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Managing DirectorVipul Amrutlal Shah
Sunshine Pictures IPO
₹14,022
41.14 xOver-subscribedBidding Dates 18 Aug, 26 -20 Aug, 26
Min Investment ₹14,022
Lot Size41
Price Range ₹342 – ₹360
Issue Size ₹282.14 Cr.
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IPO Subscription Details
Retail Subscription Details
32.08 x
Non-Institutional Buyers (sHNI)
95.55 x
Non-Institutional Buyers (bHNI)
92.65 x
Qualified Institutional Buyers (QIB)
17.66 x
Total41.14 x
41.14 x IPO Timeline
IPO Offer Start
18 Aug,26
IPO Offer Ends
20 Aug,26
Allotment Finalisation
21 Aug,26
Refund Initiation
24 Aug,26
Listing of Shares
25 Aug,26
IPO Analysis
Strengths
The company is led by Promoter and Managing Director Vipul Amrutlal Shah with over 25 years of film industry experience, supported by senior management team with strong creative background and vast industry experience.
The company has produced 13 commercial films, 2 web series, 3 TV serials since 2007, with The Kerala Story emerging as the highest return-on-investment blockbuster in 2023, establishing credibility with major industry players.
The company operates a de-risked business portfolio with standalone productions and co-produced content, maximizing monetization potential while keeping costs controlled through prudential approach and portfolio diversification.
Risks
The company's success is primarily dependent on audience acceptance of its films, web series and TV serials, which is extremely difficult to predict and inherently risky. Revenue derived from projects depends on public acceptance, which cannot be accurately predicted, and the company has experienced losses from underperforming films like Action Replay, Kuch Love Jaisa, and Bastar – The Naxal Story.
The company derives a significant portion of revenues from Indian box office success, with 89.68% of Fiscal 2026 revenue from film production and distribution. Poor box office receipts could significantly impact results, and the company's ability to exploit and monetize projects is limited to the rights retained or owned.
The company derives majority of revenue from top 5 customers (studios and distributors), with 74.81% of Fiscal 2026 revenue from top 5 customers. Loss of key customers or adverse developments in relationships could negatively impact business operations and financial condition.
Objectives
The company proposes to utilize proceeds from the Fresh Issue towards funding long-term working capital requirements to manage day-to-day operations and support dynamic production cycle in the film production industry.
The balance Net Proceeds will be utilized for general corporate purposes including strategic initiatives, partnerships, joint ventures, acquisitions, funding growth opportunities, brand building, and repayment of borrowings.
About Sunshine Pictures
Sunshine Pictures Limited is a production house incorporated in 2007, engaged in originating, creating, developing, producing, marketing and distributing films, TV serials and web series. The company is a technology-driven content creator specializing in multi-format commercial films with emphasis on innovation in storytelling and production techniques. The company leverages fully...more