Mumbai: Identical Brains Studios Limited (IBS), a leading player in the visual effects (VFX) industry, is set to raise Rs 20 crore through an Initial Public Offering (IPO) on the NSE Emerge platform. The company has secured in-principle approval from NSE Emerge earlier this month, marking a significant milestone in its growth trajectory.
The IPO will comprise a fresh issuance of 36,94,000 equity shares, each with a face value of Rs 10. Socradamus Capital Private Limited will serve as the sole Book Running Lead Manager for the IPO, while Bigshare Services Private Limited will act as the Registrar to the offer.
The proceeds from the public issue will primarily be used to expand and upgrade IBS’s operations. Key plans include renovating its existing office and studio in Andheri, establishing a new branch office in Lucknow, and setting up a Color Grading Digital Intermediate (DI) and Sound Studio at the Andheri branch. In addition, the funds will be used to acquire advanced equipment, such as computers, storage systems, and software, to enhance the company’s technological capabilities.
A portion of the funds will also be allocated to meet incremental working capital requirements and other corporate purposes.
Founded in 2019 by Mr. Raghvendra Rai, a first-generation entrepreneur from Lucknow, Identical Brains Studios has quickly become a key player in the VFX sector, offering a wide range of services for films, web series, TV series, documentaries, and commercials. The company’s impressive portfolio includes high-profile projects such as Criminal Justice 4, Mission Raniganj, Indian 2, Scam 1992: The Harshad Mehta Story, and Good Newwz, among many others.
IBS’s collaboration with Variate Studios LLP led to two Filmfare OTT Awards for Best Visual Effects in 2020 and 2022 for Scam 1992: The Harshad Mehta Story and Rocket Boys, further cementing its reputation for excellence in the VFX industry.
The company, a “Trusted Partner Network” (TPN)-audited studio, is well-positioned to meet global VFX standards, with recent approvals for projects from major platforms like Disney Hotstar and Amazon.
Identical Brains Studios has shown impressive financial performance, with revenue growing to Rs 20.08 crore in FY 2024, up from Rs 8.04 crore in FY 2023. The company’s profit after tax (PAT) surged to Rs 5.34 crore in FY 2024, a significant increase from Rs 1.61 crore in FY 2023, reflecting its solid growth trajectory and market confidence.
The IPO is expected to further accelerate Identical Brains Studios’ expansion, enabling the company to enhance its technical infrastructure and reinforce its position in the competitive VFX industry.
