Sunshine Pictures IPO Day 1 LIVE: Issue booked 2.18x so far. GMP hints 21% listing pop. Should you apply or skip?
Sunshine Pictures IPO, led by Vipul Shah, opened on August 18 with a price band of ₹342-360 per share. It raised ₹84.64 crore from nine anchor investors. The issue closes on August 20, with estimated listing price anticipated at ₹435 per share.
The Sunshine Pictures IPO, promoted by film and television producer-director Vipul Shah, opened for subscription on 18 August and will close on 20 August. The IPO has a price band of ₹342– ₹360 per share.
Ahead of the issue opening, Sunshine Pictures Ltd raised ₹84.64 crore from nine anchor investors on Monday. The company allotted more than 23.51 lakh equity shares at ₹360 apiece, the upper end of the IPO price band, according to a circular uploaded on the BSE website.
The anchor investors include Innovative Vision Fund, Khandelwal Finance Pvt Ltd, Arnesta Global Opportunities Fund, Uni Growth Fund, Zeal Global Opportunities Fund, Visionary Value Fund, The Asio Fund VCC, Shine Star Build Cap Pvt Ltd and LRSD Securities Pvt Ltd.
No shares were allotted to domestic mutual funds, life insurance companies or pension funds, the circular showed.
In the Sunshine Pictures IPO, 50% of the issue is reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs) and 35% for retail investors.
The equity shares are proposed to be listed on both the BSE and NSE on 25 August.
Sunshine Pictures IPO GMP today
Sunshine Pictures IPO GMP today is +75. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of the Sunshine Pictures share was ₹435 apiece, which is 20.83% higher than the IPO price of ₹360.
Considering the grey market performance over the past eight sessions, the IPO's GMP is trending upward today, suggesting optimism for a solid listing. Throughout this timeframe, the GMP fluctuated between ₹0.00 and ₹75, as noted by experts.
Sunshine Pictures IPO review
Swastika Investmart said Sunshine Pictures' EBITDA margin surged by 2,953 basis points to 78.65% in FY26, despite a 27.96% decline in revenue. The brokerage noted that the sharp improvement was largely driven by the capitalisation of production costs for unreleased projects as inventory, rather than a genuine improvement in operational efficiency.
It also highlighted a significant deterioration in cash flows, with cash flow from operations (CFO) falling to - ₹332.06 crore, indicating substantial working-capital lock-up and a disconnect between reported profits and cash generation.
According to Swastika Investmart, Sunshine Pictures' RoCE of more than 35% and low leverage justify a modest premium compared with listed pure-play media peers. However, the brokerage cautioned that the current valuation leaves a limited margin of safety, particularly if content releases face delays or fail to generate the expected viewer traction.
The brokerage said the stock may be suitable primarily for high-risk, tactical investors seeking exposure to content creation and intellectual property monetisation, provided they are comfortable with significant quarter-to-quarter earnings volatility.
Sunshine Pictures IPO subscription status
Sunshine Pictures IPO subscription status was 2.18x on day 1, so far. The retail portion is subscribed 33.25x, and NII portion has been booked 2.57x, QIBs portion received 1% bids.
The company has received bids for 1,19,52,279 shares against 54,86,051 shares on offer at 13:27 IST, according to BSE data.
Sunshine Pictures IPO details
Sunshine Pictures IPO comprises a fresh issue of 48 lakh equity shares and an offer for sale (OFS) of 30.37 lakh equity shares, for a total issue size of 78.37 lakh shares.
Under the OFS, promoters Vipul Amrutlal Shah and Shefali Vipul Shah will sell their shares. Vipul Shah will offload 20.31 lakh equity shares, while Shefali Shah will sell 10.06 lakh shares.
The company plans to utilise up to ₹112.50 crore from the fresh issue proceeds to meet its long-term working capital requirements. The remaining funds will be allocated towards general corporate purposes.
Sunshine Pictures expects the proposed listing to enhance its visibility and brand presence, while creating a public market for its equity shares in India.
At the upper end of the price band, the company commands an implied post-issue market capitalisation of around ₹1,121 crore, while at the lower end it stands at approximately ₹1,065 crore.
GYR Capital Advisors Private Ltd is the book-running lead manager to the issue, while Bigshare Services Private Ltd is the registrar.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
About the Author
Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.
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