Incorporated in 2019, Identical Brains Studios Limited offers computer-generated visual effects ("VFX") services. The company provides VFX services for projects such as films, web series, TV series, documentaries, and commercials.
The company has provided VFX services for films that received two Filmfare OTT Awards nominations, one Filmfare Awards nomination, one Dadasaheb Phalke Awards nomination and more for Best Visual Effects.
The company has also 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 and one Dadasaheb Phalke Awards for Phone Bhoot (2022) for Best Visual Effect.
Competitive Strengths:
- Operations in economically attractive locations.
- Integrated technology and infrastructure.
- Skilled creative and technical workforce.
- 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.
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding capital expenditure towards the renovation of the existing Andheri office and studio | — |
| Funding capital expenditure towards establishment of Colour Grading Digital Intermediate ("DI") and Sound Studio Set up a new branch office in Andheri. | — |
| Funding capital expenditure towards the establishment of a new branch office in Lucknow. | — |
| Funding capital expenditure for the purchase of computers, storage systems and software to further strengthen the existing facilities/offices of the company. | — |
| Funding our incremental working capital requirements; and | — |
| General corporate purposes. | — |
| Metric | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Total Assets | 2,184 | 1,702 | 476 |
| Revenue | 1,150 | 2,026 | 808 |
| PAT | 241 | 535 | 161 |
| Net Worth | 1,436 | 1,204 | 289 |
| Reserves | 403 | 515 | 288 |
| Total Borrowing | 17 | 19 | — |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | 1,752,000 (47%) | — |
| NII / HNI | — | 528,000 (14%) | — |
| Retail (RII) | — | 1,228,000 (33%) | — |
| Market Maker | — | 186,000 (5%) | — |
| Total | — | 3,694,000 (100%) | — |
* Amount calculated at upper price band (₹54) · ** Total includes all investor categories
- 1 Initiation of Refund 24 Dec 2024
- 2 Credit of Shares to Demat 24 Dec 2024
- Retail allocation is good at 33% of the total offering.
- HNI/NII demand is good at 14%.
- Institutional (QIB) interest is strong at 47%.
- The IPO P/E of 16x reflects a good valuation relative to typical market ranges.
- Pre-issue EPS of ₹5 compares to post-issue EPS of ₹3 after dilution.
This IPO shows moderate investor interest. Review financial details and compare valuation with industry peers before investing.
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