Sunshine Pictures IPO in Review: Offer Details, Financials and Market Debut
Sunshine Pictures IPO opens on August 18, 2026. Check the ₹62 GMP today, price band, subscription dates, allotment, listing date and minimum investment.
Sunshine Pictures IPO: The ₹282.14 crore issue was open from 18 to 20 August 2026 at ₹342 to ₹360 per share. Allotment was finalised on 21 August, and the shares debuted on 25 August 2026 at ₹395.90 on the NSE and ₹394 on the BSE, premiums of 9.97% and 9.44%.
Sunshine Pictures IPO: Sunshine Pictures is a production company engaged in the business of originating, creating, developing, producing, marketing, and distributing films, TV serials, and web series. Incorporated in 2007, the company is a technology-driven content creator specializing in commercial films, covering script development, production, intellectual property creation, rights monetization, and distribution.
The company is launching a ₹282.14 crore IPO, comprising a fresh issue of ₹172.80 crore and an Offer for Sale (OFS) of ₹109.34 crore. Here are the key details of the IPO.
Sunshine Pictures IPO Details
Here are the key dates and issue details.
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Sunshine Pictures IPO is worth ₹282.14 crore and consists of a fresh issue of 0.48 crore shares aggregating to ₹172.80 crore and an Offer for Sale of 0.30 crore shares aggregating to ₹109.34 crore.
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Sunshine Pictures IPO opened for subscription on 18 August 2026 and closed on 20 August 2026. The price band was fixed between ₹342 and ₹360 per share.
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Allotment was finalised on 21 August 2026, and the shares listed on the BSE and NSE on 25 August 2026.
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The promoter and promoter group holding reduced from 100% before the IPO to 74.84% after the IPO.
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GYR Capital Advisors Pvt. Ltd. is the book-running lead manager, while Bigshare Services Pvt. Ltd. is the registrar of the issue.
|
Parameter |
Detail |
|---|---|
|
IPO Open Date |
18 August 2026 |
|
IPO Close Date |
20 August 2026 |
|
Allotment Date |
21 August 2026 |
|
Listing Date |
25 August 2026 (BSE & NSE) |
|
Price Band |
₹342 - ₹360 per share |
|
Lot Size |
41 shares |
|
Minimum Investment |
₹14,760 |
|
Fresh Issue |
₹172.80 crore |
|
Offer for Sale (OFS) |
₹109.34 crore |
|
Total Issue Size |
₹282.14 crore |
Sunshine Pictures IPO Listing Performance
The grey market premium ahead of listing had pointed to a gain of nearly 22%. The actual 10% debut premium was less than half of that.
About Sunshine Pictures IPO
Sunshine Pictures was incorporated in 2007 and is a production company engaged in the business of originating, creating, developing, producing, marketing, and distributing films, TV serials, and web series. The company has produced notable commercial films such as ‘Force’, ‘Commando’, ‘Holiday’, ‘Force 2’, ‘Commando 2’, and ‘The Kerala Story’.
The company has produced ten commercial films (six co-produced), two web series, two TV serials, and one short film. It is currently co-producing two films with Jio Studios and producing one web series for Doordarshan.
Sunshine Pictures operates either as a sole producer or co-producer with established studios, balancing project-level risk and revenue potential for high-budget productions. The company is also active across digital platforms, with 162,960 YouTube subscribers, 9.18 crore views, and over 104,500 followers across Instagram and Facebook, generating additional digital streaming revenue.
Strengths (from DRHP)
- Experienced promoter (Vipul Amrutlal Shah, 25+ years) with an experienced senior management team
- Established 18-year track record with commercial successes including The Kerala Story (2023's highest-ROI blockbuster) and the Commando franchise
- Differentiated, de-risked business model blending standalone productions (full upside) with fixed-fee co-productions (assured revenue)
- High-quality, technology-driven production standards (digital workflow, DI colour grading, Dolby Atmos, VFX)
Risk Factors (from DRHP)
- Success fundamentally depends on unpredictable audience acceptance of each film
- High customer concentration — more than 50% of revenue from top 5 customers (studios/distributors)
- Project-based business model makes revenue streams inherently volatile and non-recurring
- Promoters retain majority shareholding/control post-offer, concentrating governance
Sunshine Pictures IPO Reservation
For the Sunshine Pictures IPO, the allocation was divided among Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs).
|
Investor Category |
Shares Offered |
|---|---|
|
QIB Investors |
50% of the offer |
|
Retail Investors |
35% of the offer |
|
NII (HNI) Investors |
15% of the offer |
Sunshine Pictures IPO Lot Size
Retail investors could apply for a minimum of 1 lot, comprising 41 shares, requiring an investment of ₹14,760 at the upper price band of ₹360. The maximum retail application was 13 lots.
|
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 |
READ MORE: Shankesh Jewellers IPO Review
Sunshine Pictures IPO Financial Performance
Sunshine Pictures reported its financial performance for the period ended 31 March 2026. Profit after tax (PAT) grew by 16% between FY25 and FY26, while EBITDA margin improved to 78.65%.
|
Period Ended |
31-03-2026 (Standalone) |
31-03-2025 (Consolidated) |
31-03-2024 (Consolidated) |
|---|---|---|---|
|
Total Income (₹ Cr) |
₹ 76.27 |
₹ 105.80 |
₹ 139.46 |
|
EBITDA (₹ Cr) |
₹ 58.54 |
₹ 50.75 |
₹ 73.97 |
|
EBITDA Margin (%) |
78.65% |
49.12% |
55.29% |
|
PAT (₹ Cr) |
₹ 40.02 |
₹ 34.46 |
₹ 53.34 |
|
PAT Margin (%) |
53.77% |
33.35% |
39.87% |
|
ROCE (%) |
36.20% |
41.23% |
82.08% |
|
ROE (%) |
31.99% |
39.24% |
108.99% |
|
Net Debt/Equity |
0.06 |
0.11 |
0.24 |
Source: RHP filings
Conclusion
Sunshine Pictures IPO was a ₹282.14 crore book-built issue comprising a ₹172.80 crore fresh issue and a ₹109.34 crore offer for sale. The company has an established record in commercial films, television content and digital series with a co-production model, and reported FY26 PAT of ₹40.02 crore on total income of ₹76.27 crore, with ROE of 31.99% and ROCE of 36.20%. It planned to use ₹112.50 crore of the net proceeds for working capital. The shares listed at about a 10% premium on 25 August 2026. Content slate execution and receivable cycles are the things to watch now.
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