Identical Brains Studios
Book Building issueSMENSE₹19.95 Cr issue
+75.93%
Listing gain over issue price
Issue size
₹19.95 Cr
1 lot at cut-off
₹1,08,000
Lot size
2,000shares
Open
18 Dec 2024
Close
20 Dec 2024
Allotment
23 Dec 2024
Listing
26 Dec 2024
Listing performance
Issue price
₹54
Listed at
₹95
Listing-day close
₹99.75
Latest price
₹16.70
Close on 22 Oct 2026
Listing gain
+75.93%
Return since issue
-69.07%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 18 Dec 2024 – 20 Dec 2024
- Listing date
- 26 Dec 2024
- Face value
- ₹10 per share
- Issue price
- ₹54 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹19.95 Cr
- Market cap at offer price
- ₹75.74 Cr
- Promoter holding
- 86.53% → 63.74% pre-issue → post-issue
- ISIN
- INE0TD101011
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Socradamus Capital Pvt.Ltd.
- Registered office
- 802, 803 and 804, Crescent Royale, Veera Desai Road, off.New Link Road, Oshiwara, Andheri, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 10,48,000 | — | — |
| Market maker | 1,86,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹54
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,08,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,16,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,72,000 |
| B-HNI (min) | 10 | 20,000 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
10,48,000
Anchor portion
₹5.66 Cr
at ₹54 per share
Valuation and performance
Valuation at offer price
₹54 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.17 | 3.43 |
| P/E (×) | 10.44 | 15.74 |
| Price to book (×) | 4.64 | — |
| Market cap | — | ₹75.74 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 44.42%
- ROCE
- 103.52%
- Debt / equity
- 0.02
- PAT margin
- 26.62%
- NAV per share
- ₹11.65
- Price to book
- 4.64
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Identical Brains Studios
Identical Brains Studios Limited was incorporated as a One Person Company in February 2019 and converted to a private limited company in July 2021, subsequently changing its name to Identical Brains Studios Private Limited in June 2024 and then to Identical Brains Studios Limited as a public limited company in August 2024. The company is a TPN audited visual effects studio offering a comprehensive suite of VFX services across diverse projects including films, web series, TV series, documentaries, and commercials. The portfolio includes completed projects such as Khel Khel Mein, Murder in Mahim, Bad Cop, The Crew, Article 370, Mission Raniganj, Dream Girl 2, Indian 2, Rocket Boys, and many others, as well as upcoming projects like Tanaav 2 and Criminal Justice 4. The company earns revenue through the provision of visual effects services to film and content producers, OTT platforms, and other entertainment industry clients.
Company Analysis
from RHPIdentical Brains Studios Limited is a TPN-audited visual effects (VFX) studio providing comprehensive VFX services for films, web series, TV series, documentaries, and commercials.
Identical Brains Studios Limited was incorporated as a One Person Company in February 2019 and converted to a private limited company in July 2021, subsequently changing its name to Identical Brains Studios Private Limited in June 2024 and then to Identical Brains Studios Limited as a public limited company in August 2024. The company is a TPN audited visual effects studio offering a comprehensive suite of VFX services across diverse projects including films, web series, TV series, documentaries, and commercials. The portfolio includes completed projects such as Khel Khel Mein, Murder in Mahim, Bad Cop, The Crew, Article 370, Mission Raniganj, Dream Girl 2, Indian 2, Rocket Boys, and many others, as well as upcoming projects like Tanaav 2 and Criminal Justice 4. The company earns revenue through the provision of visual effects services to film and content producers, OTT platforms, and other entertainment industry clients.
