Identical Brains Studios, a rising star in the visual effects (VFX) world, made a remarkable entrance on the NSE SME platform this Thursday. The stock opened at Rs 95, a striking 76% premium over its IPO issue price of Rs 54—proof that investors are clearly excited about the company’s potential. According to the Red Herring Prospectus (RHP), Identical Brains has outlined clear plans for its IPO funds. It will use Rs 51.78 lakh for office and studio renovations in Andheri, Rs 2.86 crore to fund a Colour Grading Digital Intermediate (DI) and Sound Studio, and Rs 75.56 lakh for a new office in Lucknow. Additionally, Rs 3.43 crore will go towards upgrading computer systems, storage, and software, while Rs 7.04 crore will cover working capital needs. Identical Brains’ earnings paint a picture of a company navigating some growth challenges. In comparison, its FY 2024 performance saw revenues of Rs 20.08 crore and a higher profit of Rs 5.34 crore. While the figures show some volatility, the overall market sentiment and the studio’s rich content pipeline suggest there’s still plenty of growth potential.