Sunshine Pictures IPO
LISTEDMAINBOARDListing Performance
▲ 9.97%
Issue Price
₹360
Listing Price
₹396
Listed On
25 Aug 2026
- Price Band
- ₹342 – ₹360
- Lot Size
- 41
- Lot Value
- ₹14,760
- Open Date
- 18 Aug18 Aug 2026
- Close Date
- 20 Aug20 Aug 2026
- Min Investment
- ₹14,760
Sunshine Pictures — Stock Performance
About Sunshine Pictures
Sunshine Pictures is an Indian entertainment company engaged in the production and distribution of films, web series, and OTT content, with operations concentrated primarily in the Indian market. The company operates on a project-based business model and also generates revenue from talent management and social media platforms.
The company generates revenue from production and distribution of individual films and OTT content, streaming platform deals, monetization of music and digital rights, income from talent management and social media platforms, and television serial production.
Use of IPO Proceeds
Total allocation: ₹1125.00 Cr (excludes issue expenses)
Promoters
Vipul Amrutlal Shah
Chairman and Managing Director · age 59
Adequate experience in the entertainment/film industry
Pre-issue: 29.05%
Shefali Vipul Shah
Whole-time Director · age 53
Adequate experience in the entertainment/film industry
Pre-issue: 25%
Aryaman Vipul Shah
Whole-time Director · age 24
Pre-issue: 22.97%
Maurya Vipul Shah
Whole-time Director · age 23
Pre-issue: 22.97%
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: Equity
Strengths (6)
- •Exceptional leadership with 25+ years of filmmaking experience and proven blockbuster track record
- •Dual production strategy balancing standalone IP control with risk-mitigated co-productions
- •Strong industry relationships and 17+ years of credibility with studios and talent
- •Multiple revenue streams from theatrical, OTT, satellite rights, and IP monetization
- •Cost management through profit-sharing agreements and real-time budget monitoring practices
- •Experienced next-generation leadership bringing fresh perspectives and contemporary industry insights
Risk Factors (6)
- •First public offer; no formal market exists for equity shares; no assurance of active trading post-listing
- •Significant differences between Ind AS and other accounting principles like US GAAP and IFRS
- •Non-GAAP financial measures used may not be comparable across industry or standardized
- •Industry and market data sourced from commissioned D&B report may not be independently verified
- •Book building process price determination may not reflect actual market price post-listing
- •Investments in equity securities involve risk of losing entire investment amount
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 82.16x (QIB 103.39x, NII 145.57x, Retail 42.84x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 41 | ₹14,760 |
| Retail (max) | 13 | 533 | ₹1,91,880 |
| S-HNI (min) | 14 | 574 | ₹2,06,640 |
| S-HNI (max) | 67 | 2,747 | ₹9,88,920 |
| B-HNI (min) | 68 | 2,788 | ₹10,03,680 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.01x | 0.05x | 103.39x |
| sNII (S-HNI) | 6.41x | 34.50x | 139.99x |
| bNII (B-HNI) | 3.20x | 21.09x | 148.36x |
| Retail | 4.52x | 16.34x | 42.84x |
| Total | 3.18x | 13.66x | 82.16x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
42.84x
Allotment Ratio
1 lot per 43 applicants
Allotment Probability
~2.3%
Non-Institutional Investors (NII / HNI)
Subscription
145.57x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
103.39x
Allotment Type
Discretionary allotment
Total Subscription
82.16x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
18 Aug 2026 · Tue
Issue Closes
20 Aug 2026 · Thu
Bidding Cut-off (UPI Mandate)
20 Aug 2026 · 5:00 PM IST
Allotment
21 Aug 2026 · Fri
Listing
25 Aug 2026 · Tue
Issue Opens
18 Aug 2026 · Tue
Issue Closes
20 Aug 2026 · Thu
Bidding Cut-off (UPI Mandate)
20 Aug 2026 · 5:00 PM IST
Allotment
21 Aug 2026 · Fri
Listing
25 Aug 2026 · Tue
IPO Details
| Registrar | Bigshare Services Private Limited |
| Exchange | Equity |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹282.14 Cr |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | GYR Capital Advisors Private Limited |
3-Year Financial Summary
Revenue trend
↓ FY24→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 103.33 | 34.46 | 15.19 | — | 27.58% |
| FY24 | 133.8 | 53.35 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 |
|---|---|---|
| Total Income | 139.46 | 105.8 |
| EBITDA | 73.97 | 50.76 |
| Net Worth | 70.6 | 105.07 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
23.7x
Price ÷ EPS
EPS (FY25)
₹15
Earnings per share
RoNW
27.58%
Return on net worth
ROCE
36.20%
as reported in filing
EBITDA margin
49.1%
EBITDA ÷ revenue
Price/NAV
6.54x
Price ÷ NAV (as reported)
Check the valuation yourself
Company Fundamentals
11 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹26.35 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Sunshine Pictures offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Sunshine Pictures's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Sunshine Pictures's filing.
