Identical Brains Studios Limited IPO

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The company specializes in delivering computer-generated visual effects (VFX) services, offering a comprehensive suite of solutions for diverse projects, including films, web series, TV series, documentaries, and commercials. Operating from India, they collaborate with leading film and content producers, including Bollywood Studios, to transform imagination into compelling visual experiences.

Their skilled team of creative and technical professionals is dedicated to pushing the boundaries of innovation, creating visual realities that enhance storytelling and captivate audiences worldwide. From breathing life into fantastical creatures to seamlessly integrating CGI into live-action footage, they strive to be at the forefront of the VFX industry.

Service Offerings

Core VFX Services:
i. Computer-Generated Imagery (CGI).                ii. Compositing and green screen integration.
iii. Rotoscoping and 3D modeling.                         iv. Animation and pre-visualization.
v. Concept art and visual development.

Project Applications:
i. Films and web series.                                            ii. Television shows and documentaries.
iii. Commercials and advertisements.                   iv. Gaming and architectural visualization.
v. Educational content.

Exponential Industry Growth:
i. Indian VFX industry grew from USD 107.7 million in 2020 to USD 647.2 million in 2023, achieving a CAGR of 81.8%.
ii. Projected to reach USD 1,823 million by 2030, driven by advancements in technology and increasing demand across entertainment platforms.

Segment Contribution (2023):
i. Movies: 39.7%                            ii. Television: 27.6%                      iii. Gaming: 17.7%
iv. Advertisements: 10.6%           v. Others: 4.4%

Rising Content Demand:
i. Indian cinema resurgence: 157.4 million moviegoers in 2023, a 29% increase from the previous year.
ii. Growth of streaming platforms and mobile gaming fueling demand for VFX services.

Future Prospects

As the VFX industry continues to evolve, the incorporation of emerging technologies will redefine workflows, making production faster and more efficient. The animation sector is also poised for growth, with India becoming the second-largest anime fan base and exploring new opportunities in adult animation markets.

With Their expertise, innovation, and commitment to quality, they are well-positioned to capitalize on the dynamic growth of the Indian VFX industry, continuing to deliver exceptional services and redefine the visual experience for global audiences.

Objects of the Identical Brains Studios Limited IPO:

The company proposes to utilize the Net Proceeds from the Issue towards the following objects: i. Funding capital expenditure towards the renovation of the existing Andheri office and studio. ii. Funding capital expenditure towards establishment of Colour Grading Digital Intermediate ("DI") and Sound Studio Set up a new branch office in Andheri. iii. Funding capital expenditure towards the establishment of a new branch office in Lucknow. iv. Funding capital expenditure for the purchase of computers, storage systems and software to further strengthen the existing facilities/offices of the company. v. Funding our incremental working capital requirements; and vi. General corporate purposes.
DRHP of Identical Brains Studios Limited IPO
RHP of Identical Brains Studios Limited IPO

Identical Brains Studios Limited IPO Details:

Open Date: Dec 18 2024
Close Date: Dec 20 2024
Total Shares: 3,694,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 19.95 Cr.
Lot Size: 2000 Shares
Issue Price: ₹ 51 - 54 Per Equity Share
Listing At: NSE Emerge
Listing Date: Dec 25 2024

Promoters And Management:

Raghvendra Rai is the Chairman and Managing Director of the Company. He holds a Bachelor of Arts from V.B.S. Purvanchal University, Jaunpur, Uttar Pradesh. With nearly 10 years of experience in visual effects, media, and entertainment, Raghvendra has previously worked as a VFX Roto Supervisor at Digikore Studios Private Limited and Drishyam Films Private Limited. He has also served as a consultant at Maya Digital Studios Private Limited and Prime Focus Limited. Sameer Rai is the Executive Director of the Company. He holds a Bachelor's degree in Science from Dr. C.V. Raman University, Bilaspur, Chhattisgarh. Sameer has around eight years of experience in visual effects, media, and entertainment. He previously worked as a Trainee at Drishyam Films Private Limited before joining the Company in 2019 as Studio Head. Stevina Alban Vaity is a Non-Executive Director of the Company. She holds a Master's degree in Environmental Law, a Bachelor's degree in Law, and a Bachelor's degree in Legal Sciences from the University of Mumbai. With over ten years of experience in law, Stefina specializes in arbitration, cross-border contractual transactions, service laws, and contract laws. She currently works as Assistant Team Lead (Legal) at Integreon Managed Solutions (India) Private Limited.

Financials of Identical Brains Studios Limited IPO:

In Cr.
Particulars September 30, 2024 March 31, 2024 March 31, 2023 March 31, 2022
Revenue from Operations 11.39 20.09 8.04 3.89
EBITDA 4.23 (37.12%) 7.62 (37.92%) 2.32 (28.82%) 0.70 (18.07%)
PAT 2.41 (21.11%) 5.35 (26.62%) 1.61 (20.05%) 0.51 (13.10%)
ROCE 25.80% 103.52% 108.80% 81.40%
D/E Ratio 0.01 0.02 - -
CFOA (2.99) 1.89 2.35 (0.11)

Comparison With Peers:

Identical Brains Studios (FY 2024) 20.09 Cr. 7.62 Cr. (37.92%) 5.35 Cr. (26.62%) 0.01 75.74 Cr. 14.15
Prime Focus Limited (TTM) 3,424 Cr. 353 Cr. (10%) (267 Cr.) 11.60 3,993 Cr. In Loss
Digikore Studios (TTM) 42.33 Cr 9.57 Cr. (22.61%) 6.34 Cr. (14.98%) 0.55 187 Cr. 29.40
Phantom Digital Effects (TTM) 83 Cr. 38 Cr. (45%) 22 Cr. (26.51%) 0.29 353 Cr. 16
Basilic Fly Studio (TTM) 85 Cr. 38 Cr. (45%) 28 Cr. (32.94%) 0.26 829 Cr. 30

Recommendation on Identical Brains Studios Limited IPO:

Review and Recommendation of Identical Brains Solutions IPO by team IZ is 4/10.

Lead Manager of Identical Brains Studios Limited IPO:

  1. Socradamus Capital Private Limited

Registrar of Identical Brains Studios Limited IPO:

  1. Bigshare Services Private Limited

Company Address:

Identical Brains Studios Limited 802, 803 and 804, Crescent Royale, Veera Desai Road, off. New Link Road, Oshiwara, Andheri, Mumbai - 400 053, Phone: 022 - 6894 3898 Email: investor@identicalbrains.com Website: https://identicalbrains.com/

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