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According to market observers, unlisted shares of Sunshine Pictures Ltd command a grey market premium of Rs 79 per share, indicating a 21.94% potential listing gain for investors.
Sunshine Pictures IPO Day 3.
Sunshine Pictures IPO Day 2: The initial public offering (IPO) of film and television producer-director Vipul Shah-promoted Sunshine Pictures Ltd is witnessing its final day of bidding today, August 20. As of 2:55 pm on August 20 (Day 3), the public issue has been subscribed 76.78 times. The Rs 282.14-crore IPO, which opened for subscription on August 18, will close today at 5 pm.
The company’s shares are proposed to be listed on both the BSE and the NSE on August 25.
According to NSE data, the IPO received bids for 42,12,20,552 shares against 54,86,051 shares on offer, translating into an overall subscription of 76.78 times till 2:55 pm.
The QIB portion was subscribed a muted 55.25 times, while the retail investor category was booked 48.41 times. The NII category received a subscription of 171.69 times. Within the NII segment, the small NII (sNII) portion was subscribed 169.76 times, while the big NII (bNII) category was subscribed 172.66 times.
Sunshine Pictures IPO Price Band and Lot Size
Sunshine Pictures has fixed the IPO price band at Rs 342-360 per share. Investors can apply for a minimum of one lot comprising 41 shares, requiring a minimum investment of Rs 14,760 at the upper end of the price band.
The public issue consists of a fresh issue of equity shares worth Rs 172.8 crore and an offer for sale (OFS) of Rs 109.34 crore by existing shareholders, taking the total issue size to Rs 282.14 crore.
Sunshine Pictures IPO GMP Today
According to market observers, unlisted shares of Sunshine Pictures Ltd were commanding a grey market premium (GMP) of Rs 79 per share on Wednesday.
Based on the upper price band of Rs 360, the GMP indicates a potential listing price of around Rs 439 per share, which is a 21.94 per cent listing gain. However, investors should note that the grey market is unofficial and GMP keeps changing based on investor sentiments.
Sunshine Pictures IPO: Should You Apply?
Brokerage views on the Sunshine Pictures IPO remain mixed, with concerns over the unpredictability of film projects.
In its IPO note, SBI Securities has advised investors to avoid the issue, citing the company’s inconsistent financial performance and the inherent uncertainty associated with the success of film projects. The brokerage noted that the company reported negative revenue, EBITDA and PAT CAGRs of 25.4%, 8.6% and 13.4%, respectively, between FY24 and FY26. It also flagged the company’s working capital requirements and dependence on audience response and box-office performance.
At the upper price band of Rs 360 per share, SBI Securities said the IPO is valued at a FY26 price-to-earnings multiple of 27.8x on a post-issue capital basis.
On the other hand, Master Capital Services has a more positive view, pointing to the broader growth potential of India’s media and entertainment sector. The brokerage expects the industry to grow at around 6% annually to reach approximately Rs 3.30 lakh crore by 2028, compared with Rs 2.78 lakh crore in 2025.
Master Capital Services said Sunshine Pictures could benefit from rising content consumption and the shift towards digital-first entertainment. Its established content portfolio, relationships with studios and creative professionals, Sunshine Music and Sunshine Digital (Originals) businesses, along with a pipeline of six films and two web series, could support future growth.
Sunshine Pictures IPO: Key Details
The IPO comprises a fresh issue of 48 lakh equity shares and an offer-for-sale (OFS) of 30.37 lakh equity shares, taking the total offer size to 78.37 lakh shares. The company’s IPO price band has been fixed at Rs 342-360 per share. The three-day issue will conclude on August 20.
Sunshine Pictures Ltd on Monday mobilised Rs 84.64 crore from nine anchor investors.
Promoters Vipul Amrutlal Shah and Shefali Vipul Shah will sell shares through the OFS. Vipul Shah will offload 20.31 lakh shares, while Shefali Shah will sell 10.06 lakh shares.
The company plans to utilise up to Rs 112.50 crore from the fresh issue to meet its long-term working capital requirements, with the remaining proceeds earmarked for general corporate purposes.
The proposed listing is expected to enhance Sunshine Pictures’ visibility, strengthen its brand image and create a public market for its equity shares in India.
At the upper end of the price band, Sunshine Pictures is valued at an implied post-issue market capitalisation of around Rs 1,121 crore, while the valuation stands at about Rs 1,065 crore at the lower end.
Sunshine Pictures is engaged in originating, creating, developing, producing, marketing, and distributing films and web series.
Key Questions Answered
Ask News18The main risks of investing in film production companies include inconsistent financial performance and the inherent uncertainty associated with the success of film projects.
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August 20, 2026, 3:03 pm IST
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