Visual EffectsFilm and Television ProductionAnimationMedia and EntertainmentOTT Platforms
Objects of the Issue
- Funding capital expenditure towards renovation of existing Andheri office and studio ₹51.78 Lakhs p.34
- Funding capital expenditure towards establishment of Colour Grading Digital Intermediate (DI) and Sound Studio Set up at new branch office in Andheri ₹286.49 Lakhs p.34
- Funding capital expenditure towards establishment of new branch office in Lucknow ₹75.56 Lakhs p.34
- Funding capital expenditure for purchase of computers, storage systems and software to further strengthen the existing facilities/offices of the company ₹343.03 Lakhs p.34
- Funding incremental working capital requirements ₹704.00 Lakhs p.35
- General corporate purposes p.35
- Funding capital expenditure towards renovation of existing Andheri office and studio p.53
- Funding capital expenditure towards establishment of Colour Grading Digital Intermediate (DI) and Sound Studio Set up at new branch offices in Andheri p.53
- Funding capital expenditure towards establishment of new branch office in Lucknow p.53
- Funding capital expenditure for purchase of computers, storage systems and software to further strengthen the existing facilities/offices of the company ₹343.03 Lakhs p.54
- Funding incremental working capital requirements ₹704.00 Lakhs p.48
- General corporate purposes p.53
- Funding capital expenditure towards renovation of existing Andheri office and studio ₹51.78 lakhs p.94
- Funding capital expenditure towards establishment of Colour Grading Digital Intermediate (DI) and Sound Studio Set up at new branch office in Andheri ₹286.49 lakhs p.94
- Funding capital expenditure towards establishment of new branch office in Lucknow ₹75.56 lakhs p.94
- Funding capital expenditure for purchase of computers, storage systems and software to further strengthen the existing facilities/offices of the company ₹343.03 lakhs p.94
- Funding our incremental working capital requirements ₹704.00 lakhs p.94
- General corporate purposes p.108
- Not disclosed in this section of the document
Issue Structure
- Total Issue
- Up to 36,94,000 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 36,94,000 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Not Applicable
- Price Band
- ₹51/- (Floor Price) to ₹54/- (Cap Price) per Equity Share
- Lot Size
- 2,000 Equity Shares and in multiples of 2,000 Equity Shares thereafter
- Face Value
- ₹10/- each
Business Model
The company earns revenue by providing comprehensive visual effects services to film and content producers, including direct contracts with studios and subcontracting arrangements. Services span creation or manipulation of imagery not filmed during live-action shooting, using techniques including computer-generated imagery, compositing, green screens, 3D modeling, animation, and rotoscoping.
Business Segments
Comprehensive suite of VFX services including computer-generated imagery, compositing, green screens, 3D modeling, animation, rotoscoping, and other visual effects techniques for films, web series, TV series, documentaries, and commercials
Provides visual effects services for motion pictures and digital content
Provides visual effects services for films, web series, and other content
VFX services for feature films including rotoscoping, compositing, character animation, creature design, environment creation, and visual effects integration
Visual effects services for web series across OTT platforms
VFX services for television productions
VFX services for commercial advertisements
Provision of computer-generated visual effects services including 3D modeling, animation, rotoscoping, pre-visualization, and concept art for films, web series, TV series, documentaries, and commercials
VFX services for films including rotoscopy, paint/cleanup, compositing, computer-generated imagery, and motion graphics
VFX services for web series
VFX services for television series
VFX services for commercial projects and advertisements
SWOT Analysis
Strengths
- • Established relationships and reputation as trusted VFX provider throughout entertainment industry(p.111)
- • Integrated and highly scalable service delivery capabilities(p.111)
- • Attractive business model with significant revenue visibility and margin expansion opportunities(p.111)
- • Experienced management team with managerial, creative and technical expertise(p.111)
- • Strong financial performance with improving profitability margins(p.117)
- • High returns on equity and capital employed(p.117)
- • Integrated and scalable service delivery with cost-advantaged location(p.167)
- • Reputation as trusted provider with industry accolades(p.168)
- • Skilled creative and technical workforce with continuous training(p.168)
- • Strong established relationships with major Bollywood studios and content producers(p.168)
- • Significant revenue visibility and margin expansion opportunity(p.169)
- • State-of-the-art integrated technology infrastructure(p.168)
