Sunshine Pictures IPO Day 3: Issue subscribed 36.95x so far. Check issue details and key dates

2 min read Updated on 20 Aug 2026, 12:19 PM

Reviewed by

Ritika DScanX News Team

AI Summary

Sunshine Pictures IPO closes at 36.95x subscription. NII (bHNI) leads with 95.09x, followed by NII (sHNI) at 76.35x. QIBs surged to 7.93x on the final day. Allotment is expected on 2026-08-21, with listing on 2026-08-25.

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

Sunshine Pictures Limited’s IPO has closed with a total subscription of 36.95x, driven by overwhelming demand from individual investors and a late surge in institutional interest. The issue was heavily oversubscribed in the Non-Institutional Individual (NII) categories, while Qualified Institutional Buyers (QIBs) picked up pace significantly in the final hours, ending at 7.93x.

Final Subscription Status

The IPO witnessed a sharp acceleration in subscriptions towards the end of the bidding window on Day 5. Here is the day-wise progression:

Day	Date	QIB	NII (bHNI)	NII (sHNI)	Retail	Total
Day 1	14-08-2026	0.00x	0.00x	0.00x	0.00x	0.00x
Day 2	17-08-2026	0.00x	0.00x	0.00x	0.00x	0.00x
Day 3	18-08-2026	0.03x	9.18x	4.61x	5.87x	4.26x
Day 4	19-08-2026	0.14x	47.48x	28.40x	21.28x	18.13x
Day 5	20-08-2026	7.93x	95.09x	76.35x	33.97x	36.95x

Intra-day timeline on 20-08-2026

The final day saw dramatic movement, with QIBs jumping from 0.20x to 7.93x (+3865.0%) and the total subscription rising by 32.3%.

Time (IST)	QIB	NII (bHNI)	Retail	Total
05:45	0.20x	75.01x	28.97x	27.92x
06:45	7.93x	95.09x	33.97x	36.95x

Category-wise Breakdown

NII (bHNI): Led the subscription with 95.09x.
NII (sHNI): Strong participation with 76.35x.
Retail: Subscribed 33.97x.
QIB: Late-stage surge to 7.93x.
Employees: 0 x subscription.

About the Company

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. It operates through both co-production partnerships with reputable studios and standalone productions.

Financial Highlights

Particulars	FY 2024	FY 2025	FY 2026
Revenue from Operations (₹ crores)	133.80	103.33	74.44
Total Profit (₹ crores)	53.35	34.46	40.02
Total Equity (₹ crores)	70.60	105.07	145.13

Note: FY 2024 and FY 2025 figures are consolidated; FY 2026 figures are standalone.

Objects of the Issue

To meet the Working Capital Requirements: ₹112.50 crores towards funding long-term working capital requirements to manage day-to-day operations.
General Corporate Purposes: Balance Net Proceeds for strategic initiatives, partnerships, acquisitions, brand building, and repayment of borrowings.

Risk Factors

Dependence on Audience Acceptance: Success depends on unpredictable audience acceptance; the company has experienced losses from underperforming films.
Dependence on Indian Box Office: 89.68% of Fiscal 2026 revenue was from film production and distribution; poor box office receipts could significantly impact results.
Negative Cash Flows: The company sustained negative cash flow from operating activities of ₹3,320.63 lakhs in Fiscal 2026.

What's Next

Allotment Date: 2026-08-21
Listing Date: 2026-08-25
Basis of Allotment: To be determined based on final subscription levels.

How might the significant late-stage surge in QIB subscriptions impact the initial listing price and volatility of Sunshine Pictures on the exchange?

Given the declining revenue trend from FY 2024 to FY 2026, what specific strategic initiatives funded by the IPO proceeds are expected to reverse this trajectory?

Will the heavy oversubscription in the NII categories lead to a high allotment ratio for retail investors, or will the basis of allotment be adjusted to ensure broader distribution?