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Identical Brains Studios IPO
Price Band
₹51.0–54.0
Issue Size
₹19.95 Cr
Lot Size
2,000 shares
Min Investment
₹108,000
GMP
+₹25.0 (46.3%)
Issue Price
₹54.0
Subject to Sauda
₹38000
Paid only if allotted
Identical Brains Studios IPO AI Summary
- Identical Brains Studios IPO is listed on NSE SME in the Media & Entertainment sector.
- Price band: ₹51.0–₹54.0 per share, lot size 2,000 shares (min. investment ₹108,000).
- Subscription window: 18 Dec–20 Dec 2024, listing on 26 Dec 2024.
- Current GMP is +₹25.0 (46.3%), an estimated listing price of ₹79 — unofficial and can change daily.
Identical Brains Studios Limited is entering the market with a strong background in VFX services, notable industry recognition, and a clear plan for utilizing the proceeds from its IPO. Investors should consider the company's growth potential and the inherent risks of investing in IPOs.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Identical Brains Studios IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 20 Dec 2024 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Identical Brains Studios IPO Grey Market Premium (GMP) Today
GMP
+₹25.0
GMP %
+46.3%
Est. Listing
₹79.0
Updated: 25 Jul 2026 14:02
About the Company
Incorporated in 2019, Identical Brains Studios Limited offers computer-generated visual effects ("VFX") services. The company provides VFX services for projects such as films, web series, TV series, documentaries, and commercials. The company has provided VFX services for films that received two Filmfare OTT Awards nominations, one Filmfare Awards nomination, one Dadasaheb Phalke Awards nomination and more for Best Visual Effects. The company has also won two Filmfare OTT Awards for Best Visual Effects for Scam 1992: The Harshad Mehta Story (2020) and Rocket Boys (2022) in association with Variate Studios LLP and one Dadasaheb Phalke Awards for Phone Bhoot (2022) for Best Visual Effect. Competitive Strengths: Operations in economically attractive locations. Integrated technology and infrastructure. Skilled creative and technical workforce. Reputation as a trusted provider of VFX Services with established relationships throughout the Entertainment Industry. Attractive business model, with significant revenue visibility and compelling opportunities for long-term margin expansion and cash flow generation. Experienced management team with managerial, creative and technical expertise and industry relationships.
Company Financials (₹ Cr)
As of 2024-09-30
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 21.84 | 17.02 | 4.76 | 2.26 |
| Total Income | 11.50 | 20.26 | 8.08 | 3.91 |
| Profit After Tax | 2.41 | 5.35 | 1.61 | 0.51 |
| NET Worth | 14.36 | 12.04 | 2.89 | 1.27 |
| Reserves and Surplus | 4.03 | 5.15 | 2.88 | 1.26 |
| Total Borrowing | 0.17 | 0.19 |
Key Ratios
EPS
₹5.17
NAV
₹11.65
ROE
71.66%
ROCE
103.52%
RoNW
44.42%
P/B Value
4.64
P/E Ratio
10.44
Market Cap
₹75.74 Cr
PAT Margin
26.62%
Debt/Equity
0.02
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic |
|---|---|---|---|---|
| Basilic Fly Studio Limited | 52.2 | 29.84% | 19.37 | 17.69 |
| Phantom Digital Effects Limited | 106.59 | 16.6% | 10.04 | 26.9 |
| Digikore Studios Limited | 67.05 | 22.47% | 14.91 | 19.04 |
| Prime Focus Ltd. | 52.32 | -0.02% | — | -0.01 |
| Identical Brains Studios Limited This IPO | 11.65 | 44.42% | 9.85 | 5.18 |
Promoters
Raghvendra Rai and Sameer Rai
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding capital expenditure towards renovation of existing Andheri office and studio; 0.52 2 Funding capital expenditure towards establishment of Colour Grading Digital Intermediate (“DI”) and Sound Studio Set up at new branch office in Andheri; 2.86 3 Funding capital expenditure towards establishment of new branch office in Lucknow; 0.76 4 Funding capital expenditure for purchase of computers, storage systems and software to further strengthen the existing facilities/offices of the company; 3.43 5 Funding our incremental working capital requirements; and 7.04 6 General corporate purposes 3.56
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹8.08 Cr in the year ended 31 Mar 2023, increasing to ₹20.26 Cr by 31 Mar 2024. However, the most recent figure of ₹11.50 Cr as of 30 Sep 2024 is a 9-month figure and not directly comparable to the previous full year.
Profit Trend
Profit after tax was ₹1.61 Cr in the year ended 31 Mar 2023, rising to ₹5.35 Cr by 31 Mar 2024. The latest figure of ₹2.41 Cr as of 30 Sep 2024 is also a 9-month figure, making it not directly comparable to the prior full year.
Valuation
Identical Brains Studios Limited's implied P/E at the issue price is approximately 10.44, compared to peers trading at a P/E range of 10.04 to 19.37.
Grey Market Premium, Explained
The grey market premium (GMP) refers to the unofficial market where IPO shares are traded before they are listed on the stock exchange. A positive GMP indicates that the shares are expected to list at a higher price than the issue price, while a negative GMP suggests the opposite.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy, considering factors such as the company's growth potential and market conditions.
Who May Want to Wait
Investors with a low risk tolerance or those seeking guaranteed returns may want to avoid investing in IPOs, as they can be subject to market fluctuations and uncertainty.
Listing Gains — The Risk
Listing-day gains can be unpredictable. While some IPOs may see a significant rise in share price on their first day of trading, others may not perform as well. Investors should be aware of the risks involved and consider their investment strategy carefully.
This evaluation is generated from Identical Brains Studios's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Identical Brains Studios IPO GMP today?
Identical Brains Studios IPO GMP today is +₹25.0 (46.3%), indicating an estimated listing price of ₹79. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Identical Brains Studios IPO?
The price band of Identical Brains Studios IPO is ₹51.0–₹54.0 per share.
When does Identical Brains Studios IPO open and close?
Identical Brains Studios IPO opens on 18 December 2024 and closes on 20 December 2024.
When does Identical Brains Studios IPO list on the stock exchange?
Identical Brains Studios IPO listed on 26 December 2024 at ₹79.0.
What is the lot size for Identical Brains Studios IPO?
The lot size for Identical Brains Studios IPO is 2000 shares, requiring a minimum investment of ₹108,000.
What is the price band for the IPO?
The price band for the IPO is ₹51.0 to ₹54.0.
What is the minimum investment amount?
The minimum investment amount is ₹108,000.
What is the lot size for the IPO?
The lot size for the IPO is 2000 shares.
When does the IPO open and close?
The IPO opens on 18 December 2024 and closes on 20 December 2024.
What does GMP mean?
GMP stands for grey market premium, which indicates the expected price at which the shares will list compared to the issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
18 Dec 2024
Close
20 Dec 2024
Allotment
23 Dec 2024
Listing
26 Dec 2024
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