- • Strong track record in premium film and content projects(p.262)
- • Multiple award-winning recognition(p.195)
- • Rapid revenue growth and profitability(p.195)
- • TPN-audited VFX studio certification(p.195)
- • Strong experienced management team with industry expertise(p.199)
- • Strong financial growth with 3-year track record of profitability(p.274)
- • Efficient capital structure with minimal leverage and high returns(p.263)
- • Strong profitability margins demonstrating operational efficiency(p.263)
- • Diversified high-profile project portfolio including major Bollywood productions(p.273)
- • Substantial contract from major production house driving growth(p.273)
- • Flexible outsourcing capability for capacity management(p.265)
Weaknesses
- • Heavy dependence on top 10 customers for majority of revenue(p.42)
- • Reliance on major Bollywood studios creates concentrated customer risk(p.40)
- • Significant portion of projects dependent on subcontracting arrangements(p.43)
- • No long-term commitments from customers(p.42)
- • Vulnerability to cyber threats and security breaches(p.45)
- • Negative cash flows from operations in multiple fiscal years(p.42)
- • High working capital requirements with significant cash timing mismatch(p.42)
- • Significant trade receivables and working capital gap(p.47)
- • Operating premises on rented leave and license basis with renewal risk(p.58)
- • Reliance on single key technology and licensor dependencies(p.55)
- • Regulatory compliance failures in statutory filings(p.50)
- • Limited trademark portfolio with single registered trademark(p.53)
- • Reliance on promoter-owned property for branch office(p.59)
- • Heavy dependence on a limited number of major clients (Bollywood studios and production companies)(p.103)
- • Significant working capital requirements due to extended payment terms from clients(p.105)
- • High dependence on contractual/temporary employees rather than permanent staff(p.113)
- • Limited diversification beyond VFX services for films and web series(p.113)
- • Dependence on external quotations for capital expenditure with no definitive vendor agreements(p.97)
- • Significant concentration in top two customers(p.166)
- • Volatile and declining customer base(p.166)
- • Significant revenue decline in recent period(p.165)
- • Substantial increase in average project duration(p.166)
- • Small workforce with high reliance on contractual employees(p.166)
- • Declining recurring customer base evident from order book volatility(p.167)
- • Non-compliance with statutory tax deposits(p.221)
- • Significant increase in trade receivables concentration(p.235)
- • Limited geographic diversification - India-only operations(p.262)
- • High employee attrition risk in creative workforce(p.229)
- • Significant dependence on top 10 customers for revenue(p.280)
- • High concentration risk with major customer contributing over 27% of annual revenue(p.273)
- • Limited permanent employee base relative to project needs(p.264)
- • Potential contingent liabilities from client non-compliance with labor laws(p.269)
- • Outstanding TDS defaults accumulated over multiple years(p.285)
- • Volatile working capital requirements and trade receivables management(p.277)
Opportunities
- • Expansion into new geographic markets(p.34)
- • Growth of VFX industry in India with significant CAGR(p.34)
- • Expansion of production facilities and service offerings(p.34)
- • Enhancement of IT infrastructure and technology capabilities(p.34)
- • Expansion into new jurisdictions with production incentive programs(p.55)
- • Growing VFX content demand in visual entertainment(p.42)
- • Planned geographic expansion within India(p.59)
- • Capital expenditure for facility modernization and equipment(p.53)
- • Expansion of DI (Digital Intermediate) and Sound Studio services to offer comprehensive end-to-end post-production solutions(p.97)
- • Geographic expansion to Tier-2 and Tier-3 cities, starting with Lucknow office(p.100)
- • Capture growing demand from international markets including Hollywood blockbusters(p.130)
- • Leverage exponential growth in Indian VFX market with 81.8% CAGR from 2020-2023(p.141)
- • Benefit from rising demand for regional content in multiple languages and OTT platforms(p.100)
- • Capitalize on government incentives and supportive environment for VFX sector in India(p.130)
- • Leverage adoption of AI and ML technologies to improve efficiency and reduce production costs(p.138)
- • Massive growth in Indian VFX market projected to triple(p.146)
- • Explosive growth in OTT platforms driving demand for VFX-heavy content(p.146)
- • Regional language cinema experiencing renaissance with VFX adoption(p.146)
- • Emerging technologies and new content verticals(p.146)
- • Establish Colour Grading DI and Sound Studio services(p.170)
- • Expand to emerging content media including animation and AR/VR(p.171)
- • Government support and initiatives boosting industry(p.146)
- • International demand for Indian VFX services at competitive pricing(p.146)
