Sunshine Pictures IPO
Sunshine Pictures LtdMainboard
This IPO has listed.
- Open date
- 18 Aug 2026
- Close date
- 20 Aug 2026
- Min. Investment
- ₹14,760
- Lot Size
- -
- Fresh Issue
- ₹172.80 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers123.52x
- Non-Institutional Investors197.04x
- Retail-Individual Investors56.60x
- Total105.81x
Schedule
- Completed: IPO open date18 Aug 2026
- Completed: IPO close date20 Aug 2026
- Completed: Allotment date21 Aug 2026
- Completed: Funds unblock or debit24 Aug 2026
- Completed: Tentative listing date25 Aug 2026
About
Promoter shareholding in Sunshine Pictures Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Vipul Amrutlal Shah | 76,54,994 | 29.05% | 56,23,606 | 18.05% |
| Shefali Vipul Shah | 65,87,134 | 25.00% | 55,81,365 | 17.92% |
| Aryaman Vipul Shah | 60,51,920 | 22.97% | 60,51,920 | 19.43% |
| Maurya Vipul Shah | 60,51,920 | 22.97% | 60,51,920 | 19.43% |
| Anila Amruatlal Shah | 214 | 0.00% | 214 | 0.00% |
| Sudharkar Shetty | 214 | 0.00% | 214 | 0.00% |
| Shobha Shetty | 214 | 0.00% | 214 | 0.00% |
| MAVS Trust | 2,140 | 0.00% | 2,140 | 0.00% |
Financials of Sunshine Pictures IPO
| Key Performance Indicators | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 26.51 | 133.80 | 103.33 |
| Total Expenses | 23.79 | 68.40 | 59.58 |
| Profit Before Tax | - | - | - |
| Total Profit | 2.31 | 53.35 | 34.46 |
Sunshine Pictures IPO Strengths & Risks
- Experienced Promoters supported by senior management team.
- Establishes Track Record and long-standing relationships in the industry.
- Differentiated and Robust Business Model.
- Risks Relating to the Business: The company's success is primarily dependent on audience acceptance of its film, web series and TV serials, which is extremely difficult to predict and therefore inherently risky.
- Risks Relating to the Business: The company is dependent on the Indian box office success of its films from which a significant portion of the company's revenue is derived and its ability to exploit and monetize the company's project is limited to the rights that its retain or own.
- Risks Relating to the Business: The company's Promoters and members of the Promoter Group will continue jointly to retain majority control over the Company after the Offer, which will allow them to determine the outcome of matters submitted to shareholders for approval.
- Risks Relating to the Business: The company derives the majority of its revenue from the company's top 5 customers i.e., the Studios and independent distributors. Any loss of these customers or loss of revenue from any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flow.
- Risks Relating to the Business: Some viewers or civil society organisations may find the company's film content objectionable.
- Risks Relating to the Business: The company has in past entered into related party transactions and its may continue to do so in the future.
- Risks Relating to the Business: The company's ability to successfully complete its own productions, to enter into co-productions and to acquires content depends on its ability to maintain cordial relationships with creative talent and other industry participants.
- Risks Relating to the Business: The company has sustained negative cash flows from operating activities in the past and may experience earnings declines or operating losses or negative cash flows from operating activities in the future.
- Risks Relating to the Business: The company's business is working capital intensive. If the company experiences insufficient cash flows to enable it to make required payments on its debt or fund working capital requirements, there may be an adverse effect on the company's results of operations.
- Risks Relating to the Business: The company does not own the hardware or equipment required for its content production.
- Risks Relating to the Business: Delays, cost overruns, cancellation or abandonment of the completion or release of films, web series or television serial may have an adverse effect on the company's business.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by the company's Promoters could be lower than the floor price.
- Risks Relating to the Business: The company's Promoter, Vipul Amrutlal Shah, holds interest in the company's Promoter Group entity which is authorised to undertake business activities which are similar to the business conducted by the Company.
- Risks Relating to the Business: The company may not be able to collect receivables due from its clients, in a timely manner, or at all, which may adversely affect the company's business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The Company and its Promoters Directors are involved in litigation proceedings that may have a material adverse outcome.
- Risks Relating to the Business: The company may has certain contingent liabilities, and its financial condition and profitability may be adversely affected if any of these contingent liabilities materialize.
- Risks Relating to the Business: The company's Promoters will retain majority shareholding and control over the Company post Offer and therefore exercise significant control over the Company, including its Board, and its may faces challenges in managing and executing the company's growth strategies, which may adversely affect its business, financial condition, results of operations and future prospects.
- Risks Relating to the Business: The company has a limited global market penetration and its operations are concentrated to India.
- Risks Relating to the Business: The company does not own the premises of its Registered Office and storage facility.
- Risks Relating to the Business: The company's business model is project-based and its revenue streams are inherently volatile, which may adversely affect the company's financial performance.
- Risks Relating to the Business: The company has taken on lease the premises used as its Registered Office from the company's Promoter, and any adverse changes to the terms of such lease arrangement could disrupt its operations and adversely affect the company's business.
- Risks Relating to the Business: Any future bonus issuances of Equity Shares are dependent upon adequate availability of reserves. However, investors should not place any reliance on the Company making bonus share issuances in the future or issuing bonus shares in large ratios.
- Risks Relating to the Business: The company is subject to restrictive covenants under its financing agreements that could limit the company's flexibility in managing its business or to use cash or other assets.
- Risks Relating to the Business: The company has entered into certain credit facilities that are repayable on demand. Any unexpected demand for repayment of such facilities by the lenders may adversely affect its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Inability to successfully compete for audiences with films released by other producers and distributors, and with other consumer leisure and entertainment activities.
