Identical Brains Studios plans to go public; aims Rs 56 cr revenue by FY26

Visual Effects (VFX) firm Identical Brains Studios on Monday announced its plan to go public with an initial public offer and aims to achieve revenue of over Rs 56 crore by FY2026.

The Mumbai-headquartered VFX company has posted a revenue of Rs 20 crore and a profit after tax of Rs 4.9 crore in the fiscal 2023-24. It aims to achieve revenue of up to Rs 32 crore in the current financial year, a company statement said.

According to the statement, the company, known for its work in the film and entertainment industry, announced its plans to go public.

Leveraging its presence in Mumbai, Palghar (in Maharashtra), and Lucknow, the company is planning to achieve a revenue of up to Rs 56 crore by 2026, it stated.

The company has appointed Socradamus Capital Private Ltd as the book-running lead manager for the initial public offer (IPO).

Identical Brains Studios (IBS) has carved out a reputation for delivering cutting-edge VFX solutions, collaborating with top-tier studios and streaming giants.

The company has worked on 12 Hollywood projects, 54 Bollywood movies, including Crew and Article 370; 45 web series projects like Scam 1992: The Harshad Mehta Story; and 18 ad films.

The company has won the Filmfare awards for Best VFX Series for Scam 1992: The Harshad Mehta Story and 'Rocket Boys'.

"Our commitment to innovation and excellence in visual effects has positioned Identical Brains Studios as a preferred partner for some of the biggest names in the entertainment industry," Raghvendra Rai, Founder & Managing Director of IBS, said.

With India becoming an outsourcing hub for the global VFX industry, the company is poised to unlock its true potential in the next few years, Rai said.

Founded in 2019 by Rai, a first-generation entrepreneur from Lucknow, Identical Brains Studios began with just four animation artists and at present employs over 140 people across three locations - Mumbai, Palghar and Lucknow.

With a focus on turning IBS into a full-service post-production VFX studio in India, the company intends to venture into colour grading and IT creation.