Identical Brains Studios Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹54
Per ShareLot Size
2000 Shares
Minimum Investment
₹1,08,000
Issue Size
₹19.95 Cr
Face Value
₹10
Per ShareIPO Type
Book Building - SME
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Identical Brains Studios Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
86.53%
Promoter Holding (Post-Issue)
63.74%
Issue Type
Book Building - SME
ISIN
INE0TD101011
About the Company
Identical Brains Studios Limited is a TPN audited visual effects ("VFX") studio, offering comprehensive suite of VFX services in diverse range of projects such as films, web series, TV series, documentaries, and commercials. Its portfolio includes upcoming projects like Tanaav 2, 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.
Industry Overview
Visual Effects or VFX breathes life into the fantastical worlds and impossible scenarios by creation or manipulation of any imagery not filmed during live-action shooting, using techniques, including computer-generated imagery, compositing, and green screens, alongside services like 3D modeling, animation, rotoscoping, etc. The Indian VFX industry has grown from USD 107.7 million in CY 2020 to USD 647.2 million in CY 2023, with a CAGR of approximately 81.8% and growth rate exceeding 500%. The market is projected to nearly triple, jumping from USD 647 million in CY 2023 to USD 1,823 million by CY 2030, with a CAGR exceeding 15.9%.
Company History
Identical Brains Studios Limited was incorporated as a One Person Company under the name "Identical Brains (OPC) Private Limited" under the provisions of the Companies Act, 2013 vide certificate of incorporation dated February 04,2019 issued by the Assistant Registrar of Companies, Central Registration Centre, Manesar. Further, the company was converted from a OPC to private limited company pursuant to a special resolution passed in the extraordinary general meeting of its shareholders held on April 02, 2021 and the name of the Company was changed to "Identical Brains Private Limited" with a fresh Certificate of Incorporation dated July 08, 2021 issued by the Registrar of Companies, Mumbai. Subsequently, the name of the company was changed to "Identical Brains Studios Private Limited" pursuant to a special resolution passed in the extraordinary general meeting of its shareholders held on March 22, 2024, consequent upon which, a fresh certificate of incorporation dated June 18, 2024 was issued by the Assistant Registrar of Companies, Central Registration Centre. Thereafter, the company was converted from a private limited company to a public limited company, pursuant to a special resolution passed in the extraordinary general meeting of its shareholders held on June 21, 2024 and the name of the Company was changed to "Identical Brains Studios Limited" with a fresh certificate of incorporation dated August 12, 2024, issued to the Company by the Assistant Registrar of Companies, Central Registration Centre. The Corporate Identification Number of the Company is U22219MH2019PLC320624.
Products & Services
- The Company is a TPN audited visual effects ("VFX") studio, offering comprehensive suite of VFX services in diverse range of projects such as films, web series, TV series, documentaries, and commercials.
Growth Strategy
- Establish Colour Grading Digital Intermediate ("DI") and Sound Studio Set up.
- Pursue emerging content media and strategically increase scale.
- Investment in technologies, infrastructure and facilities.
- Maintain creative, technical and managerial leadership by leveraging its brand and reputation to recruit leading talent.
- Expand its VFX services offering to film and content producers in new, high-growth geographic markets.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a standalone basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of upto 36,94,000 equity shares of face value of Rs. 10/- each ("Equity Shares") for cash at a price of Rs. 54 per equity share (including a premium of Rs. 44 per equity share) ("Issue Price") aggregating to Rs. 19.95 crores ("The Issue"). The issue will constitute [*] % of the post-issue paid up equity share capital of the company. The issue includes a reservation of up to 1,86,000 equity shares aggregating to Rs. 10.04 crores (constituting up to [*] % of the post issue paid-up equity share capital of the company) for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion is hereinafter referred to as the "Net Issue". The issue and the net issue will constitute [*] % and [*] % respectively, of the post-issue paid-up equity share capital of the company.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Integrated and highly scalable service delivery capabilities.
- Reputation as a trusted provider of VFX Services with established relationships throughout the Entertainment Industry.
- Attractive business model, with significant revenue visibility and compelling opportunities for long-term margin expansion and cash flow generation.
- Experienced management team with managerial, creative and technical expertise and industry relationships.
- The company depends upon its relationships with the major Bollywood studios, including key executive and creative talent, and any deterioration in these relationships could materially and adversely affect its business.
- The Company operates in the constantly evolving entertainment industry, which is subject to rapidly changing consumer behaviour and tastes, and depends on audience acceptance of content for which the company provide VFX services and the longterm popularity of the brands and franchises that its customers produce.
- If the film and content producers reduce the amount of VFX content they produce and release, the company's revenue would likely decline.
- Its order book and order pipeline are not necessarily indicative of its future revenue or other results of operations and its may not fully realise the revenue value reported in the company order book and order pipeline.
- Film and content producers may delay, suspend or terminate its contracts, which could negatively affect the company revenue and harm its reputation and prospects.