Identical Brains Studios (IBS), a Mumbai-based visual effects (VFX) company, has received approval for its Initial Public Offering (IPO) from the NSE Emerge exchange. The company is preparing to file its Red Herring Prospectus (RHP) with updated information and is set to be listed on the platform soon. IBS plans to raise around Rs 20 crore through the IPO, offering 36,94,000 equity shares with a face value of Rs 10 each via the book-building route.
About Identical Brains Studios
Founded in 2019 by Raghvendra Rai, a first-generation entrepreneur, Identical Brains Studios has quickly gained a reputation for its high-quality VFX services. The company works on films, TV series, web series, commercials, and documentaries. IBS has collaborated with major film and content producers, including Bollywood studios, and has received awards for its VFX work. It won two Filmfare OTT Awards for Best Visual Effects for the shows Scam 1992: The Harshad Mehta Story and Rocket Boys, produced in partnership with Variate Studios LLP.
Funds from the IPO
The proceeds from the IPO will be used to fund various expansion projects. These include renovating IBS’s studio in Andheri, setting up a new Colour Grading Digital Intermediate (DI) and Sound Studio in its new branch in Andheri, and opening a new office in Lucknow. The company will also use the funds to purchase new computers, storage systems, and software to improve its technology and operations.
Identical Brains Studios is part of the “Trusted Partner Network” (TPN)-audited VFX studios, meeting international standards required for markets such as the US and Europe. The company’s reputation for innovation, backed by a skilled team, has helped it grow rapidly, making it one of the leading players in the Indian VFX industry.
Financial Growth
In FY 2024, Identical Brains Studios posted a revenue of Rs 20.08 crore, which is more than double the Rs 8.04 crore revenue from FY 2023. The company also showed significant profit growth, reaching Rs 5.34 crore, compared to Rs 1.61 crore in the previous year. This strong financial performance highlights IBS’s solid growth trajectory and potential for further success.
