2 weeks ago
Sunshine Pictures IPO Day Two Demand Surges, NII Leads Charge
Sunshine Pictures is selling shares to investors through an IPO.
On the second day, investors placed enough bids to cover 18.47 times the available shares.
Non-institutional investors showed the strongest interest, especially those bidding below ₹10 lakh.
Retail investors also placed many more bids than on the first day.
Large institutional investors, called QIBs, showed very little interest so far.
The IPO closes on August 20, so the final institutional response will be watched closely.
SBI Securities advised investors to avoid the IPO.
It said the company’s revenue has been falling and that its valuation looks expensive.
The company’s results also depend heavily on how well its films perform at the box office.
Sunshine Pictures’ IPO subscription rose to 18.47 times by the end of day two, from 4.33 times on day one.
The NII category led demand at 35.59 times, with sub-₹10 lakh bids reaching 48.63 times.
Retail investor subscription increased to 21.60 times, while cut-off price bids formed the majority of retail demand.
QIB subscription remained low at 0.14 times, with negligible FII participation and limited mutual fund bids.
SBI Securities retained its AVOID recommendation, citing declining revenue, rich valuation and dependence on box office performance.
- Who
- Sunshine Pictures Ltd, retail investors, non-institutional investors, qualified institutional buyers and SBI Securities.
- What
- Sunshine Pictures’ IPO reached 18.47 times overall subscription on its second day.
- Where
- When
- The second day was Wednesday, August 19, 2026; the IPO closes on August 20, 2026.
- Why
- Demand was driven mainly by non-institutional and retail investors, while SBI Securities raised concerns about declining revenue, valuation and box office dependence.
Strong Investor Demand
Valuation and Business Concerns
IPO attractiveness
Strong Investor Demand
Non-institutional and retail investors placed substantial bids, pushing overall subscription to 18.47 times by day two.
Valuation and Business Concerns
SBI Securities maintained an AVOID recommendation, saying the valuation was rich at 27.8 times FY26 post-issue earnings.
Business outlook
Strong Investor Demand
The strong subscription reflects significant demand from individual non-institutional and retail bidders.
Valuation and Business Concerns
SBI Securities cited declining revenue, a negative 25.4% CAGR over FY24–FY26 and heavy dependence on box office performance.
Institutional participation
Strong Investor Demand
The final IPO day could still bring greater institutional participation, which is typically watched closely on the last day.
Valuation and Business Concerns
QIB subscription was only 0.14 times by day two, with negligible FII participation and token mutual fund bids.
Key facts
- Overall subscription
- 18.47 times by the end of day two, compared with 4.33 times on day one.
- Shares on offer
- 54,86,051 shares.
- Total bids
- 10,13,11,123 shares.
- NII subscription
- 35.59 times overall; the sub-₹10 lakh segment reached 48.63 times.
- Retail subscription
- 21.60 times, compared with 5.98 times on day one.
- QIB subscription
- 0.14 times, up from 0.03 times on day one.
- SBI Securities view
- AVOID, citing a negative 25.4% revenue CAGR over FY24–FY26 and a 27.8-times FY26 post-issue earnings valuation.
Sources
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