Identical Brains Studios IPO booked over 29 times on Day 1; check price band, lot size & more

The initial public offering (IPO) of the VFX services provider is open for subscription till Friday, December 20.

The ₹19.95-crore book-built public offer received applications for more than 7.19 crore shares against 24.6 lakh shares on offer, at the end of bidding on the first day at 5pm. The IPO was overall booked 29.24 times.

Among investor categories, the Non-Institutional Investors (NIIs) placed bids for over 1.16 crore shares against the allocated 5.28 lakh shares. The NIIs booked their quota 22.11 times on the first day. The retail portion of the IPO was booked 45.57 times with bids for 5.84 crore shares compared to 12.28 lakh shares set aside for the category. The Qualified Institutional Buyers (QIBs) applied for over 18.4 lakh shares against their reserved portion of 7.04 lakh units. The QIBs’ segment was booked 2.61 times.

Ahead of the launch of the IPO, the company allotted 17,52,000 equity shares to anchor investors to raise ₹5.66 crore. The company finalised the share allotment to anchor investors at a price of ₹54 per share, the upper price band of the IPO.

Identical Brains Studios offers computer-generated visual effects (VFX) services. It offers a comprehensive suite of VFX services in a range of projects such as films, web series, TV series, documentaries and commercials.

Its operations are currently from India and its customers include some of the leading film and content producers, including major Bollywood Studios.

Identical Brains Studios IPO details

The public offer of Identical Brains Studios is entirely a fresh issue of 36.94 lakh shares with no offer-for-sale (OFS) component.

The IPO price band has been fixed at ₹51 to ₹54 per share. For retail investors, the minimum lot size is 2,000 shares, and the minimum investment amount is ₹1,08,000 per application.

Socradamus Capital Private Limited is the book-running lead manager. Bigshare Services Pvt Ltd is the registrar, and Rikhav Securities Limited is the market maker of Identical Brains Studios' IPO.

Identical Brains Studios IPO key dates

After the three-day subscription period, the Identical Brains Studios IPO share allotment status is expected to be finalised on December 23.

The company will initiate refunds and transfer of shares to the Demat accounts on December 24. The IPO listing has been tentatively scheduled on December 26.

Identical Brains Studios IPO: Use of proceeds

The company has proposed to utilise ₹51.78 lakh of IPO funds for capital expenditure on the renovation of the existing Andheri office and studio.

It will use ₹2.86 crore to fund capital expenditure on setting up Colour Grading Digital Intermediate (DI) and Sound Studio at a new branch office in Andheri.

The company will also allocate up to ₹75.56 lakh for capital expenditures towards the establishment of a new branch office in Lucknow, Uttar Pradesh. The company has proposed to spend ₹3.23 crore on capital expenditures for the purchase of computers, storage systems, and software to further strengthen the existing facilities and offices.

Another ₹7.04 crore will be utilised for incremental working capital requirements, while the remaining portion will be utilised for general corporate purposes.

Identical Brains Studios financials

Identical Brains Studios reported revenue from operations of ₹11.39 crore for the April-September period of FY25. The company’s net profit for the period under review stood at ₹2.4 crore.

It reported revenue of ₹20.08 crore for the year ended on March 31, 2024, against ₹8.04-crore revenue in the preceding fiscal. In FY24, the company’s net profit increased multifold to ₹5.34 crore against ₹1.61 crore in the previous financial year.