Sunshine Pictures IPO Day 2 Live: NII jumps 32.5% to 24x

Sunshine Pictures IPO Day 2 Live: NII jumps 32.5% to 24x - Check subscription status

2 min read Updated on 19 Aug 2026, 12:23 PM

Reviewed by

Ritika DScanX News Team

AI Summary

Sunshine Pictures IPO has crossed 10x subscription on Day 2, driven by a 32.5% surge in NII (bHNI) interest to 24.08x. Retail subscriptions also rose 25% to 12.6x. QIB participation remains negligible at 0.06x. The company reported FY2026 revenue of ₹74.44 crores and PBT of ₹54.06 crores.

*this image is generated using AI for illustrative purposes only.

Sunshine Pictures IPO is racing ahead on Day 2 of the bidding window, with the total subscription ticking up sharply to 10.02x. The issue witnessed a significant surge in high-net-worth individual participation, with the Non-Institutional Buyer (NII) category jumping 32.5% within just an hour of trading. Retail investors also displayed robust appetite, pushing their subscription multiple up by 25%, marking a strong momentum for the film production house.

Subscription Status

The subscription momentum picked up pace early in the day, led by the Non-Institutional Buyer (bHNI) category which booked over 24x. Retail investors also showed robust interest, subscribing 12.6x. In contrast, Qualified Institutional Buyers (QIBs) remained largely absent, with subscription standing at just 0.06x.

Category	Day 1 (14-08-2026)	Day 2 (17-08-2026)	Day 3 (18-08-2026)	Day 4 (19-08-2026)	Current Status
QIB	0.00x	0.00x	0.03x	0.06x	0.06x
NII (bHNI)	0.00x	0.00x	9.18x	24.08x	24.08x
NII (sHNI)	0.00x	0.00x	4.61x	13.87x	13.87x
Retail	0.00x	0.00x	5.87x	12.60x	12.60x
Total	0.00x	0.00x	4.26x	10.02x	10.02x

Intra-day timeline on 19-08-2026

Time (IST)	QIB	NII (bHNI)	Retail	Total
05:45	0.05x	18.18x	10.08x	7.80x
06:45	0.06x	24.08x	12.60x	10.02x

Momentum highlights

QIB: 0.05x → 0.06x (Δ +0.01x (+20.0%))
NII (bHNI): 18.18x → 24.08x (Δ +5.90x (+32.5%))
Retail: 10.08x → 12.60x (Δ +2.52x (+25.0%))
Total: 7.80x → 10.02x (Δ +2.22x (+28.5%))

About the Company

Sunshine Pictures Limited, incorporated in 2007, is a technology-driven content creator specializing in multi-format commercial films, TV serials, and web series. Led by Managing Director Vipul Amrutlal Shah, the company leverages digitized workflows and data-driven project evaluation. It operates through co-production partnerships and standalone productions to optimize revenue and manage risk.

Financial Highlights

The company reported revenue from operations of ₹74.44 crores for FY2026, down from ₹103.33 crores in FY2025 and ₹133.80 crores in FY2024. Profit before tax was ₹54.06 crores in FY2026.

Particulars	FY2024	FY2025	FY2026
Revenue from Operations (₹ crores)	133.80	103.33	74.44
Profit Before Tax (₹ crores)	71.06	46.23	54.06
Total Equity (₹ crores)	70.60	105.07	145.13

Objects of the Issue

Working Capital Requirements: ₹112.50 crores towards funding long-term working capital requirements.
General Corporate Purposes: Balance Net Proceeds for strategic initiatives, acquisitions, and repayment of borrowings.

Risk Factors

Success depends on unpredictable audience acceptance of films and web series.
Significant revenue dependence on Indian box office success and limited rights exploitation.
High customer concentration with top 5 customers contributing 74.81% of FY2026 revenue.

Key Dates

IPO Close Date: 20-08-2026
Allotment Date: 21-08-2026
Listing Date: 25-08-2026

How might the near-total absence of Qualified Institutional Buyers (QIBs) impact the stock's liquidity and price stability in the initial weeks post-listing?

Given the declining revenue trend from FY2024 to FY2026 despite rising profits, what specific growth strategies or content pipelines will Sunshine Pictures deploy to reverse the top-line contraction?

With 74.81% of revenue dependent on the top five customers, how vulnerable is the company's future cash flow to potential shifts in distribution partnerships or platform algorithms?