By ipomarket.in Editorial Team · Last reviewed: 2026-08-11
Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Please read the offer document carefully and consult a SEBI-registered investment advisor before investing.
Sunshine Pictures Limited, the film and content production house associated with filmmaker Vipul Amrutlal Shah, has fixed the price band for its mainboard IPO at ₹342–₹360 per share. The three-day subscription window is scheduled to open on 18 August 2026 and close on 20 August 2026, according to IPO trackers Chittorgarh and IPOJI.
This article breaks down what the offer contains, who the company is, and the practical points a retail investor should understand before the issue opens. It is analysis, not a recommendation.
What is being offered
The total issue size is ₹282.14 crore, comprising 78,37,191 equity shares of face value ₹10 each. It is structured as a mix of fresh shares and an offer for sale (OFS):
- Fresh issue: about 0.48 crore shares, aggregating roughly ₹172.80 crore. Money from a fresh issue goes to the company.
- Offer for sale: about 0.30 crore shares, aggregating roughly ₹109.34 crore. Money from an OFS goes to the selling shareholders, not the company.
If you are new to how these two parts differ, our explainer on the difference between an IPO and an FPO and the guide on types of IPOs in India cover the basics.
Price band, lot size and minimum investment
| Parameter | Detail |
|---|---|
| Price band | ₹342–₹360 per share |
| Lot size | 41 shares |
| Minimum retail investment | ₹14,760 (at the upper price) |
| Face value | ₹10 |
| Issue size | ₹282.14 crore |
At the upper end of ₹360, one lot of 41 shares works out to ₹14,760, which is the smallest amount a retail investor can bid for. Bids are placed within the band, and the final price is discovered once the book closes.
Key dates
| Event | Date |
|---|---|
| IPO opens | 18 August 2026 |
| IPO closes | 20 August 2026 |
| Allotment (expected) | 21 August 2026 |
| Listing (tentative) | 25 August 2026 |
These dates are as listed on Chittorgarh at the time of writing. The listing date in particular is marked tentative and can shift.
How the shares are reserved
The allocation split follows the standard mainboard pattern:
- Qualified Institutional Buyers (QIBs): 50%
- High Net-worth Individuals (HNIs / NII): 15%
- Retail investors: 35%
A higher QIB reservation means institutional demand tends to set the tone for how the book fills. Our note on QIB, NII and retail investor categories explains what each bucket means for allotment.
Who runs the issue
- Book running lead manager: GYR Capital Advisors Pvt. Ltd.
- Registrar: Bigshare Services Pvt. Ltd.
The registrar is the entity you will use to check allotment status after 21 August 2026.
About Sunshine Pictures
The company was originally incorporated as Energetic Films Private Limited on 14 July 2007, making it a roughly 17-year-old business. It operates as a production company that originates, creates, develops, produces, markets and distributes films, television serials and web series.
Its promoters are Vipul Amrutlal Shah, Shefali Vipul Shah, Aryaman Vipul Shah and Maurya Vipul Shah.
On the content side, the company debuted with the box office hit Force and has delivered ten commercial films, including six co-productions, two web series, two television serials and one short film. Notable titles include Holiday, Force 2, Commando, The Kerala Story and the web series Human.
As of 30 June 2026, the company reported a total strength of 28 full-time employees.
Sector backdrop
Between CY2019 and CY2024, the Indian media and entertainment (M&E) sector grew at a compound annual growth rate (CAGR) of roughly 6%, rising from ₹1.91 trillion to a projected ₹2.55 trillion. The offer material cites the sector expanding at about 9.9% from ₹2.32 trillion in CY2023 to ₹2.55 trillion in CY2024, and further to ₹3.08 trillion by CY2026.
A growing content market across theatrical and digital platforms is the broad tailwind Sunshine Pictures is positioning itself against.
Points a careful investor would examine
No IPO should be read on its headline story alone. A few things stand out for closer scrutiny in the offer document:
- Small team for the output. A production house with ten films and multiple web and TV projects operating on 28 full-time employees raises a fair question about how work is staffed and whether output is scalable. This is worth understanding, not assuming.
- Reliance on co-productions. Six of the ten films are co-productions. That has a bearing on how much of the economics and intellectual property the company retains versus shares with partners.
- Financial disclosures. Detailed FY2024-25 revenue and profit figures were not available in the public sources we reviewed at the time of writing. Reading the RHP financials carefully is essential before forming a view on valuation.
Content businesses are inherently hit-driven, so revenue can be lumpy from year to year. That is not a flaw unique to this company, but it is a characteristic worth pricing into any assessment.
Grey market premium
As of writing, no recorded grey market premium (GMP) quote was available for the Sunshine Pictures IPO. GMP typically appears only around or after the subscription opening. In any case, GMP is an unofficial, unregulated indicator and not a reliable predictor of listing performance. Our guide to what IPO GMP is and how it works explains why it should be treated with caution rather than as a signal to act on.
FAQ
What is the Sunshine Pictures IPO price band?
The price band is fixed at ₹342–₹360 per share, as listed by Chittorgarh, IPOJI and broker platforms at the time of writing.
When does the Sunshine Pictures IPO open and close?
The issue is scheduled to open on 18 August 2026 and close on 20 August 2026, a three-day window. Allotment is expected around 21 August 2026, with a tentative listing on 25 August 2026.
What is the minimum investment for retail investors?
The lot size is 41 shares. At the upper price of ₹360, one lot costs ₹14,760, which is the minimum amount a retail investor can bid.
Is there a grey market premium for this IPO?
No GMP quote was recorded at the time of writing. GMP usually surfaces around the subscription period, and even then it is an unofficial indicator, not a guarantee of any listing outcome.
How large is the issue and how is it split?
The total issue is ₹282.14 crore: about ₹172.80 crore as a fresh issue and about ₹109.34 crore as an offer for sale. Retail investors are allotted 35% of the offer, QIBs 50% and HNIs 15%.
Last reviewed: 2026-08-11. Figures are drawn from public IPO trackers and are subject to change; verify against the final RHP and exchange notices before the issue opens.