Sunshine Pictures IPO
Sunshine Pictures IPO was a Mainboard book-built issue of ₹282.14 crore, comprising a Fresh Issue of 48,00,034 equity shares aggregating to ₹172.80 crore and an Offer for Sale of 30,37,157 equity shares aggregating to ₹109.34 crore. The price band was ₹34
Sunshine Pictures IPO Details
Sunshine Pictures IPO bidding started on 18 August 2026 and ended on 20 August 2026. The basis of allotment was finalized on 21 August, refunds were initiated on 24 August, and shares were credited to successful applicants' Demat accounts on the same day. The shares were listed on BSE and NSE on 25 August 2026.
Sunshine Pictures IPO GMP
Sunshine Pictures IPO GMP was an unofficial grey-market indicator before listing. The last recorded GMP around the listing period was approximately ₹50 against the ₹360 issue price, implying an indicative price of ₹410. The shares actually listed at ₹395.90 on NSE on 25 August 2026. GMP is unofficial and does not guarantee the actual listing price.
Sunshine Pictures IPO Timeline (Tentative)
Sunshine Pictures IPO opened for public subscription on 18 August 2026 and closed on 20 August 2026. The basis of allotment was completed on 21 August. Refunds and Demat credit were scheduled for 24 August, followed by listing on BSE and NSE on 25 August 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tue, Aug 18, 2026 |
| IPO Close Date | Thu, Aug 20, 2026 |
| Basis of Allotment | Fri, Aug 21, 2026 |
| Initiation of Refunds | Mon, Aug 24, 2026 |
| Credit of Shares to Demat | Mon, Aug 24, 2026 |
| Listing Date | Tue, Aug 25, 2026 |
| IPO Opens | 18 August 2026 |
| IPO Closes | 20 August 2026 |
| Basis of Allotment | 21 August 2026 |
| Refund Initiation | 24 August 2026 |
| Credit of Shares to Demat | 24 August 2026 |
| Listing Date | 25 August 2026 |
Sunshine Pictures IPO Lot Size
The Sunshine Pictures IPO lot size was 41 shares. At the upper price band of ₹360 per share, one lot required a minimum investment of ₹14,760. Retail investors could apply for up to 13 lots, or 533 shares, amounting to ₹1,91,880.
| Application | 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 |
Sunshine Pictures IPO Reservation
The Sunshine Pictures IPO reserved 50% of the offer for Qualified Institutional Buyers, 15% for Non-Institutional Investors and 35% for Retail Individual Investors. The total offer comprised 78,37,191 equity shares.
Sunshine Pictures IPO Subscription
Sunshine Pictures IPO received 105.81x overall subscription by the close of bidding on 20 August 2026. QIBs subscribed 123.52x, NIIs 197.04x and Retail Individual Investors 56.60x.
| Category | Subscription (times) |
|---|---|
| QIB | 123.52x |
| NII | 197.04x |
| NII | 56.60x |
| Total | 105.81x |
About Sunshine Pictures
Sunshine Pictures Limited is a media and entertainment company engaged in originating, creating, developing, producing, marketing and distributing films, television serials and web series. The company follows a content-focused business model covering script development, production, intellectual property creation, rights monetisation and distribution.
The company was incorporated in 2007 and has produced and co-produced commercial films including Force, Commando, Holiday, Force 2, Commando 2 and The Kerala Story. It has also been involved in television and web-series content.
Sunshine Pictures has produced 10 commercial films, including six co-produced films, along with two web series, two television serials and one short film. Its business also includes digital content and monetisation of intellectual property through different distribution channels.
The company operates from its registered office at Bharat Ark, Azad Nagar, Veera Desai Road, Andheri (West), Mumbai, Maharashtra.
Strengths
- Established presence in film and entertainment content production.
- Experienced promoters with a track record in the media and entertainment industry.
- Portfolio of commercially recognised films and entertainment projects.
- Presence across films, television and web-series content.
- Co-production model that can help distribute project-level risks.
- Strong profitability and return ratios in FY2026.
- Low debt-to-equity ratio of 0.06 in FY2026.
- Growing net worth from ₹70.60 crore in FY2024 to ₹145.13 crore in FY2026.
Risks to Consider
- Revenue can fluctuate significantly depending on the timing and commercial performance of individual projects.
