Identical Brains Studios, a top VFX company in the film industry, announced its filing of the Draft Red Herring Prospectus with NSE Emerge for their initial public offering of up to 36,94,000 Equity Shares with a face value of Rs. 10. Socradamus Capital Private Limited is the Book Running Lead Manager, and Bigshare Services Private Limited is the Registrar.
The Mumbai-based company provides a wide range of VFX services for various projects like films, web series, TV shows, documentaries, and commercials. Its clientele includes top film and content producers, including major Bollywood Studios.
IBS’s portfolio includes upcoming project Criminal Justice 4, Khel Khel Mein, Murder in Mahim, Bad Cop, The Crew, Article 370, and various others like Mission Raniganj, Dream Girl 2, Indian 2, Rocket Boys, and more.
The company won two Filmfare OTT Awards for Best Visual Effects for Scam 1992 and Rocket Boys in partnership with Variate Studios LLP.
Identical Brains Studios Limited plans to use the net proceeds from the IPO for various purposes, such as renovating the existing office and studio in Andheri, establishing Colour Grading Digital Intermediate (DI) and Sound Studio at a new branch office in Andheri, setting up a new branch office in Lucknow, enhancing existing facilities with computer systems and software, meeting working capital needs, and for general corporate purposes.
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.
Established in 2019 by Raghvendra Rai, a first-generation entrepreneur from Lucknow, Identical Brains Studios quickly became a key player in creating innovative workflow processes and technologies. With extensive VFX industry experience spanning over a decade, Rai’s skills and dedication have been pivotal for the company’s growth and achievements.
IBS achieved Rs. 20.08 crore revenue in FY24, up from Rs. 8.04 crore in FY23. Its profit rose to Rs. 5.34 crore in FY24 from Rs. 1.61 crore in FY23, showing over three-fold growth.
The Indian VFX industry surged from USD 107.7 million in CY 2020 to USD 647.2 million in CY 2023 at a CAGR of around 81.8%. It’s set to nearly triple, hitting USD 1,823 million by CY 2030.
