Sunshine Pictures IPO

Sunshine Pictures IPO is a book-built issue worth ₹282.14 crore. The issue includes a fresh issue of 0.48 crore shares worth ₹172.80 crore and an offer for sale (OFS) of 0.30 crore shares worth ₹109.34 crore. 

The IPO will open for subscription on August 18, 2026, and close on August 20, 2026. The allotment is expected to be finalised on August 21, 2026, while the shares are likely to be listed on NSE and BSE on August 25, 2026. 

The price band has been fixed at ₹342 to ₹360 per share, with a lot size of 41 shares. At the upper price band, retail investors will need to invest a minimum of ₹14,760 for one lot. 

GYR Capital Advisors Pvt. Ltd. is the book-running lead manager, while Bigshare Services Pvt. Ltd. is the registrar for the issue.

About Sunshine Pictures

Established in 2007, Sunshine Pictures Limited operates in the entertainment industry, with a focus on creating and delivering content across films, television and digital platforms. Its operations cover multiple stages of the content lifecycle, including developing scripts, producing projects, creating intellectual property, monetising content rights and distributing finished productions. The company has been associated with films such as Force, Commando, Holiday, Force 2, Commando 2 and The Kerala Story. Its portfolio includes 10 commercial films, two web series, two television serials and a short film. It is also working on two films with Jio Studios and a web series for Doordarshan. 

The company uses both independent production and co-production arrangements, giving it flexibility in managing project costs and risks. Co-producing larger projects can help share financial exposure, while standalone productions offer greater control over potential returns. Sunshine Pictures also uses digital platforms to reach audiences and monetise its content. Its online presence includes YouTube, Instagram and Facebook, with around 1.63 lakh YouTube subscribers and 9.18 crore views. As of June 30, 2026, the company had 28 full-time employees.

Industry Outlook

Sunshine Pictures operates in the media and entertainment industry.

• India’s Media & Entertainment (M&E) sector grew from ₹1.91 trillion in CY2019 to ₹2.32 trillion in CY2023. It is expected to reach ₹2.55 trillion in CY2024 and ₹3.08 trillion by CY2026, implying a 9.9% CAGR.
• The sector has added around ₹180 billion in annual incremental value, highlighting its post-pandemic recovery and continued growth.
• Increasing adoption of SVOD and AVOD platforms has made digital content a key revenue stream alongside theatrical releases.
• The industry is expanding across films, television series, OTT web series, music and digital rights, creating multiple revenue opportunities for content producers.
• Rising internet and smartphone penetration, higher consumer spending and growing global demand for Indian content and IP are expected to support the sector’s growth.

Sunshine Pictures IPO Objectives

The company will issue up to 48,00,034 equity shares with a face value of ₹10 each. Besides, up to 30,37,157 equity shares will be sold by promoter shareholders. A major portion of the proceeds will fund upcoming films, web series and digital content, including pre-production, shooting, post-production, VFX, editing, and print and advertising (P&A) expenses. The remaining funds will be used for routine business needs, operational expenses and other corporate requirements, subject to applicable regulations.

Financial Performance of Sunshine Pictures

Note: All figures are in INR Crores. 

Sunshine Pictures Peer Comparison

Strengths and Opportunities for Sunshine Pictures IPO

1. Sunshine Pictures is backed by experienced promoters Vipul Amrutlal Shah and Shefali Shah, supported by a seasoned senior management team with industry expertise.
2. The company has an established track record of producing commercially successful films such as Force, Commando, Holiday, Force 2, Commando 2 and The Kerala Story.
3. Its diversified content portfolio spans feature films, web series, television serials and short films, reducing dependence on any single format.
4. The company follows a mix of standalone and co-production projects, helping manage production risks while sharing costs and potential returns with studio partners.
5. Sunshine Pictures has capabilities across the content value chain, covering script development, production, marketing, IP creation and monetisation of content rights.
6. It generates revenue through multiple channels, including theatrical releases, OTT platforms, satellite broadcasting and music rights across domestic and international markets.
7. Its Sunshine Music and Sunshine Digital verticals provide opportunities to expand original music, digital content and streaming-led revenues.
8. The company maintains a healthy profitability profile with lower borrowings, supporting a relatively moderate leverage position.
9. Its long-standing relationships across the entertainment industry provide access to talent, production crews, distributors and other industry partners.
10. Rising smartphone penetration and OTT consumption could create opportunities for the company to expand its web series, direct-to-OTT releases and short-form digital content. 

Risks and Threats for Sunshine Pictures IPO

1. The company’s financial performance can fluctuate significantly as revenues depend on the commercial performance of a limited number of films and content projects released during a financial year.
2. The business depends considerably on key promoters and creative personnel, and the loss of important leadership or talent could affect project execution and the future content pipeline.
3. Film production requires significant upfront spending on development, production, talent and marketing, while production delays or higher costs can affect budgets and cash flows.
4. Dependence on external studios, distributors and other partners exposes the company to risks arising from disagreements, delays, defaults or financial difficulties among these parties.
5. Changes in CBFC certification requirements and other regulatory norms could lead to delays, content modifications or restrictions that may affect release schedules and audience reach.
6. Changing audience preferences across theatrical, television and OTT formats make content demand difficult to predict, requiring the company to continuously adapt its content strategy.
7. Inadequate protection or monetisation of intellectual property rights across films, music and digital content could result in lost revenue or legal disputes.
8. Film revenues can be affected by release timing and competition from other major releases, particularly during festive and holiday periods.
9. Dependence on selected OTT platforms and broadcasters for licensing and pre-sales exposes the company to changes in platform budgets, demand and pricing negotiations.
10. Digital piracy and unauthorised streaming can reduce theatrical collections and affect the value of OTT, music and digital rights. 

Sunshine Pictures IPO Reservation

Sunshine Pictures IPO Promoter Holding

The promoters of the company are Vipul Amrutlal Shah, Shefali Vipul Shah. 

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Sunshine Pictures IPO Registrar and Lead Managers

Sunshine Pictures IPO Lead Managers

GYR Capital Advisors Pvt.Ltd.

Registrar for Sunshine Pictures IPO

• Name: Bigshare Services Pvt.Ltd.
• Phone: 8657578989
• Email ID: ipo@bigshareonline.com

How To Check the Allotment Status of the Sunshine Pictures IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for Sunshine Pictures IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Sunshine Pictures IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Sunshine Pictures IPO