Sunshine Pictures Ltd IPO
Status: Closed
Overview
IPO date
18 Aug 2026 to 20 Aug 2026
Face value
₹ 10 per share
Price
₹ 342 to ₹360 per share
Issue Size
7,837,191 shares
(aggregating up to ₹ 282.14 Cr)
(aggregating up to ₹ 282.14 Cr)
Allotment Date
21 Aug 2026
Listing at
NSE
Issue type
Book Building
Sector
Entertainment
Unlock Stock of the Month
T&C*
Strengths vs Risks of Sunshine Pictures Ltd
Know the pros & cons
Strengths
- Experienced Promoters supported by senior management team.
- Establishes Track Record and long-standing relationships in the industry.
- Differentiated and Robust Business Model.
Risks
- 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.
- 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.
- 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.
- 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.
- Some viewers or civil society organisations may find the company's film content objectionable.
- The company has in past entered into related party transactions and its may continue to do so in the future.
- 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.
- 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.
- 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.
- The company does not own the hardware or equipment required for its content production.
- 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.
- The average cost of acquisition of Equity Shares by the company's Promoters could be lower than the floor price.
- 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.
- 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.
- The Company and its Promoters Directors are involved in litigation proceedings that may have a material adverse outcome.
- The company may has certain contingent liabilities, and its financial condition and profitability may be adversely affected if any of these contingent liabilities materialize.
- 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.
- The company has a limited global market penetration and its operations are concentrated to India.
- The company does not own the premises of its Registered Office and storage facility.
- The company's business model is project-based and its revenue streams are inherently volatile, which may adversely affect the company's financial performance.
- 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.
- 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.
- 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.
- 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.
- Inability to successfully compete for audiences with films released by other producers and distributors, and with other consumer leisure and entertainment activities.
- The company's films are required to be certified by the Central Board of Film Certification.
- Piracy of the company's content may adversely impact its revenues and 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.
- 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.
- 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.
- TRP Ratings may affect the time slot as well as the extension of the television serial produced by the company.
- The company's growth and launch of new businesses within the industry in which its operates may strain the company's resources.
- The company cannot be certain that its services and products does not infringe upon the intellectual property rights of third parties.
- Intensified competition may result in content price escalation which may restrict the company's ability to access content and/or talent.
- 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.
- The company's ability to remain competitive may be adversely affected by rapid technological changes and its ability to access such technology.
- The company's production budgets is subject to escalation which may adversely impact its business, results of operations, financial condition and cash flows.
- The company may not be paid the full amount of box office revenues to which the company is entitled.
- The company could be adversely affected by strikes or other union job actions.
- 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.
- The company's Co-production agreement with reputed studios may contain restrictive clauses which may restrict its rights to an extent.
- 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.
- The Book Running Lead Manager to this Offer has limited experience in managing public issues on the Main Board of stock exchanges.
- The company's funding requirements and the deployment of Net Proceeds are based on management estimates and have not been independently appraised.
- 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.
- 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.
- 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.
- 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.
- The success of the company's Projects, to an extent also depends upon reviews.
- 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.
- 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.
- The company's Promoters has provided personal guarantee for its borrowings to secure the company's credit facilities.
- The Company will not receive any proceeds from the Offer for Sale.
- The company's Promoter Directors is interested in the Company, in addition to regular remuneration or benefits and reimbursement of expenses.
- If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected.
- 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.
- 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.
- The company does not have adequate documents evidencing the past work experience of one of its Independent Director, Paresh Ganatra.
- 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.
- 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.
- 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.
- 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.
- Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
- 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.
- 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.
Sunshine Pictures Ltd Peer Comparison
Understand the company’s industry standing
Sunshine Pictures Ltd
Panorama Studios International Ltd
Baweja Studios Limited
Face Value
10
2
10
Standalone / Consolidated
Standalone
Consolidated
Consolidated
Total Income Rs. Cr.
