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Sunshine Pictures IPOLISTED
Sunshine Pictures is a technology-driven film and content production company engaged in films, TV serials and web series. Known for films like The Kerala Story, Force and Commando.
Listing price
₹395.9
Listing gain
+9.97%
Current
₹395.9
Listed
25 Aug 26
Opens
18 Aug 26Closes
20 Aug 26Allotment
21 Aug 26Refund
24 Aug 26Demat
24 Aug 26Listing
25 Aug 26Listed at
₹395.9
+9.97% on 25 Aug 26
Overview
Price band
₹342-360
Lot size
41 shares
Min. investment
₹14,760
Issue size
₹282.14 Cr
78.37 L shares
Fresh issue
₹172.8 Cr
48.00 L shares
Offer for sale
₹109.34 Cr
30.37 L shares
Face value
₹10 / share
Issue type
Book Built Issue
Listing at
NSE, BSE
Reservation
| Category | Shares offered | % of issue |
|---|---|---|
| QIB | 15,67,436 | 50% |
| NII (HNI) | 11,75,592 | 15% |
| B-HNI | 7,83,728 | — |
| S-HNI | 3,91,864 | — |
| Individual | 27,43,023 | 35% |
| Total | 54,86,051 | 100% |
Lot size & investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 41 | ₹14,760 |
| Retail (Max) | 13 | 533 | ₹1,91,880 |
| S-HNI (Min) | 14 | 574 | ₹2,06,640 |
| S-HNI (Max) | 67 | 2,747 | ₹9,88,920 |
| B-HNI (Min) | 68 | 2,788 | ₹10,03,680 |
Listing performance
NSE/BSE: SUNSHINEListing gain
+9.97%
Gain per retail lot
₹1,471.9
Latest vs issue
—
GMP was
₹50 (+13.89%)
Issue price
GMP estimate
Listing price
Latest price appears here during market hours.
Sunshine Pictures Live GMP
Latest GMP
₹50
All-time high
₹62
All-time low
₹17
Subscription
21 Aug, 12:00 amOversubscribed 105.81 times · 34,18,087 applications
Total applications
34,18,087
Total bid amount
₹20,898 Cr
Category breakdown
| Category | Shares offered | Shares bid | Times | Bid amount |
|---|---|---|---|---|
| QIB | 15,67,436 | 19,36,02,041 | 123.52x | ₹6,970 Cr |
| NII (HNI) | 11,75,592 | 23,16,34,994 | 197.04x | ₹8,339 Cr |
| B-HNI | 7,83,728 | 15,55,09,269 | 198.42x | ₹5,598 Cr |
| S-HNI | 3,91,864 | 7,61,25,725 | 194.27x | ₹2,741 Cr |
| Retail | 27,43,023 | 15,52,53,347 | 56.60x | ₹5,589 Cr |
| Total | 54,86,051 | 58,04,90,382 | 105.81x | ₹20,898 Cr |
Application-wise breakup
| Category | Applications reserved | Applied | Times |
|---|---|---|---|
| B-HNI | 1,365 | 54,915 | 40.23x |
| S-HNI | 683 | 1,27,744 | 187.03x |
| Retail | 66,903 | 32,43,351 | 48.48x |
Allotment chance per application is roughly 1 ÷ times for the category (lottery for retail and S-HNI).
Financials
(₹ in crores)
Key performance indicators
As of 31 Mar 2026ROE
31.99%
PAT Margin
53.77%
ROCE
36.2%
EBITDA Margin
78.65%
Debt to Equity Ratio
0.06
Price to Book Value
6.54
RoNW
27.58%
Valuation vs listed peers
EPS Pre IPO
₹13.08
EPS Post IPO
₹11.06
P/E Pre IPO
27.52
P/E Post IPO
32.55
Price-to-earnings
| Company | P/E | P/B | RoNW | Face value |
|---|---|---|---|---|
| Panorama Studios International Ltd | 81 | — | — | — |
| Baweja Studios Limited | 8.68 | — | — | — |
| Balaji Telefilms Limited | — | — | — | — |
Peer median P/E 44.8× · Ratios as disclosed in the offer document.
Buzz AI analysis
From this IPO's filings and market data · educational, not investment advice
Revenue growth FY24 → FY26
-45.3%
Profit growth FY24 → FY26
-25.0%
P/E vs peer median
32.5× vs 44.8×
- PAT margin 53.8% and ROCE 36.2%.
- Priced below its listed-peer median P/E.
Strengths & risks
- Experienced management with strong industry expertise.
- Established track record with successful films and industry relationships.
- Diversified business model through standalone and co-production projects.
- Multiple revenue streams from theatrical, OTT, TV, and music rights.
- Growing digital presence through Sunshine Music and Sunshine Digital.
Buzz score · Neutral
From GMP, subscription and issue size
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding the working capital requirements of the Company | 112.5 |
| General Corporate Purposes | - |
Company & documents
Sunshine Pictures Limited, incorporated in 2007, is a production house engaged in creating, producing, marketing and distributing films, TV serials and web series, along with script development, IP creation and rights monetisation.
The company has produced and distributed notable films including ‘Force’, ‘Commando: A One-Man Army’, ‘Holiday: A Soldier Is Never Off Duty’, ‘Force 2’, ‘Commando 2: The Black Money Trail’ and ‘The Kerala Story’. As of 10 August 2026, it had produced 13 commercial films, 2 web series, 3 TV serials and 1 short commercial film.
The company follows standalone and co-production models, with standalone projects retaining full rights and co-productions helping reduce risk and provide revenue visibility.
The company earns revenue from film production, OTT/web series, TV serials, music rights, and digital platforms, supported by its Sunshine Music and Sunshine Digital verticals.
The company is currently co-producing ‘Hisaab’ with Jio Studios, producing ‘Samuk’, and producing the web series ‘Nanavati vs Nanavati’ for Amazon Seller Services. It also has six films and two web series in its production pipeline.
As of June 2026, Sunshine Pictures had 28 full-time employees across various departments.
Registrar
Company contact
Sunshine Pictures Ltd.
A -102, 1st Floor, Bharat Ark, Azad Nagar, Veera Desai Road, Andheri (W), Mumbai, Maharashtra, 400053
Phone: +91 70390 02911
Book running lead managers
- GYR Capital Advisors Pvt.Ltd.
Promoters
- Vipul Amrutlal Shah
- Shefali Vipul Shah
- Aryaman Vipul Shah
- Maurya Vipul Shah