The studio aims to raise approximately INR 20 crore through the offer, which includes the issuance of 36,94,000 equity
Mumbai-based visual effects company Identical Brains Studios Limited (IBS) has received in-principle approval from the NSE Emerge exchange for its upcoming Initial Public Offering (IPO).
IBS filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge in August 2024 and is now updating information with the Registrar of Companies (RoC) and NSE Emerge. The company plans to list its shares shortly. Socradamus Capital is acting as the sole book running lead manager for the issue, with Bigshare Services serving as the registrar.
From Bollywood Hits to IPO
Founded in 2019 by first-generation entrepreneur Raghvendra Rai, IBS has established itself as a key player in the VFX industry. The studio has contributed to notable Bollywood films, web series, and TV commercials, with projects such as Rocket Boys, Criminal Justice 3, Indian 2, Dream Girl 2, Scam 1992: The Harshad Mehta Story, and Angrezi Medium.
As a Trusted Partner Network (TPN)-audited VFX studio, IBS has worked on major projects for platforms like Disney+ Hotstar and Amazon, as well as ad campaigns for brands like Hindustan Unilever’s Glow and Lovely.
Expansion and Modernisation Plans
Proceeds from the IPO will be used to fund IBS’s expansion and modernisation efforts, including:
- Renovating its existing office and studio in Andheri, Mumbai.
- Establishing a Colour Grading Digital Intermediate (DI) and Sound Studio at a new Mumbai branch.
- Opening a new branch office in Lucknow.
- Investing in computers, storage systems, and software upgrades.
Financial Growth
IBS has demonstrated strong financial growth, with revenue from operations surging to INR 20.08 crore in FY24, up from INR 8.04 crore in FY23. The company’s profit after tax (PAT) has more than tripled, rising from INR 1.61 crore in FY23 to INR 5.34 crore in FY24.
Rai attributes this success to IBS’s proprietary workflows and technologies, which have enabled the studio to deliver cutting-edge visual effects. “Our mission is to push the boundaries of visual storytelling. This IPO will enable us to expand our capabilities and reach new heights,” he said.
A Booming Industry
IBS’s IPO comes as the VFX industry experiences rapid growth, driven by advancements in technology and rising demand for high-quality visual effects. According to a Dun & Bradstreet report, the sector has grown from $107.7 million in 2020 to $647.2 million in 2023, with a compound annual growth rate (CAGR) of 81.8%. Projections indicate the market will reach $1,823 million by 2030.
For more details, visit the full article on Campaign India.
Update : VFX Studio Identical Brains Studios (IBS) is launched its IPO to raise Rs 19.95 crore, with a price band of Rs 51-54 per share
