructure. A portion of the funds will also be used to meet the company’s incremental working capital requirements and for general corporate purposes.
A Diverse Portfolio of High-Impact Projects
Identical Brains Studios has built a robust portfolio of VFX projects across various entertainment mediums, including films, web series, TV series, documentaries, and commercials. The company has worked with some of the most prestigious Bollywood studios and production houses, delivering top-tier visual effects that have captivated audiences worldwide.
Among its notable projects are the highly anticipated Criminal Justice 4 and completed works such as 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 Villain 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’s exceptional work has not gone unnoticed; IBS has earned two Filmfare OTT Awards for Best Visual Effects for Scam 1992: The Harshad Mehta Story (2020) and Rocket Boys (2022), in collaboration with Variate Studios LLP.
Industry Recognition and International Standards
As a “Trusted Partner Network” (TPN)-audited VFX studio, Identical Brains Studios is recognized for its commitment to maintaining the highest standards of quality and security, particularly in the US and European markets. The company has already secured approvals for projects from major platforms like Disney Hotstar and Amazon, underscoring its ability to meet and exceed international standards.
Leadership and Vision
Founded in 2019 by Mr. Raghvendra Rai, a visionary entrepreneur from Lucknow, Identical Brains Studios has rapidly emerged as a leading force in the VFX industry. With over a decade of experience, Mr. Rai has been instrumental in developing proprietary workflow processes and technologies that empower his team of skilled creative and technical professionals. His leadership has been pivotal in driving the company’s impressive growth and establishing its reputation as a provider of world-class VFX solutions.
Financial Performance and Industry Growth
The financial performance of Identical Brains Studios reflects its dynamic growth. In FY 2024, the company posted a revenue of Rs. 20.08 crore from operations, a significant increase from Rs. 8.04 crore in FY 2023. The profit after tax (PAT) also saw an impressive surge, rising to Rs. 5.34 crore in FY 2024, compared to Rs. 1.61 crore in the previous fiscal year—a more than three-fold increase in profitability.
This growth is set against the backdrop of a booming Indian VFX industry. According to a report by D&B, the industry has experienced exponential growth, expanding from USD 107.7 million in CY 2020 to USD 647.2 million in CY 2023, representing a compound annual growth rate (CAGR) of approximately 81.8%. The report further projects that the industry will nearly triple in size by 2030, reaching an estimated USD 1,823 million.
Looking Ahead
As Identical Brains Studios prepares for its public offering, the company is poised to capitalize on the burgeoning opportunities within the VFX sector. With its strategic investments, innovative approach, and strong leadership, IBS is well-positioned to continue its upward trajectory and make a lasting impact on the global entertainment industry.
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