Identical Brains Studios files DRHP with NSE Emerge

Identical Brains Studios files DRHP with NSE Emerge

Identical Brains Studios, a leading VFX company renowned for its innovative and high-quality work in the film and entertainment industry, announced the filing of its Draft Red Herring Prospectus (DRHP) with NSE Emerge. The company’s initial public offering comprises a fresh issuance of up to 36,94,000 Equity Shares with a face value of Rs. 10.00, through the book-building route. Socradamus Capital Private Limited is the sole Book Running Lead Manager to the offer, and Bigshare Services Private Limited is the Registrar to the offer.

The Mumbai-headquartered company 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 portfolio of IBS includes upcoming project Criminal Justice 4, and completed projects include 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 Villian 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 has won two Filmfare OTT Awards for Best Visual Effects for Scam 1992: The Harshad Mehta Story (2020) and Rocket Boys (2022) in association with Variate Studios LLP.

As per the DRHP, Identical Brains Studios Limited intends to utilise the net proceeds from the IPO to fund capital expenditure towards the renovation of the existing office and studio in Andheri; to fund capital expenditure to establish Colour Grading Digital Intermediate (DI) and Sound Studio set up at new branch office in Andheri; to fund capital expenditure towards establishment of the new branch office in Lucknow; to fund capital expenditure for the purchase of computers, storage systems and software to further strengthen the existing facilities/offices of the company; to fund company’s incremental working capital requirements 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.

Founded in 2019 by Mr. Raghvendra Rai, a first-generation entrepreneur from Lucknow, Identical Brains Studios has rapidly emerged as a prominent player in developing proprietary workflow processes and technologies that enables itsqualified, creative and technical personnel to provide cutting-edge VFX services to customers. With over a decade of experience in the VFX industry, Mr. Rai’s skills and unwavering dedication have been instrumental in driving the company’s success and expansion.

IBS has posted Rs. 20.08 crore revenue from operations in FY 2024, compared to Rs. 8.04 crore revenue from operations in FY23. It has recorded a profit (PAT) of Rs. 5.34 crore in FY24 as against Rs. 1.61 crore in FY23, registering over three-fold growth in profit.

According to a D&B report, the Indian VFX industry has grown exponentially, from USD 107.7 million in CY 2020 to USD 647.2 million in CY 2023 at a CAGR of approximately 81.8% and is projected to nearly triple in size, jumping from USD 647 million in CY 2023 to USD 1,823 million by CY 2030.