- • Exponential growth in Indian VFX market(p.262)
- • Rising demand from streaming platforms and web content(p.262)
- • Expansion into emerging technologies(p.262)
- • Geographic expansion within India(p.195)
- • Government support and policy incentives(p.262)
- • Growing content production market with increasing VFX requirements(p.271)
- • Expansion opportunities with non-Bollywood content providers(p.264)
- • Potential for customer base diversification beyond existing major studios(p.271)
- • Migration pathway to NSE Main Board(p.306)
- • Startup recognition providing regulatory and tax benefits(p.290)
- • Expansion into new geographies with existing branch offices(p.287)
Threats
- • Decline in VFX content production by film and content producers(p.41)
- • Project delays and industry slowdown affecting demand(p.43)
- • Reduced outsourcing from OTT platforms(p.43)
- • Skill gaps and talent shortage in the VFX industry(p.44)
- • Global competition for talent and brain drain(p.44)
- • Customer contract termination and project cancellation risk(p.42)
- • Consolidation among film and content producers reducing customer base(p.42)
- • Technological disruption and changing consumer preferences(p.43)
- • Emergence of AI technologies automating VFX creation(p.43)
- • Competition from established VFX service providers(p.45)
- • Global economic slowdown affecting entertainment industry spending(p.46)
- • Potential intellectual property infringement claims(p.46)
- • Industrial strikes affecting content production(p.56)
- • Changes or elimination of production incentive programs(p.56)
- • Foreign currency fluctuation exposure(p.48)
- • Rising operational costs and wage inflation in India(p.57)
- • Regulatory and compliance risks in international markets(p.64)
- • Dependence on third-party communication networks(p.57)
- • Global VFX market competition from established studios in Los Angeles and other traditional VFX hubs(p.130)
- • Project delays and payment deferrals from clients until film release(p.43)
- • Dependence on film and entertainment industry cyclicality and production delays(p.103)
- • Slowdown in global entertainment sector affecting project volumes(p.130)
- • Regulatory changes and restrictions on digital content platforms(p.131)
- • Talent shortage and competition for skilled VFX professionals(p.131)
- • Piracy and limited broadband penetration impacting content distribution and industry growth(p.143)
- • Intense competition from global and domestic VFX players(p.184)
- • Talent crunch threatening industry growth(p.150)
- • Global competition for limited talent pool(p.151)
- • Rapid technological advancement requiring continuous upskilling(p.145)
- • Regulatory changes affecting content and operations(p.186)
- • Dependence on film and OTT industry cyclicality(p.171)
- • Risk of project scope changes and bidding accuracy(p.177)
- • Export revenue volatility(p.174)
- • High concentration in Hindi film and Bollywood content market(p.262)
- • Intense competition from global and local VFX studios(p.262)
- • Cyclical nature of film and content production industry(p.195)
- • Client concentration and dependency risk(p.253)
- • Technology disruption and rapid innovation requirements(p.262)
- • Concentration of revenue from few major Bollywood studios at risk(p.280)
- • Seasonal revenue fluctuations dependent on film release schedules(p.264)
- • Revenue recognition timing mismatches with expense recognition(p.264)
- • Foreign exchange volatility affecting export revenues(p.279)
- • Inflation impacting overall economy and business environment(p.279)
- • Dependence on specific VFX software and technology infrastructure(p.278)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Raghvendra Rai | Promoter | 85.66% | — |
| Sameer Rai | Promoter | 0.87% | — |
| Raghvendra Rai | Promoter | 85.66% | — |
| Sameer Rai | Promoter | 0.87% | — |
| Raghvendra Rai | Promoter/Promoter Group | 85.66% | — |
| Sameer Rai | Promoter | 0.87% | — |
| Yash Jasbir Oberoi | Shareholder | 4.98% | — |
| Oberoi Mega Entertainment LLP | Shareholder | 2.49% | — |
| Raghvendra Rai | Promoter | — | — |
| Sameer Rai | Promoter | — | — |
| Dinesh Jadhav | Promoter/Co-founder | — | — |
| Raghvendra Rai | Promoter | 85.66% | — |
| Sameer Rai | Promoter | 0.87% | — |
| Raghvendra Rai | Promoter | — | — |
| Sameer Rai | Promoter | — | — |
Leadership
Raghvendra Rai · Chairman & Managing Director
Sameer Rai · Executive Director
Milind Bhikajirao More · CFO
Pallavi Ashok Chavan · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Identical Brains Studios IPO FAQs
What is the lot size of Identical Brains Studios IPO?
The minimum lot size of Identical Brains Studios IPO is 2,000 shares. One lot costs ₹1,08,000 at the cut-off price.
When does Identical Brains Studios IPO open and close?
Identical Brains Studios IPO opened for subscription on 18 Dec 2024 and closed on 20 Dec 2024.
What is the listing date of Identical Brains Studios IPO?
Identical Brains Studios IPO listed on 26 Dec 2024.