- Risks Relating to the Business: The company's films are required to be certified by the Central Board of Film Certification.
- Risks Relating to the Business: Piracy of the company's content may adversely impact its revenues and business.
- Risks Relating to the Business: The Offer price of the company's Equity Shares may not be indicative of the market price of its Equity Shares after the Offer and the market price of the company's Equity Shares may decline below the Offer Price and you may not be able to sell your Equity Shares at or above the Offer Price.
- Risks Relating to the Business: The company is dependent on its Promoters and senior management and also on availability of experienced third-party heads of department for the company's projects. Any loss of, or its inability to attract or retain such persons could adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: There may have been certain instances where the company has not filed certain forms in the past in compliance with certain statutory provisions of the Companies Act 1956/2023 which have resulted into non-compliances. Consequently, the company may be subject to regulatory actions and penalties.
- Risks Relating to the Business: TRP Ratings may affect the time slot as well as the extension of the television serial produced by the company.
- Risks Relating to the Business: The company's growth and launch of new businesses within the industry in which its operates may strain the company's resources.
- Risks Relating to the Business: The company cannot be certain that its services and products does not infringe upon the intellectual property rights of third parties.
- Risks Relating to the Business: Intensified competition may result in content price escalation which may restrict the company's ability to access content and/or talent.
- Risks Relating to the Business: The company's insurance policies may not be adequate to cover all losses incurred in the company's business. An inability to maintain adequate insurance cover to protect it from material adverse incidents in connection with the company's business may adversely affect its operations and profitability.
- Risks Relating to the Business: The company's ability to remain competitive may be adversely affected by rapid technological changes and its ability to access such technology.
- Risks Relating to the Business: The company's production budgets is subject to escalation which may adversely impact its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company may not be paid the full amount of box office revenues to which the company is entitled.
- Risks Relating to the Business: The company could be adversely affected by strikes or other union job actions.
- Risks Relating to the Business: The company's financial position and results of operations fluctuate from period-to-period due factors such as commercial success or failures of film during such period and may not be indicative of results for future periods.
- Risks Relating to the Business: The company's Co-production agreement with reputed studios may contain restrictive clauses which may restrict its rights to an extent.
- Risks Relating to the Business: The company is required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals to operate the company's business, and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could result in an adverse effect on its results of operations.
- Risks Relating to the Business: The Book Running Lead Manager to this Offer has limited experience in managing public issues on the Main Board of stock exchanges.
- Risks Relating to the Business: The company's funding requirements and the deployment of Net Proceeds are based on management estimates and have not been independently appraised.
- Risks Relating to the Business: Any variation in the utilisation of Net Proceeds of the Fresh Issue as disclosed in this Red Herring Prospectus shall be subject to compliance requirements, including prior shareholders' approval.
- Risks Relating to the Business: The company's operations may be adversely affected in case of accidents and similar risks at its shooting sites, which could expose it to material liabilities, loss in revenues and increased expenses.
- Risks Relating to the Business: Certain sections of this Red Herring Prospectus disclose information from the D&B Report which have been commissioned and paid for by the company exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- Risks Relating to the Business: Any delay in payment of statutory dues or non-payment of statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on the company's financial condition and cash flows.
- Risks Relating to the Business: The success of the company's Projects, to an extent also depends upon reviews.
- Risks Relating to the Business: Employee misconduct, errors or fraud could expose the company to business risks or losses that could adversely affect business prospects, results of operations and financial condition.
- Risks Relating to the Business: The company may not be able to successfully manage the growth of its operations and execute the company's growth strategies which may have an adverse effect on the company's business, financial condition, results of operations and future prospects.
- Risks Relating to the Business: The company's Promoters has provided personal guarantee for its borrowings to secure the company's credit facilities.
- Risks Relating to the Business: The Company will not receive any proceeds from the Offer for Sale.
- Risks Relating to the Business: The company's Promoter Directors is interested in the Company, in addition to regular remuneration or benefits and reimbursement of expenses.
- Risks Relating to the Business: If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected.
- Risks Relating to the Business: The company has declared dividends during the Fiscal 2024 whereas not declared in Fiscal 2025. Its ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements and capital expenditures there is no assurance that the company would have sufficient profitability and cash flow to pay dividends to the Shareholders.
- Risks Relating to the Business: There are entities in India using the name "Sunshine" that are unrelated to the Company. Any failures to differentiate between the company and other unrelated entities by third parties may have an adverse effect on its business.
- Risks Relating to the Business: The company does not have adequate documents evidencing the past work experience of one of its Independent Director, Paresh Ganatra.
- Risks Relating to the Business: Subsequent to the listing of the Equity Shares, the company may be subject to surveillance measures, such as the Additional Surveillance Measures and the Graded Surveillance Measures by the Stock Exchanges in order to enhance the integrity of the market and safeguard the interest of investors.
- Risks Relating to the Business: The Equity Shares have never been publicly traded, and, after the Offer, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Offer Price, or at all.
- Risks Relating to the Business: Any future issuance of Equity Shares, or convertible securities or other equity linked securities by the Company may dilute your shareholding and any sale of Equity Shares by its Promoters or members of the company's Promoter Group may adversely affect the trading price of the Equity Shares.
- Risks Relating to the Business: Fluctuation in the exchange rate between the Indian Rupee and foreign currencies may have an adverse effect on the value of the company's Equity Shares, independent of its operating results.
- Risks Relating to the Business: Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
- Risks Relating to the Business: QIB and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
- Risks Relating to the Business: The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the India industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
