Identical Brains Studios Gets Approval For IPO, Eyes To Raises Rs 20 Cr

Mumbai-based Identical Brains Studios (IBS), a leading VFX company, has received in-principle approval for its Initial Public Offering (IPO) from the NSE Emerge exchange. The company is now in the process of filing the Red Herring Prospectus (RHP) with updated information and is set to be listed on the platform shortly. The IPO aims to raise approximately Rs 20 crore, with 36,94,000 equity shares of a face value of Rs 10 each being offered through the book-building route.

Founded in 2019 by Raghvendra Rai, a first-generation entrepreneur, IBS has quickly gained recognition for its high-quality VFX services in films, TV series, web series, commercials, and documentaries. The company has worked with several leading film and content producers, including Bollywood studios, and has earned accolades such as two Filmfare OTT Awards for Best Visual Effects for Scam 1992: The Harshad Mehta Story and Rocket Boys in association with Variate Studios LLP.

The proceeds from the IPO will be used to fund capital expenditure for expanding IBS’s operations, including the renovation of its studio in Andheri, the establishment of a new Colour Grading Digital Intermediate (DI) and Sound Studio at its new branch in Andheri, and the setup of a new office in Lucknow. Additionally, funds will be directed towards purchasing new computers, storage systems, and software to enhance the company's technological capabilities.

IBS, which is part of the "Trusted Partner Network" (TPN)-audited VFX studios, is well-positioned to meet the VFX standards of global markets, including the US and Europe. The company’s strong track record and innovative technologies, backed by its experienced team, have helped it expand rapidly, making it one of the leading players in the Indian VFX industry.

In FY 2024, Identical Brains Studios posted a revenue of Rs 20.08 crore, more than double the Rs 8.04 crore achieved in FY 2023. The company also saw a substantial growth in profit, reaching Rs 5.34 crore compared to Rs 1.61 crore in the previous year, demonstrating its robust financial performance and growth trajectory.