Summary
Sunshine Pictures IPO is a ₹282.14 crore mainboard issue, comprising a fresh issue of ₹172.80 crore and an offer for sale of ₹109.34 crore.
The IPO opens on 18 August 2026 and closes on 20 August, with a price band of ₹342 to ₹360 and a lot size of 41 shares.
Sunshine Pictures reported FY2026 revenue of ₹74.44 crore and profit of ₹40.02 crore, with a debt equity ratio of 0.06.
The company plans to use up to ₹112.50 crore for working capital, while key risks include customer concentration, project-based revenue and audience acceptance.
Sunshine Pictures IPO has a face value of ₹10 per share, with a book-built issue of up to ₹282.14 crore. The issue comprises a fresh issue of up to ₹172.80 crore and an offer for sale of up to ₹109.34 crore. Bidding opens on 18 August 2026 and closes on 20 August 2026. The basis of allotment is expected to be finalised on 21 August, while the shares are tentatively scheduled to list on BSE and NSE on 25 August 2026.
Sunshine Pictures has set a price band of ₹342 to ₹360. With 41 shares in one lot, a retail bid at the upper price starts at ₹14,760.
For sNII investors, the minimum moves up to 14 lots, or 574 shares, costing ₹2,06,640. The bNII threshold begins at 68 lots, equal to 2,788 shares and an investment of ₹10,03,680.
Sunshine Pictures IPO Details
The table below provides the key details of the Sunshine Pictures IPO.
| Particulars | Details |
| IPO Open Date | 18 August 2026 |
| Close Date | 20 August 2026 |
| Face value | ₹10 per share |
| Price Band | ₹342 to ₹360 per share |
| Issue price | To be finalised |
| IPO Lot Size | 41 shares |
| Offer for sale | Up to 30,37,157 shares, aggregating up to ₹109.34 crore |
| Fresh issue | Up to 48,00,034 shares, aggregating up to ₹172.80 crore |
| Issue Type | 100% Book Built Offer |
| Listing at | BSE, NSE |
| Total Issue Size (₹ Crore) | Up to ₹282.14 crore |
| Minimum Investment | ₹14,760 for 41 shares at the upper price band |
Sunshine Pictures IPO Timeline
The table below provides the key dates for the Sunshine Pictures IPO.
| IPO Open Date | 18 August 2026 |
| IPO Close Date | 20 August 2026 |
| Tentative Allotment | 21 August 2026 |
| Initiation of Refunds | 24 August 2026 |
| Credit of Shares to Demat | 24 August 2026 |
| Tentative Listing Date | 25 August 2026 |
| Cut-off time for UPI mandate confirmation | 5:00 PM on 20 August 2026 |
Sunshine Pictures Key Performance Indicators (KPI)
The table below presents the key performance indicators of Sunshine Pictures for the last three financial years.
| KPIs | FY 2025-26 | FY 2024-25 | FY 2023-24 |
| ROE (%) | 31.99 | 39.24 | 108.99 |
| ROCE (%) | 36.20 | 41.23 | 82.08 |
| Debt Equity (times) | 0.06 | 0.11 | 0.24 |
| RoNW (%) | 27.58 | 32.80 | 75.57 |
| PAT Margin (%) | 53.77 | 33.35 | 39.87 |
| EBITDA Margin (%) | 78.65 | 49.12 | 55.29 |
| Price Book Value (times) | – | – | – |
Sunshine Pictures Financials
The table below presents the financial performance of Sunshine Pictures for the last three financial years.
| (₹ crore) | FY 2025-26 | FY 2024-25 | FY 2023-24 |
| Revenue from Operations | 74.44 | 103.33 | 133.80 |
| Total Assets | 179.64 | 131.28 | 97.38 |
| Profit | 40.02 | 34.46 | 53.35 |
Sunshine Pictures IPO Subscription Status
Subscription Details Not Yet Available
Sunshine Pictures IPO subscription data is not available yet because bidding is scheduled to open on 18 August 2026. The issue will remain open until 20 August 2026.
Bidding is open from 10:00 AM to 5:00 PM on public issue days.
Sunshine Pictures IPO Grey Market Premium
As of 12 August 2026, Sunshine Pictures IPO has no grey market premium, with GMP at ₹0. Based on this, the indicated listing price is ₹360, the same as the upper end of the price band.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend | Last Updated |
| 12 August 2026 | ₹0 | ₹360 | 0.00% | No change | 12 Aug 2026, 09:55 AM |
| 11 August 2026 | Not quoted | – | – | – | 11 Aug 2026, 06:43 PM |
Note: GMP (Grey Market Premium) values come from the unofficial grey market and can change quickly based on demand, subscription levels and market sentiment. GMP does not guarantee the actual listing price or listing return.