76.2749
317.3515
69.5101
EPS-Basis
15.19
0.6
3.29
EPS-Diluted
15.19
0.6
3.29
NAV Per Share
55.08
8.47
59.73
P/E-Basic EPS
---
81.00
8.68
P/E-Diluted EPS
---
---
---
RONW(%)
27.58
7.1
5.52
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
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Enter details- PAN, Application number or DP client ID
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The IPO opens on 18 Aug 2026 & closes on 20 Aug 2026.
Sunshine Pictures Limited was originally incorporated as Energetic Films Private Limited', a Private Limited Company dated July 14, 2007, with Registrar of Companies, Mumbai, Maharashtra. Subsequently, Company changed its name from Energetic Films Private Limited' to Sunshine Pictures Private Limited' dated March 15, 2010. Subsequently, Company has been converted into a Public Limited Company and a fresh Certificate of incorporation dated September 27, 2024 has been issued by the Registrar of Companies, Central Processing Centre, recording the change in the name of Company to Sunshine Pictures Limited'.
Incorporated in year 2007, Company is a production-house engaged in the business of originating, creating, developing, producing, marketing and distribution of films, TV serials and web series projects. Since the incorporation, Company has produced various prominent works in modern Indian cinema. The Company is primarily engaged in the business of business of production of films and TV shows.
The debut production Force', under the banner was a box office hit. Since then, it has produced and distributed prominent, commercial and socially relevant films such as Commando: A One-Man Army', Holiday: A soldier is never off duty', Force 2', Commando 2: The black money trail', The Kerala Story', etc. The productions such as Force', Holiday: A soldier is never off duty', Human (web series)' and The Kerala Story' and their respective cast have bagged various awards such as the Filmfare Award, the International Indian Film Academy award, the Stardust Awards, the Global Film Award, the Apsara Film Producers Guild Awards, the BIG Star Entertainment Awards, India, the Indian Telly Streaming Awards, the Bollywood Life Awards, the Dadasaheb Phalke Film Foundation Awards, the Iconic Gold Awards, the Zee Cine Awards, etc. The production, The Kerala Story' emerged as the highest return-on-investment blockbuster in 2023, reflecting the company's ability to balance commercial appeal with critical acclaim.
The Company engage in the production of their Projects, as sole producer or co-producer with reputable studios. Apart from these, Company has produced: (i) 10 commercial films out of which 6 are co-produced with reputable studios; (ii) 2 web series; (iii) 2 TV serial; and (iv) 1 short commercial film. Further, it has 8 films and 2 web series in the pipeline for production.
Company is planning an Initial Public Offering aggregating to 83,75,000 Equity Shares comprising a fresh issue of 50,00,000 Equity Shares and 33,75,000 Equity Shares through offer for sale.
Sunshine Pictures Ltd IPO will close on 20 Aug 2026.
- Experienced Promoters supported by senior management team.
- Establishes Track Record and long-standing relationships in the industry.
- Differentiated and Robust Business Model.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Vipul Amrutlal Shah | 7654994 | 29.05 | 5623606 | 18.05 |
| 2 | Shefali Vipul Shah | 6587134 | 25 | 5581365 | 17.92 |
| 3 | Aryaman Vipul Shah | 6051920 | 22.97 | 6051920 | 19.43 |
| 4 | Maurya Vipul Shah | 6051920 | 22.97 | 6051920 | 19.43 |
| 5 | Anila Amruatlal Shah | 214 | --- | 214 | --- |
| 6 | Sudharkar Shetty | 214 | --- | 214 | --- |
| 7 | Shobha Shetty | 214 | --- | 214 | --- |
| 8 | MAVS Trust | 2140 | --- | 2140 | --- |
- 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.
- 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.
- 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.
- 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.
- Some viewers or civil society organisations may find the company's film content objectionable.
- The company has in past entered into related party transactions and its may continue to do so in the future.
- 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.
- 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.
- 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.
- The company does not own the hardware or equipment required for its content production.
- 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.
- The average cost of acquisition of Equity Shares by the company's Promoters could be lower than the floor price.
- 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.
- 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.
