Indian visual effects (VFX) company Digikore Studios is set to launch its initial public offering (IPO) with the aim of raising Rs 30.47 crore. Digikore Studios has an impressive portfolio, having worked on more than 200 global projects, including popular international content titles like Thor: Love and Thunder, Black Panther: Wakanda Forever, Star Trek, Jumanji, and Stranger Things.
The company’s IPO, approved by NSE EMERGE, is scheduled to open on September 25, 2023, and close on September 27, 2023. The IPO’s size is Rs 30.479 crore, with a price band set between Rs 168 and Rs 171 per share.
Founder Abhishek More stated that Digikore’s vision is to position itself as a global VFX company and expand its presence in North America, which will enable them to secure larger international projects. The company has a subsidiary in Canada called Digikore Visual Effects Inc., which will play a pivotal role in this global expansion.
More outlined ambitious growth targets, aiming for Digikore to become a $25 million company by 2026. In the last fiscal year (FY23), the company generated revenue of Rs 33 crore and is on track to achieve Rs 50 crore in revenue this year (FY24). The 2026 revenue target is set at Rs 200 crore. While this may seem significant in the Indian context, it aligns with the scale of mid-level Canadian VFX companies, with some studios in Canada operating in the $70-80 million range and even reaching $200-300 million in revenue.
