The Securities and Exchange Board of India (SEBI) has granted approval for the Initial Public Offering (IPO) of Sunshine Pictures Ltd. on June 13, 2025. Following this approval, the company plans to move forward with the IPO launch, subject to prevailing market conditions and receipt of any other necessary approvals. The SEBI approval is valid for a period of 12 months. Sunshine Pictures IPO will be conducted through a Book Building process.
The company’s equity shares are proposed to be listed on both the NSE and BSE. GYR Capital Advisors Pvt. Ltd. has been appointed as the Book Running Lead Manager, while Bigshare Services Pvt. Ltd. will act as the registrar for the issue. Key details, including the IPO opening and closing dates, price band, and lot size, are yet to be finalised and announced.
Sunshine Pictures IPO Objectives
The company intends to deploy the proceeds from the Fresh Issue for the following purposes:
- Meeting Working Capital Requirements
- General Corporate Purposes
It is important to note that the company will not receive any proceeds from the Offer for Sale.
About Sunshine Pictures Limited
Incorporated in 2007, Sunshine Pictures Limited is a leading production company engaged in the creation, development, production, marketing, and distribution of films, TV serials, and web series.
A technology-driven content creator, the company specialises in innovative commercial films, managing the entire value chain from script development to production, intellectual property creation, rights monetisation, and distribution. The company has produced several notable films, including Force, Commando, Holiday, Force 2, Commando 2, and The Kerala Story, combining commercial success with socially relevant storytelling.
To date, Sunshine Pictures has produced ten commercial films (six of which were co-productions), two web series, two TV serials, and one short film. The company is currently co-producing two films with Jio Studios and producing a web series for Doordarshan. Projects are undertaken either as a sole producer or in collaboration with established studios, allowing the company to balance risk and revenue potential, particularly for high-budget productions.
Sunshine Pictures actively engages audiences on social media platforms, including YouTube, Instagram, and Facebook, with a following of 162,960 YouTube subscribers, 9.18 crore views, and 104,500 followers across Instagram and Facebook, generating incremental revenue through content streaming.
As of December 15, 2024, the company has a dedicated team of 28 full-time employees, driving its creative and operational initiatives.
Industry Outlook
- The Indian Media & Entertainment (M&E) sector continues its upward trajectory, growing at a CAGR of around 6% from CY 2019 to CY 2024 and projected to reach ₹3.08 trillion by CY 2026, surpassing pre-pandemic levels.
- Increasing viewership of Indian films, TV shows, and web series has significantly boosted demand for visual effects (VFX), making it a key growth driver and reshaping the industry's creative and production landscape.
- New media, including digital platforms and online gaming, have expanded their share from 20% in 2019 to 37.7% in 2023, while traditional media continues to decline, reflecting a strong consumer shift toward digital-first content consumption.
- Rising demand for on-demand and personalised streaming content has helped Indian studios gain global visibility. International production houses are increasingly outsourcing VFX work to India due to its cost-effective, high-quality services, creating opportunities for India to secure a larger share of the global VFX market.
How To Apply for the Sunshine Pictures IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Sunshine Pictures IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Sunshine Pictures IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Sunshine Pictures IPO
A - 102, 1st Floor, Bharat Ark, Azad Nagar, Veera Desai Road, Andheri (W), Mumbai – 400 053, Maharashtra, India
Phone:+91 70390 02911
E-mail:compliance@sunshinepictures.in
Sunshine Pictures IPO Reservation
| Investor Category | Shares |
| QIB (Qualified Institutional Buyers) | Not more than 50% of the Net Offer |
| Retail Individual Investors (RII) | Not less than 35% of the Net Offer |
| Non-Institutional Investors (NII) | Not less than 15% of the Net Offer |
Key Performance Indicators for Sunshine Pictures IPO
| KPI | Value |
| Debt/Equity | 0.24 |
| RoNW (%) | 75.26 |
| PAT Margin (%) | 39.30 |
Sunshine Pictures IPO Prospectus
Sunshine Pictures IPO Registrar and Lead Managers
Sunshine Pictures IPO Lead Managers
- GYR Capital Advisors Private Limited
Registrar for Sunshine Pictures IPO
Bigshare Services Private Limited
- Contact Number: +91 22-6263 8200
- Email Address: ipo@bigshareonline.com
Financial Performance of Sunshine Pictures Limited
| Particulars | Six Months Ended Sep 30, 2024 | Year ending on March 31, 2024 | Year ending on March 31, 2023 | Year ending on March 31, 2022 |
| Revenue from Operations (in ₹ lakhs) | 3,901.84 | 13,379.80 | 2,650.91 | 8,712.50 |
| EBITDA (in ₹ lakhs) | 777.53 | 7,307.79 | 446.32 | 1,521.10 |
| EBITDA Margin (%) | 19.93 | 54.62 | 16.84 | 17.46 |
| Profit/loss After Tax (in ₹ lakhs) | 456.38 | 5,245.39 | 231.11 | 1,120.07 |
| PAT Margin (%) | 11.70 | 39.20 | 8.72 | 12.86 |
Strengths and Opportunities of Sunshine Pictures Limited
- Backed by industry stalwarts like Vipul Amrutlal Shah and Shefali Shah, combining decades of creative excellence with global recognition.
- A balanced mix of standalone and co-production projects ensures risk mitigation with strong revenue upside.
- Strong capabilities in IP creation and monetisation across sequels, adaptations, music, satellite, OTT, and merchandising.
- Emerging leaders Aryaman and Maurya Shah bring fresh, contemporary insights to drive modern content strategies.
- Rising disposable incomes and increasing cinema penetration in Tier 2 & 3 cities enhance theatrical growth potential.
- Growing international appetite for Indian storytelling opens avenues for global distribution and collaborations.
- High mobile penetration and affordable data enable targeted, data-driven content strategies for digital audiences.
- Opportunity to build a strong creative talent pipeline and position the company as a preferred content powerhouse.
Risks and Threats of Sunshine Pictures Limited
- High reliance on theatrical success makes revenues vulnerable to unpredictable audience preferences.
- Failure of standalone projects can lead to significant financial losses due to the industry’s inherent unpredictability.
- Underdeveloped international distribution and low overseas brand visibility restrict global revenue potential.
- Gaps in advanced tech capabilities (AR/VR, emerging tools) may hinder competitiveness against more technologically advanced studios.
- Faces strong competition from global streamers, agile new entrants, and studios with shorter content cycles.
- Rapid advancements in AI and evolving consumption habits threaten traditional production models.
- Changing content regulations, censorship risks, and complex copyright enforcement can disrupt operations.
- Expanding into multiple territories increases exposure to diverse regulatory frameworks and compliance risks.
