1 week Ago
New Delhi, Dec 12 (PTI) Visual Effects (VFX) firm Identical Brains Studios on Thursday said it is gearing up to raise Rs 20 crore through an initial public offering (IPO) on December 18. The announcement comes after NSE Emerge granted in-principle approval for the IPO earlier this month. The three-day public issue will conclude on December 20, the company announced.
The Mumbai-headquartered company's public issue will comprise a fresh issuance of 36.94 lakh equity shares with a face value of Rs 10 each. Proceeds from the IPO will be utilized to expand and enhance the company's operations.
This includes renovating the existing office and studio in Andheri, establishing a new branch office in Lucknow, and setting up a Color Grading Digital Intermediate (DI) and Sound Studio at a new branch office in Andheri. Additionally, the funds will be used to purchase essential equipment such as computers, storage systems, and software to upgrade existing facilities. The remaining portion of the proceeds will be allocated to meet incremental working capital requirements and fund general corporate purposes.
Identical Brains Studios offers a wide range of VFX services for films, web series, TV series, documentaries, and commercials. Its customers include some of the leading film and content producers, including major Bollywood Studios. 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. Socradamus Capital is the sole book-running lead manager for the offer, and Bigshare Services Private is the registrar of the offer.
(This story has not been edited by THE WEEK and is auto-generated from PTI).