- Total revenue declined from ₹139.46 crore in FY2024 to ₹76.27 crore in FY2026.
- The company operates in a highly competitive media and entertainment industry.
- Customer concentration can affect revenue and cash flows if major customers reduce or discontinue business.
- Film and content production involves substantial investment without certainty of commercial success.
- The company reported negative operating cash flow in FY2026, which requires monitoring alongside accounting profitability.
- Valuation at the upper price band requires investors to consider the company's project-based earnings and recent revenue trend.
Sunshine Pictures Financials (₹ Cr)
Sunshine Pictures reported revenue of ₹139.46 crore in FY2024, ₹105.80 crore in FY2025 and ₹76.27 crore in FY2026. PAT stood at ₹53.35 crore, ₹34.46 crore and ₹40.02 crore respectively. Net worth increased from ₹70.60 crore in FY2024 to ₹145.13 crore in FY2026.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 139.46 | 53.35 | 97.38 | 70.60 |
| FY2025 | 105.80 | 34.46 | 131.28 | 105.07 |
| FY2026 | 76.27 | 40.02 | 179.64 | 145.13 |
KPIs & Valuation
At the upper IPO price band of ₹360, Sunshine Pictures had a pre-issue P/E of approximately 23.70x based on FY2026 EPS of ₹15.19. The post-issue EPS was approximately ₹12.85, resulting in a post-issue P/E of about 28.02x. FY2026 RoNW was 27.58%, while NAV was ₹55.08 per share.
Objects of the Issue
The ₹282.14 crore IPO included a Fresh Issue of ₹172.80 crore. The company proposed to use the net proceeds mainly for funding its working capital requirements and for general corporate purposes. The Offer for Sale proceeds will accrue to the selling shareholders and will not be received by the company.
- The company proposed to utilise the IPO proceeds for:
- Funding the working capital requirements of the Company – ₹112.50 crore.
- General Corporate Purposes – ₹43.02 crore.
- Issue Expenses – ₹28.21 crore.
Promoters, Lead Managers & Registrar
Sunshine Pictures Limited is promoted by Vipul Amrutlal Shah, Shefali Vipul Shah, Aryaman Vipul Shah and Maurya Vipul Shah. GYR Capital Advisors Private Limited acted as the Book Running Lead Manager, while Bigshare Services Private Limited acted as the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Bigshare Services Private Limited |
|---|---|
| Phone | +91 22-6263 8200 |
| ipo@bigshareonline.com | |
| Website | https://www.bigshareonline.com/ |
Sunshine Pictures IPO Review
Sunshine Pictures reported revenue of ₹139.46 crore in FY2024, ₹105.80 crore in FY2025 and ₹76.27 crore in FY2026. PAT stood at ₹53.35 crore, ₹34.46 crore and ₹40.02 crore respectively during the same periods. The financial performance therefore shows a decline in revenue but continued profitability in FY2026.
The company has an established presence in content production and has been associated with several commercially recognised films. Its business model includes standalone and co-production projects, along with multiple avenues for content and intellectual-property monetisation.
A positive factor is the company's relatively low financial leverage. Total borrowings declined from ₹16.67 crore in FY2024 to ₹9.09 crore in FY2026, while net worth increased from ₹70.60 crore to ₹145.13 crore.
At the upper IPO price of ₹360, the reported FY2026 EPS was ₹15.19, implying a pre-issue P/E of approximately 23.70x. The post-issue EPS was ₹12.85, corresponding to a post-issue P/E of about 28.02x.
The IPO received very strong investor demand and was subscribed 105.81 times overall. However, investors should consider the company's declining revenue, project-dependent earnings, customer concentration, cash-flow volatility and valuation before making an investment decision.
How to Apply
Sunshine Pictures IPO applications could be made through the ASBA process, including UPI-supported applications. The minimum application consisted of one lot of 41 shares, requiring ₹14,760 at the upper price band of ₹360.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Sunshine Pictures IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Retail investors can generally choose Cut-off when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's DRHP, RHP, final Prospectus and related financial documents for detailed information about the business, financial statements, risk factors, IPO structure and utilisation of issue proceeds. SEBI records the Sunshine Pictures Limited RHP filed on 12 August 2026.
Last updated Aug 27, 2026.