VFX firm Identical Brains Studios files draft IPO papers with NSE Emerge, aiming to raise funds for expansion and working capital. The company has seen significant growth in recent years, with its revenue and profit increasing threefold in FY24.
New Delhi, Sep 2 (PTI) VFX company Identical Brains Studios on Monday said it has filed preliminary IPO papers with NSE Emerge to raise funds through an initial public offering (IPO).
The Mumbai-headquartered company's initial public offering comprises a fresh issuance of up to 36.94 lakh equity shares with a face value of Rs 10, through the book-building route, according to the draft red herring prospectus (DRHP).
The firm plans to utilise the proceeds to fund the renovation of the existing office and studio in Andheri; establish Colour Grading Digital Intermediate and Sound Studio set-up at a new branch office in Andheri; establishment of the new branch office in Lucknow; purchase of computers, storage systems and software; further strengthen the existing facilities the company; support the company's incremental working capital requirements and for general corporate purposes.
Identical Brains Studios offers a comprehensive suite of VFX services in a diverse range of projects such as films, web series, TV series, documentaries, and commercials. Its customers include some of the leading film and content producers, including major Bollywood Studios.
The company's portfolio includes the upcoming project Criminal Justice 4, and completed projects include Khel Khel Mein, 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 and Panipat.
On the financial front, the company recorded a profit (PAT) of Rs 5.34 crore in FY24 as against Rs 1.61 crore in FY23, registering over three-fold growth. It posted Rs 20.08 crore in revenue from operations in FY2024, compared to Rs 8.04 crore in FY23.
According to a D&B report, the Indian VFX industry has grown to USD 64.72 crore in calendar year 2023 from USD 10.77 crore in 2020, registering a CAGR of about 82 per cent. Further, the industry is projected to nearly triple in size to USD 182.3 crore by 2030 from USD 64.7 crore in 2023
Socradamus Capital is the sole book-running lead manager to the offer, and Bigshare Services Private is the registrar of the offer.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback