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Identical Brains Studios IPO: Date, Price, GMP & Details

  


Identical Brains Studios IPO-Complete Overview

Identical Brains Studios IPO under the SME IPO category is a book-built issue of Rs.19.95 crore by Identical Brains Studios Limited, incorporated in 2019, and provides computer graphics visual effects ("VFX") services. The company works on providing VFX services for large-scale projects including films, web series, TV series, documentaries, and commercials.

Some of the films the company has rendered VFX services for have received two nominations for Filmfare OTT Awards, one nomination for a Filmfare Award, and one nomination for Dadasaheb Phalke Awards, among others for Best Visual Effects.

The company has gone into association with Variate Studios LLP and managed to receive two Filmfare OTT Awards for Best Visual Effects for Scam 1992: The Harshad Mehta Story (2020) and Rocket Boys (2022) and Baby Bhoot received one Dadasaheb Phalke Award for Phone Bhoot (2022) for Best Visual Effects.

Identical Brains Studios IPO Overview

This Identical Brains IPO date is 18 December 2024, and its ‘initial public offering’ will end on 20 December 2024. 

The Rs.19.95 crore new SME IPO comprises a wholly fresh issue of 36.94 lac Shares.

This upcoming IPO date is on 18 December 2024. The Identical Brains Studios IPO Price is Rs.51 to Rs.54 for each Share. 

The expected IPO listing date is Thursday, 26 December 2024, and listing at NSE and SME.

To open a demat account and apply for the IPO,  Click Here.

Company Financial

The company’s revenue grew by 150.71% and PAT increased by 231.5% during FYs ending 31 March 2024 and 31 March 2023

(Amount in Lac)

Period

31 Mar 2024

31 Mar 2023

31 Mar 2022

Total Assets 

1,702.39

475.50

226.38

Total Revenue

2,026.38

808.26

390.75

PAT

534.65

161.28

51.01

Net Worth

1,203.62

288.51

127.23

Total Reserves & Surplus

514.82

287.51

126.23

Borrowings

19.04

-

-

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in lac)

Net Cash Flow In Multiple Activities

31 Mar 2024

31 Mar 2023

31 Mar 2022

Net Cash Flow Operating Activities

189.53 

235.61 

-11.39

Net Cash Flow Investing Activities

-574.59

-156.79

-17.44

Net Cash Flow Financing Activities

398.02

-

-

 

Revenue Breakdown  

(Amount in lac)

Particulars

FY2023

FY2024

31 Mar 2024

Direct

1,711.37 

575.63

245.47

Sub-Contracting arrangements

297.44

228.55 

143.79

Total 

2,008.80 

804.19 

389.26



The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

  • Financing the capital project to renovate the current studio and office in Andheri.

  • Capital projects are needed to finance the construction of a sound studio and color grading digital intermediate ("DI") in Andheri and for opening a new branch office.

  • Capitalize on launching a new branch office in Lucknow by financing its capital projects.

  • Diversifying an organization and its operations calls for financing capital expenditures that can buy computers, storage devices, and software, among other things to enhance the workplace cost.

  • Financing the increased need for working capital.

  • General corporate purposes.

Peers of Identical Brains Studios IPO Ltd.

Company Name

Face Value (Rs.)

EPS (Rs.)

P/E (x)

Prime Focus Ltd.

1

-0.01

-

Digikore Studios Limited

10

19.04

24.68

Phantom Digital Effects Limited

10

26.90

14.45

Basilic Fly Studio Limited

10

17.69

32.47

 

Note:-

The basic EPS of the peers is for the financial year ended on 31 March 2024.

Evaluation

The Identical Brains Studios Limited IPO share price is Rs.51 to Rs.54 for each Share.

Evaluation of P/E Ratio

Considering the FY ended 31 Mar 2024 with an EPS of Rs.5.18 from the last year, the resulting P/E ratio is 10.42x.

Considering the weighted EPS of Rs.3.19 for the last three years, the P/E ratio is 16.93x.

Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 23.46x.

