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VFX Company Identical Brains Studios Files IPO Papers With NSE Emerge

According to the DRHP, the IPO will consist of a fresh issuance of up to 36.94 lakh equity shares with a face value of Rs 10.

<div class="paragraphs"><p>(Source: Freepik)</p></div>
(Source: Freepik)

Visual effects company Identical Brains Studios on Monday said it has filed preliminary IPO papers with National Stock Exchange Emerge to raise funds through an initial public offering.

The Mumbai-headquartered company's initial public offering comprises a fresh issuance of up to 36.94 lakh equity shares with a face value of Rs 10, through the book-building route, according to the draft red herring prospectus.

The firm plans to utilise the proceeds to fund the renovation of the existing office and studio in Andheri; establish Colour Grading Digital Intermediate and Sound Studio set-up at a new branch office in Andheri; establishment of the new branch office in Lucknow; purchase of computers, storage systems and software; further strengthen the existing facilities the company; support the company’s incremental working capital requirements and for general corporate purposes.

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 leading film and content producers, including major Bollywood Studios.

The company's portfolio includes the upcoming project Criminal Justice 4, and completed projects include Khel Khel Mein, 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 and Panipat.

On the financial front, the company recorded a profit of Rs 5.34 crore in financial year 2024 as against Rs 1.61 crore in financial year 2023, registering over three-fold growth. It posted Rs 20.08 crore in revenue from operations in fiscal 2024, compared to Rs 8.04 crore in fiscal 2023.

According to a D&B report, the Indian VFX industry has grown to $64.72 crore in calendar year 2023 from $10.77 crore in 2020, registering a compound annual growth rate of about 82%.

Further, the industry is projected to nearly triple in size to $182.3 crore by 2030 from $64.7 crore in 2023. Socradamus Capital is the sole book-running lead manager to the offer, and Bigshare Services Private is the registrar of the offer.

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