Sunshine Pictures Limited IPO
ListedMainboardEntertainment
105.81×
Subscribed
Price band
₹342 – ₹360
Lot size
41
1 lot = ₹14,760
Issue size
₹282.14 Cr
Open – close
18 Aug 2026
to 20 Aug 2026
Listing
25 Aug 2026
Listing gain
+9.97%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
We can't judge this issue yet. A verdict needs at least three independent dimensions — valuation, growth, profitability, balance sheet, issue structure, governance or demand — and this issue does not yet publish enough of them for a read that would mean anything. The offer document has been analysed but reports too few of these to conclude on. A confident score from two fields would be worse than this notice.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens18 Aug 2026
- Closes20 Aug 2026
- Allotment21 Aug 2026
- Listing25 Aug 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB123.52x
Non-institutionalNII / HNI197.04x
Big NIIabove ₹10L198.42x
Small NII₹2L – ₹10L194.27x
Retail individualRII56.60x
34,18,087 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 20 Aug 2026.
Chance of allotment
Retail56.60× subscribed
~1 in 56.6
Minimum 1 lot · 41 shares · ₹14,760 blocked
Retail is 56.6× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 56.6 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII197.04× subscribed
~1 in 197
Minimum 14 lots · 574 shares · ₹2,06,640 blocked
HNI is 197.04× subscribed. This category is allotted proportionately, so a bid receives roughly 1/197 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹342 – ₹360
Face value₹10
Lot size41shares
Minimum application₹14,760at cut-off
Total issue size₹282.14 Cr
Listing atMainboard
Company & valuation
Debt / equity0.06×
ROE31.99%
ROCE36.20%
RoNW27.58%
PAT Margin53.77%
EBITDA Margin78.65%
NAV55.08
Price to Book Value6.54
ISININE1B3O01011
RegistrarBIGSHARE
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 39,18,576 | — |
| Anchor Investor | 23,51,140 | — |
| QIB (Ex. Anchor) | 15,67,436 | — |
| NII (HNI) | 11,75,592 | — |
| bNII > ₹10L | 7,83,728 | 1365.00% |
| sNII < ₹10L | 3,91,864 | 682.00% |
| Retail | 27,43,023 | 66903.00% |
Total issue 78,37,191 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,7601 lot · 41 sh
Retail (Max)₹1,91,88013 lots · 533 sh
S-HNI (Min)₹2,06,64014 lots · 574 sh
S-HNI (Max)₹9,88,92067 lots · 2,747 sh
B-HNI (Min)₹10,03,68068 lots · 2,788 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted23,51,140
Anchor portion₹84.64 Cr
Bid date17 Aug 2026
Lock-in ends (50%)19 Sept 2026
Lock-in ends (rest)18 Nov 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01To meet the Working Capital Requirements₹11.25k Cr
- 02General Corporate Purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
Criminal proceedings disclosedmedium
The Assistant Registrar of Companies, Maharashtra, Mumbai has filed a miscellaneous application (No. 687/MISC/2025) before the Hon'ble Metropolitan Magistrate, 40th Court, Girgaon, Mumbai against Sunshine Pictures Limited and its directors (Vipul Amrutlal Shah, Shefali Vipul Shah, Anil S. Masand, an
mediumOur success is primarily dependent on audience acceptance of our film, web series and TV serials, which is extremely difficult to predict and therefore inherently risky. The popularity and economic success of our projects depends on many factors including general public tastes, the actors and other
mediumWe are dependent on the Indian box office success of our films from which a significant portion of our revenues are derived and our ability to exploit and monetize our project is limited to the rights that we retain or own. In India, a relatively high percentage of a film’s overall revenues tend to
mediumA major portion of our revenue depends upon the box office success of our films and streaming deals with OTT platforms. Our revenue from operation constitutes; (i) production and distribution of films and associated rights; (ii) production and distribution of OTT/ TV Serials and associated rights; a
Litigation across 1 matters
The Assistant Registrar of Companies, Maharashtra, Mumbai has filed a miscellaneous application (No. 687/MISC/2025) before the Hon'ble Metropolitan Magistrate, 40th Court, Girgaon, Mumbai against Sunshine Pictures Limited and its directors (Vipul Amrutlal Shah, Shefali Vipul Shah, Anil S. Masand, and Yogita G. Patil) alleging contravention of provisions of the Companies Act, 2013 and 1956. The complaint relates to accounting treatments and disclosures in financial statements for certain past financial years.
Positives the filing discloses (1)
Low leverage
Debt-to-equity of 0.06x.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Sunshine Pictures Limited
Sunshine Pictures is a production house engaged in the creation, development, production, marketing, and distribution of films, television serials, and web series. The company undertakes projects as a sole producer as well as through co-production arrangements with other studios. Its activities include script research and development, content production, intellectual property creation, monetisation of content rights, and distribution. As of the date of the RHP, it had produced 13 commercial films, two web series, three television serials and one short commercial film. The company has also launched Sunshine Music and Sunshine Digital (Originals), covering original music videos and digital content. Use of proceeds: The IPO consists of both a fresh issue and an offer for sale. Proceeds from the offer for sale segment will be directed to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Funding the working capital requirements of the Company - Rs 112.50 crore General corporate purposes
Founded 2007MD Mr. Vipul Amrutlal ShahSector Entertainment
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Sunshine Pictures Limited IPO subscribed?
Sunshine Pictures Limited is subscribed 105.81× overall (QIB 123.52×, NII 197.04×, retail 56.60×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, BIGSHARE.
What is the minimum investment in the Sunshine Pictures Limited IPO?
One lot is 41 shares, so a retail application at the ₹360 cut-off price blocks ₹14,760. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Sunshine Pictures Limited IPO?
The retail portion is subscribed 56.60×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 57. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Sunshine Pictures Limited IPO allotment date?
Allotment is scheduled for 2026-08-21, with listing on 2026-08-25. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, BIGSHARE.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.