Minerva Capital Research Solutions

Sunshine Pictures

RHP
ListedListed 25 Aug 2026MainboardNSE: SUNSHINECheck allotment
Current price₹ 389.5+8.19% since issue
Listing day+9.97%
Issue price
₹ 360
Issue size
₹ 282.14 Cr.
Min. investment
₹ 14,760
Listing price
₹ 395.9
Subscribed
105.81x
Lot size
41 shares
P/E
28.02
RoNW
27.58%
RoCE
36.20%
Debt / Equity
0.06
PAT margin
53.77%
EBITDA margin
78.65%
RoE
31.99%
EPS
₹ 12.85
NAV
₹ 55.08
Promoter stake
74.84%

About

Sunshine Pictures Limited was started in 2007. It is a film and content production company. The company develops the script, produces the film or show, creates the intellectual property, and then earns from selling and licensing those rights. The company has made films such as Force, Commando, Holiday, Force 2, Commando 2 and The Kerala Story. Till now it has produced ten commercial films, of which six were co-produced with other studios, along with two web series, two TV serials and one short film. At present it is co-producing two films with Jio Studios and making one web series for Doordarshan. The company works both as a sole producer and as a co-producer. For big budget projects it takes a partner so that the risk and the return are shared. It also earns from its own social media and streaming presence, with about 1,62,960 YouTube subscribers and 1,04,500 followers on Instagram and Facebook. As on 30 June 2026 it had 28 full time employees.

Timeline

  1. Opens
    18 Aug
    done
  2. Closes
    20 Aug
    done
  3. Allotment
    21 Aug
    done
  4. Refunds
    24 Aug
    done
  5. Demat credit
    24 Aug
    done
  6. Listing
    25 Aug
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 80 on 20 Aug 2026
Lowest
₹ 17 on 12 Aug 2026
First quoted
₹ 17 on 12 Aug 2026

Subscription

How many times each investor group bid for its share, as of 25 Aug 2026, 06:31 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)141₹ 14,760
Retail (Max)13533₹ 1,91,880
S-HNI (Min)14574₹ 2,06,640
B-HNI (Min)682,788₹ 10,03,680

Company overview

Financials

Financials by year
Assets131.2897.38
Total Income105.8139.46
Profit After Tax34.4653.35
EBITDA50.7673.97
NET Worth105.0770.6
Reserves and Surplus78.7270.47
Total Borrowing11.1616.67

Strengths

  • The company owns the rights to the content it makes, so one film can keep earning for years through satellite, digital and music rights.
  • It has a hit record. The Kerala Story, Force, Commando and Holiday were commercially successful films.
  • Margins are high because it is an IP business and not a fixed asset business. EBITDA was Rs 50.76 crore on total income of Rs 105.80 crore in FY2025.
  • The company is almost debt free. Total borrowing was only Rs 11.16 crore as on 31 March 2025, and it came down from Rs 16.67 crore a year before.
  • Net worth improved from Rs 70.60 crore to Rs 105.07 crore between FY2024 and FY2025.
  • It works with established studios. Two films are being co-produced with Jio Studios and one web series is being made for Doordarshan.
  • Co-production spreads the risk on high budget films instead of putting the full cost on the company.

Risks

  • The latest year shown in the offer document was weaker. Total income fell from Rs 139.46 crore in FY2024 to Rs 105.80 crore in FY2025, and profit after tax fell from Rs 53.35 crore to Rs 34.46 crore.
  • This is the costliest of the current mainboard issues on earnings. At the upper band of Rs 360 the post issue P/E is about 32.55 times on an EPS of Rs 11.06.
  • Film income is lumpy and cannot be predicted. One good film can lift a whole year and one failure can wipe out the profit of that year.
  • The company is very small in people terms, with only 28 full time employees, so the business depends heavily on a few key persons and on the promoters.
  • Only ten films have been made so far and six of them were co-produced, so the number of fully own productions is small.
  • Success depends on public taste, star availability, release date clashes and censor clearance, none of which are in the company control.
  • A part of the issue is an offer for sale, so that money goes to the selling shareholders and not to the company.
  • Competition is heavy from large studios and from OTT platforms that now produce their own content.

What the money is for

Objects of the issue
Funding the working capital requirements of the Company940
General Corporate Purposes—

Promoters

  • Vipul Amrutlal Shah
  • Shefali Vipul Shah
  • Aryaman Vipul Shah
  • Maurya Vipul Shah
Promoter holding100%→74.84%before → after the issue · down 25.16 points

Anchor investors

9 anchors put in ₹ 84.64 Cr..

Anchor investors
INNOVATIVE VISION FUND1,38,89055.91%
KHANDELWAL FINANCE PVT.LTD.2,77,7781011.81%
ARNESTA GLOBAL OPPORTUNITIES FUND PCC-ARNESTA GLOBAL FUND 11,38,89055.91%
UNI GROWTH FUND5,55,5502023.63%
ZEAL GLOBAL OPPORTUNITIES FUND2,77,8161011.82%
VISIONARY VALUE FUND1,38,89055.91%
ASIO FUND VCC,THE-SUB FUND 42,77,7781011.81%
SHINE STAR BUILD-CAP PVT.LTD.2,77,7781011.81%
LRSD SECURITIES PVT.LTD.2,67,7709.6411.39%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 10 a share
Registrar
Bigshare Services Private Limited
Lead managers
GYR Capital Advisors Pvt.Ltd.
Red herring prospectus (RHP)
Open
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.