2 weeks ago
Sunshine Pictures IPO 22% Subscribed, GMP Hints 21% Listing Pop
Sunshine Pictures is a company that makes movies, TV shows and web content.
It decided to sell parts of itself to the public for the first time, which is called an IPO.
An IPO lets everyday people buy small pieces of the company, called shares.
The company started selling its shares on 18 August and will stop on 20 August.
Each share costs between ₹342 and ₹360, and you have to buy at least 41 shares.
On the first day, only 22 out of every 100 available shares were bought.
Some people guess the share price could jump to about ₹435 when trading begins.
But one expert warned that the company's cash situation is weak, even though it reported a profit.
So this IPO is risky and only for people who can handle big ups and downs.
Sunshine Pictures IPO opened on 18 August with a price band of ₹342–₹360 per share and closes on 20 August, with listing on BSE and NSE set for 25 August.
Day 1 subscription stood at 22%, with retail at 33% and NII at 27%; QIBs had not yet bid.
The grey market premium of ₹75 implies an estimated listing price of ₹435, about 20.83% above the upper price band.
The company raised ₹84.64 crore from nine anchor investors at ₹360 per share, with Uni Growth Fund the largest investor.
Swastika Investmart cautioned that the EBITDA margin jump to 78.65% was driven by capitalising production costs, while cash flow from operations fell to -₹332.06 crore.
- Who
- Sunshine Pictures Ltd, promoted by producer-director Vipul Shah, with promoters Vipul Amrutlal Shah and Shefali Vipul Shah selling shares in the offer for sale.
- What
- An initial public offering to raise ₹282.14 crore, comprising a fresh issue of 48 lakh shares and an offer for sale of 30.37 lakh shares.
- Where
- India; equity shares are proposed to be listed on the BSE and NSE.
- When
- Opened on 18 August 2026 and closes on 20 August; allotment is expected on 21 August and listing on 25 August.
- Why
- To raise funds for long-term working capital requirements (up to ₹112.50 crore) and general corporate purposes, while creating a public market for its equity shares.
Optimistic view
Cautious view
Financial health
Optimistic view
EBITDA margin surged to 78.65% with RoCE above 35% and low leverage, justifying a modest premium over listed pure-play media peers.
Cautious view
The margin jump was driven by capitalising production costs for unreleased projects as inventory, while cash flow from operations fell to -₹332.06 crore, showing a disconnect between reported profits and cash generation.
Investment suitability
Optimistic view
A rising grey market premium over eight sessions and strong anchor investor interest point to optimism for a solid listing.
Cautious view
The current valuation leaves a limited margin of safety, and the stock suits only high-risk tactical investors comfortable with quarter-to-quarter earnings volatility.
Key facts
- IPO price band
- ₹342–₹360 per share
- Issue size
- 78.37 lakh shares (48 lakh fresh issue + 30.37 lakh OFS)
- Day 1 subscription
- 22% (retail 33%, NII 27%, QIB pending)
- Grey market premium
- ₹75, implying estimated listing price of ₹435
- Anchor investment
- ₹84.64 crore from nine investors at ₹360 per share
- Listing date
- 25 August on BSE and NSE; allotment expected 21 August
- FY26 revenue / profit
- ₹74.43 crore / ₹40.02 crore
- Book-running lead manager
- GYR Capital Advisors Private Ltd