Source: Sunshine Pictures offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
- Vipul Amrutlal Shah2,03,13,880 sh
- Shefali Vipul Shah1,00,57,690 sh
Source: Sunshine Pictures offer document (DRHP/RHP).
Board & Management
Board of Directors (8)
- Vipul Amrutlal Shah₹3.00 Cr p.a.
Chairman and Managing Director
Over 25 years of experience in the field of business and administration, distribution and operations especially in the M&E Industry
- Shefali Vipul Shah₹1.20 Cr p.a.
Whole-time Director
- Aryaman Vipul Shah₹0.50 Cr p.a.
Whole-time Director
- Maurya Vipul Shah₹0.50 Cr p.a.
Whole-time Director
- Manmohan Ramanna Shetty
Independent Director
- Kapil Bagla
Independent Director
- Pawan S Bachani
Independent Director
- Paresh Ganatra
Independent Director
Key Managerial Personnel (4)
- Sunil Karda₹0.36 Cr p.a.
Chief Financial Officer
- Dhwani Sanjay Vora
Company Secretary and Compliance Officer
- Aashin A. Shah₹0.72 Cr p.a.
Vice-president – Production
Master of Commerce from Malini Kishor Sanghavi College of Commerce and Economics; Post-Graduate Diploma in Event Management from the National Institute of Management
18 years of experience in the field of production
- Ranjan Kumar Sahu₹0.24 Cr p.a.
Finance Head
Master of Commerce from Pt. Ravishankar Sukhla University, Raipur
15 years of experience in the field of finance
Source: Sunshine Pictures offer document (DRHP/RHP).
Industry & Market
Per D&B Report (Dun & Bradstreet Information Services India Private Limited), a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Sunshine Pictures Limited | — | 15.19 | 27.58 | 55.08 |
| Panorama Studios International Ltd | 81 | 0.6 | 7.1 | 8.47 |
| Baweja Studios Limited | 8.68 | 3.29 | 5.52 | 59.73 |
| Balaji Telefilms Limited | — | -4.09 | -7.96 | 51.22 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Criminal | Company | 1 | — |
| Criminal | Promoters | 1 | — |
| Criminal | Directors | 2 | — |
| Civil | Company | 3 | — |
| Statutory | Company | 2 | — |
| Tax | Company | 8 | 31.74 |
Sunshine Pictures Limited faces multiple material litigation proceedings including criminal complaints regarding corporate compliance violations, civil challenges to film certifications (particularly 'The Kerala Story 2'), and direct tax proceedings involving aggregate amounts of ₹3,174.42 lakhs. The company and its promoters are also involved in various other criminal and civil cases, with potential impacts on business operations, reputation, and financial condition.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:Bigshare Services Private Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Sunshine Pictures IPO opening?
The Sunshine Pictures IPO opens on 18 Aug 2026 and closes on 20 Aug 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Sunshine Pictures IPO?
The price band for the Sunshine Pictures IPO is ₹342 to ₹360. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Sunshine Pictures IPO?
The minimum lot size is 41 shares with a minimum investment of ₹14,760. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Sunshine Pictures IPO today?
The latest Grey Market Premium for Sunshine Pictures is ₹80 (+22.22%). GMP is unofficial data and is not a guarantee of listing price.
When will the Sunshine Pictures IPO list on NSE and BSE?
The Sunshine Pictures IPO is expected to list on 25 Aug 2026 on Equity. Actual listing day trading begins at the start of the normal market session.
How can I check the Sunshine Pictures IPO allotment status?
The registrar for this IPO is Bigshare Services Private Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Sunshine Pictures IPO a mainboard or SME issue?
Sunshine Pictures is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Sunshine Pictures IPO?
You can apply for the Sunshine Pictures IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Sunshine Pictures IPO?
The GMP-implied price (unofficial, not a forecast) is ₹440: the upper price band of ₹360 plus the latest grey market premium of ₹80, as of 28 Sep 2026, 01:01 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Sunshine Pictures IPO?
Based on the retail subscription of 42.84x, the estimated allotment ratio is 1 lot per 43 applicants (approximately 2.3% chance of allotment). This is an estimate and actual allotment may vary.
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