Sunshine Pictures IPO Reservation
The table below shows the category-wise reservation for the Sunshine Pictures IPO.
| Investor Category | Shares Offered |
| Market Maker Shares Offered | Not applicable |
| QIB Shares Offered | Not more than 50% of the Net Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| Total Shares Offered | Up to 78,37,191 equity shares |
Sunshine Pictures IPO Lot Size
The table below shows the lot size and investment requirements for different investor categories.
| Investor Category | Lots | Shares | Investment at ₹360 |
| Individual Investors (Retail) (Min) | 1 | 41 | ₹14,760 |
| Individual Investors (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 |
Sunshine Pictures IPO Anchor Investors
Sunshine Pictures has not announced its anchor investor allocation yet. Anchor bidding is set for 17 August 2026, with the investor list and amount raised expected after the allocation is finalised.
Sunshine Pictures IPO Prospectus
For more information on the issue, please go through the documents mentioned below.
About Sunshine Pictures
Sunshine Pictures is involved in developing, producing, marketing and distributing entertainment content. Its portfolio covers films, television serials, web series, music and digital originals.
| Founded in | 2007 |
| Managing Director | Vipul Amrutlal Shah, Chairman and Managing Director |
The company has produced 13 commercial films, including seven co-productions and six self-produced films. It has also produced two web series, three TV serials and one short commercial film as of the RHP date.
Its projects include Force, Holiday, the Commando series, Human and The Kerala Story. Sunshine Pictures has also added Sunshine Music and Sunshine Digital (Originals) to expand into music and digital content.
The table below lists the key intermediaries associated with the IPO.
| Book running lead manager | GYR Capital Advisors Private Limited |
| Registrar of the issue | Bigshare Services Private Limited |
Sunshine Pictures IPO Objectives
The fresh issue proceeds are proposed to be used for the following purposes:
| Purpose | Details |
| Working capital requirements | Up to ₹112.50 crore will be used to meet the company’s working capital needs during FY2027. |
| General corporate purposes | The remaining net proceeds. The amount will be finalised after the offer price is determined and cannot individually exceed 25% of the gross proceeds. |
Strengths of Sunshine Pictures
- Experienced management: Chairman and Managing Director Vipul Amrutlal Shah has more than 25 years of experience in the media and entertainment industry. The company is also supported by senior professionals across production, distribution and operations.
- Established industry relationships: Sunshine Pictures has operated since 2007 and has worked on self-produced and co-produced projects. Its industry network provides access to studios, distributors and creative professionals across different content formats.
- Multiple ways to monetise content: The company earns from films and audio-visual content across theatrical, OTT, satellite and music rights. Its mix of standalone productions and co-productions also allows it to spread project-related risks.
Risks of Sunshine Pictures
- Audience acceptance: Revenue depends heavily on whether films, web series and television content connect with audiences. Poor response to a project can affect the recovery of production and marketing costs.
- Customer concentration: The top five customers accounted for 74.81% of revenue from operations in FY2026. Losing a major studio or distributor could affect revenue, cash flow and operations.
- High working capital needs: Net working capital requirements reached ₹126.46 crore in FY2026. Delayed customer payments or difficulty obtaining funding could put pressure on cash flows.
- Uneven revenue between projects: The business is project-based, so revenue can change significantly depending on release schedules and the commercial performance of individual films or OTT projects.
Sunshine Pictures IPO Review
Sunshine Pictures’ portfolio includes The Kerala Story, Commando and Holiday, giving the company a visible track record in commercial film production. Its FY2026 numbers also show a 53.77% PAT margin, while the DE ratio was 0.06.
However, revenue from operations has declined over the last two reported years, while the project-based nature of the business can make earnings uneven. Customer concentration is another concern, as the top five customers contributed 74.81% of FY2026 revenue.
Investors may therefore need to weigh the company’s profitability and low leverage against revenue volatility, customer concentration and the risks linked to audience acceptance.
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Sunshine Pictures IPO FAQs
Sunshine Pictures IPO is a mainboard book-built issue of up to ₹282.14 crore. The price band is ₹342 to ₹360 per share, with shares proposed to list on BSE and NSE.
You can apply for the Sunshine Pictures IPO through your broker’s IPO section or through your bank using ASBA. Enter the bid details and approve the blocked amount through UPI, where that payment option is available.
Sunshine Pictures has remained profitable and carries relatively low debt, but revenue has declined in recent years. Its project-based business, customer concentration and dependence on audience response also add risk. Investors should consider these factors alongside the IPO valuation before applying.
Sunshine Pictures IPO does not offer any fixed or guaranteed return. As of 12 August 2026, the GMP is ₹0, indicating no grey-market premium over the upper issue price of ₹360, but GMP can change and does not guarantee the listing price.
Sunshine Pictures IPO will open for bidding on 18 August 2026 and close on 20 August 2026.
The lot size is 41 shares. At the upper price of ₹360, the minimum retail investment for one lot is ₹14,760.
Investors can apply through the IPO section of a registered broker or through their bank using ASBA. A retail application starts from one lot of 41 shares.
The basis of allotment is tentatively scheduled to be finalised on 21 August 2026. Refunds and the credit of shares to demat accounts are scheduled for 24 August 2026.
Sunshine Pictures shares are tentatively scheduled to list on BSE and NSE on 25 August 2026.