- The Company and its Promoters Directors are involved in litigation proceedings that may have a material adverse outcome.
- The company may has certain contingent liabilities, and its financial condition and profitability may be adversely affected if any of these contingent liabilities materialize.
- 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.
- The company has a limited global market penetration and its operations are concentrated to India.
- The company does not own the premises of its Registered Office and storage facility.
- The company's business model is project-based and its revenue streams are inherently volatile, which may adversely affect the company's financial performance.
- 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.
- 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.
- 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.
- 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.
- Inability to successfully compete for audiences with films released by other producers and distributors, and with other consumer leisure and entertainment activities.
- The company's films are required to be certified by the Central Board of Film Certification.
- Piracy of the company's content may adversely impact its revenues and 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.
- 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.
- 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.
- TRP Ratings may affect the time slot as well as the extension of the television serial produced by the company.
- The company's growth and launch of new businesses within the industry in which its operates may strain the company's resources.
- The company cannot be certain that its services and products does not infringe upon the intellectual property rights of third parties.
- Intensified competition may result in content price escalation which may restrict the company's ability to access content and/or talent.
- 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.
- The company's ability to remain competitive may be adversely affected by rapid technological changes and its ability to access such technology.
- The company's production budgets is subject to escalation which may adversely impact its business, results of operations, financial condition and cash flows.
- The company may not be paid the full amount of box office revenues to which the company is entitled.
- The company could be adversely affected by strikes or other union job actions.
- 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.
- The company's Co-production agreement with reputed studios may contain restrictive clauses which may restrict its rights to an extent.
- 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.
- The Book Running Lead Manager to this Offer has limited experience in managing public issues on the Main Board of stock exchanges.
- The company's funding requirements and the deployment of Net Proceeds are based on management estimates and have not been independently appraised.
- 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.
- 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.
- 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.
- 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.
- The success of the company's Projects, to an extent also depends upon reviews.
- 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.
- 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.
- The company's Promoters has provided personal guarantee for its borrowings to secure the company's credit facilities.
- The Company will not receive any proceeds from the Offer for Sale.
- The company's Promoter Directors is interested in the Company, in addition to regular remuneration or benefits and reimbursement of expenses.
- If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected.
- 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.
- 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.
- The company does not have adequate documents evidencing the past work experience of one of its Independent Director, Paresh Ganatra.
- 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.
- 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.
- 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.
- 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.
- Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
- 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.
- 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.
The Issue type of Sunshine Pictures Ltd is Book Building.
The minimum application for shares of Sunshine Pictures Ltd is 41.
The total shares issue of Sunshine Pictures Ltd is 7837191.
Initial public offering of 78,37,191 equity shares of face value of Rs. 10 each ("Equity Shares") of Sunshine Pictures Limited ("the Company" or the "Issuer") for cash at a price of Rs. 360 per equity share (Including a Securities Premium of Rs. 350 per Equity Share) ("Offer Price") aggregating Rs. 282.14 Crores comprising a fresh issue of 48,00,034 equity shares of face value of Rs. 10 each aggregating Rs. 172.8 Crores by the company ("Fresh Issue") and an offer for sale of 30,37,157 equity shares of face value of Rs. 10 each aggregating Rs. 109.34 Crores ("Offered Shares") by the selling shareholders, comprising 20,31,388 equity shares of face value of Rs. 10 each aggregating Rs. 73.13 Crores by Vipul Amrutlal Shah and 10,05,769 equity shares of face value of Rs. 10 each aggregating Rs. 36.21 Crores by Shefali Vipul Shah (Collectively the "Selling Shareholders" or "Promoter Selling Shareholders"), ("Offer for Sale", together with the fresh issue, the "Offer"). The offer will constitute 25.16% of the company post-offer paid-up equity share capital.
Price Band: Rs. 360 per equity share bearing face value of Rs.10 each.
The floor price is 36.0 times of the face value of the equity shares.
Bids can be made for a minimum of 41 equity shares of face value of Rs. 10 each and in multiples of 41 equity shares of face value of Rs. 10 each thereafter.