VFX company Identical Brains Studios Limited’ files DRHP with NSE Emerge
The IPO comprises a fresh issue of up to 36,94,000 Equity Shares with a face value of Rs. 10.00 each
Identical Brains Studios (“IBS” or “The Company”), a VFX company, has 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.
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.
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.