Particulars

P/E Ratio (x)

Highest 

32.47

Lowest 

14.45

Average

23.46

 

In simple words, the P/E ratio of this IPO (10.42x), compared with the industry’s average P/E of 23.46x, has an undervaluation (on a P/E ratio basis only). Hence the price of the Share seems fully priced for the investors when considered based on the average P/E ratio of the industry.

IPO's Strengths

  • Operations in places that are financially appealing.

  • Infrastructure and technology were integrated.

  • Competent technical and artistic staff.

  • A solid reputation as a reliable supplier of visual effects services with connections across the entertainment sector.

  • An appealing business plan that offers strong prospects for long-term profit growth and cash flow generation together with notable revenue visibility.

  • Seasoned management group with connections in the industry and managerial, creative, and technological skills.

 

IPO’s Weaknesses

  • The company's operations are reliant on its partnerships with the major Bollywood studios, which include important executive and creative talent. Any decline in these relationships could have a significant and negative impact on its business.

  • The company works in the dynamic entertainment sector, which is influenced by quickly shifting consumer preferences and behavior. It also depends on the audience's acceptance of the content for which it provides visual effects services as well as the long-term viability of the franchises and brands that the clients create.

  • The company's revenue would probably decrease if the film and content makers produced and released less VFX content.

  • It is the right of filmmakers and content creators to withdraw, suspend, or terminate their contracts, an act that may affect their incomes as well as their future prospects and may also damage their reputations.

 

 

Identical Brains Studios IPO GMP

Identical Brains Studios IPO GMP today has not yet started as of 12 December 2024. 

IPO Timetable (Tentative)

The IPO opening date is from December 18 to December 20, 2024, with allotment on December 23, refund initiation on December 24, and listing on December 26, 2024.

Events 

Date

IPO Opening Date

December 18, 2024

IPO Closing Date

December 20, 2024

IPO Allotment Date 

December 23, 2024

Refund Initiation 

December 24, 2024

IPO Listing Date

December 26, 2024

 

Identical Brains IPO Details 

The IPO with a Face Value of Rs.10 per share offers a total issue size of 3,694,000 Shares (Rs.19.95 Cr).

IPO Opening & Closing date 

December 18, 2024 to December 20, 2024

Face Value 

Rs.10 per Share

Issue Price

Rs.51 to Rs.54 per Share.

Lot Size

2000 Shares

Issue Size

3,694,000 Shares (Rs.19.95 Cr)

Offer for Sale 

-

Fresh Issue 

3,694,000 Shares (Rs.19.95 Cr)

Listing at

NSE, SME

Issue Type 

Book Built Issue IPO

Registrar 

Bigshare Services Pvt Ltd.


Identical Brains Studios IPO Lot Details 

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (2000 Shares) amounting to Rs.1,08,000 and in multiples thereof, while for HNI investors, the minimum Lot is 2 (4000 Shares) amounting to Rs.2,16,000.

Minimum Lot Investment (Retail) 

1 Lot

Maximum Lot Investment (Retail) 

1 Lot

HNI (Min)

2 Lots

 

IPO Reservation (% of Net Issue)

Institutional’s Portion

50%

Retail’s Portion

35%

Non-Institutional’s Portion

15%

 

Promoters And Management of Identical Brains Studios Ltd.

  • Raghvendra Rai.

  • Sameer Rai.

Pre-Issue Promoter Shareholding

86.53%

Post-Issue Promoter Shareholding

-

 

IPO Lead Managers

  • Socradamus Capital Private Limited.

Dividend Policy

The company has not paid dividends during the last three FYs.

Conclusion

The Identical Brains Studios IPO reveals a very promising opportunity in a developing VFX industry with tremendous financial growth and competitive pricing. The company's great achievements, such as awards won for its projects, stand to their credit, but the company depends significantly on partnerships with Bollywood studios and the dynamic trends of the entertainment industry. Investors must weigh strengths and risks against the valuation network. 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

DISCLAIMER: This is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions

Click Here to stay updated with the Upcoming IPOs.

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Frequently Asked Questions

+

Rs.51 to Rs.54.

+

The IPO allotment date is December 23, 2024

+

December 24, 2024.
 



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