Identical Brains Studios IPO booked over 544 times on last day, NIIs’ category subscribed 1,020x

The initial public offering (IPO) of Identical Brains Studios Ltd witnessed a strong demand across investor categories on the last day of bidding on Friday, December 20.

The NSE SME issue was overall subscribed 544.36 times, driven by the high demand from Non-Institutional Investors (NIIs). The IPO received bids for nearly 134 crore shares against 24.6 lakh shares on offer.

Through its maiden share sale, the visual effects (VFX) services provider aims to raise ₹19.95 crore from the primary market. The issue opened for bidding on Wednesday, December 18.

Retail investors applied for more than 66.83 crore shares against their reserved portion of 12.28 lakh stocks, with the retail category being booked 544.28 times.

The NIIs applied for over 53.88 crore shares against 5.28 lakh shares on offer, leading to a whopping subscription of 1,020.55 times in the category.

The Qualified Institutional Bidders (QIBs) placed bids for over 13.19 crore shares against 7.04 lakh shares set aside for them, subscribing to their quota 187.36 times.

Identical Brains Studios IPO price band and other details

Identical Brains Studios IPO comprised only a fresh issue of 36.94 lakh shares. The issue does not include any offer-for-sale (OFS) component.

The company had fixed the price band at ₹51 to ₹54 per share for the IPO. The minimum lot size for retail investors was 2,000 shares.

Socradamus Capital Private Ltd is the book-running lead manager of the Identical Brains Studios IPO, while Bigshare Services Pvt Ltd is the registrar of the issue. Further, Rikhav Securities Ltd is the market maker for the IPO.

Identical Brains Studios IPO key dates

The IPO allotment status is expected to be finalised on Monday, December 23. Refunds will be issued on December 24 and the allottees will also receive shares in the Demat accounts on the same day.

The company has proposed to list shares on the NSE SME platform on Thursday, December 26.

About Identical Brains Studios and use of IPO proceeds

Identical Brains Studios Ltd, incorporated in 2019, specialises in offering computer-generated visual effects (VFX) services to a diverse range of projects, including feature films, web series, TV series, documentaries and commercials.

The company has provided its VFX services to films that received two nominations for Filmfare OTT Awards and one nomination for Filmfare Awards.

The company has proposed allocating its net proceeds from the issue towards multiple strategic objectives, including capex for renovating its existing office and studio located in Andheri, Mumbai, along with setting up a Colour Grading Digital Intermediate (DI) and Sound Studio. Identical Brains Studios will also utilise its proceeds to open a new branch office in Lucknow and enhance its infrastructure by buying computers, storage systems and software to strengthen its current facilities.

A portion of the funds will also be used to meet additional working capital requirements and general corporate purposes.