SUNSHINE PICTURES LTD IPO: Company Review, Subscription and Allotment Updates
2026-08-18 — Company overview and issue details SUNSHINE PICTURES LTD IPO (ABOUT THE COMPANY) SUNSHINE PICTURES LTD – COMPANY BACKGROUND Sunshine Pictures Ltd was incorporated in 2007 and belongs to one of the renowned names in film…
2026-08-18 — Company overview and issue details
SUNSHINE PICTURES LTD IPO (ABOUT THE COMPANY)
SUNSHINE PICTURES LTD – COMPANY BACKGROUND
Sunshine Pictures Ltd was incorporated in 2007 and belongs to one of the renowned names in film production, Vipul Amrutlal Shah. It is engaged in originating, creating, developing, producing and marketing movies, television serials, and web series for OTT. Some of its popular content examples include Commando, Holiday, and Kerala Story, which have all achieved commercial success. Till date, Sunshine Pictures Ltd has produced 10 commercial films (of which 6 were co-produced), 2 web series, 2 TV serials, and 1 short film. It produces content in collaboration with major studios. It also has a strong social media following.
The promoters of Sunshine Pictures Ltd are Vipul Amrutlal Shah, Shefali Vipul Shah, Aryaman Vipul Shah, and Maurya Vipul Shah. The IPO will be a combination of a fresh issue of shares and an offer for sale (OFS) component. The fresh issue funds will be used for funding the working capital needs of the company and for general corporate purposes. The OFS is being done entirely by the promoter shareholders. IPO is being lead-managed by GYR Capital Advisors Private Ltd; while Bigshare Services Private Ltd is the registrar to the IPO.
HIGHLIGHTS OF THE IPO ISSUE OF SUNSHINE PICTURES LTD
Here are the key highlights of the public issue of Sunshine Pictures Ltd.
The IPO is open from August 18th, 2026 to August 20th, 2026. It has a face value of ₹10 per share and the IPO price band has been fixed in the range of ₹342 to ₹360 per share.
The IPO of Sunshine Pictures Ltd will be a combination of a fresh issue of shares and an offer for sale of shares by the investor shareholders.
The Fresh Issue portion of the IPO comprises the issue of 48,00,034 shares (48.00 lakh shares), which at the upper price band of ₹360 per share, translates into a fresh issue size of ₹172.81 crore.
The offer for sale (OFS) portion of the IPO comprises the sale of 30,37,157 shares (30.37 lakh shares), which at the upper price band of ₹360 per share, translates into an OFS size of ₹109.34 crore.
Therefore, the overall IPO will comprise of the fresh issue portion and offer for sale (OFS) portion comprising of 78,37,191 shares (78.37 lakh shares), which at the upper price band of ₹360 per share translates into overall issue size of ₹282.14 crore.
Due to dilutive impact of the fresh issue and the offer for sale (OFS) by promoters, the promoter stake in the company will reduce from 100.00% pre-IPO to 74.84% post-IPO.
The IPO of Sunshine Pictures Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on August 17, 2026.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of Sunshine Pictures Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tuesday, 18 August, 2026 |
| IPO Close Date | Thursday, 20 August, 2026 |
| Basis of Allotment | Friday, 21 August, 2026 |
| Initiation of Refunds to non-allottees | Monday, 24 August, 2026 |
| Credit of Shares to Demat | Monday, 24 August, 2026 |
| Listing Date on NSE and BSE | Tuesday, 25 August, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Investor Category | Share Allocation | % Share |
|---|---|---|
| Reservation for Employees | Nil Shares | Not Applicable |
| Anchor Allocation | 23,51,140 shares | 30.00% of total IPO size |
| QIB Shares Offered | 15,67,436 shares | 20.00% of total IPO size |
| NII (HNI) Shares Offered | 11,75,592 shares | 15.00% of total IPO size |
| Retail Shares Offered | 27,43,023 shares | 35.00% of total IPO size |
| Total Shares Offered | 78,37,191 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.
Here is a quick look at the lot sizes applicable for the IPO of Sunshine Pictures Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 41 | ₹ 14,760 |
| 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 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 41 shares)
FINANCIAL HIGHLIGHTS OF SUNSHINE PICTURES LTD
The table captures the key financials of Sunshine Pictures Ltd for last 3 financial years.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 74.44 | 103.33 | 133.80 |
| Sales Growth (%) | -27.96% | -22.77% | |
| Profit after Tax (₹ in crore) | 40.02 | 34.46 | 53.35 |
| PAT Margins (%) | 53.77% | 33.35% | 39.87% |
| Total Equity (₹ in crore) | 145.13 | 105.07 | 70.60 |
| Total Assets (₹ in crore) | 179.64 | 131.28 | 97.38 |
| Return on Equity (%) | 27.58% | 32.80% | 75.57% |
| Return on Assets (%) | 22.28% | 26.25% | 54.79% |
| Asset Turnover Ratio (X) | 0.41 | 0.79 | 1.37 |
| Earnings per share (₹) | 15.19 | 13.08 | 20.24 |
| EBITDA (₹ in Crore) | 58.55 | 50.76 | 73.97 |
| EBITDA Margins (%) | 78.65% | 49.12% | 55.29% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
While the company has been profitable over the last 3 years, the sales and profits have been volatile, which is quite common in the movie production business. In the movies business, there is normally a large chunk of the asset base that is locked into trade receivables and inventories, and it is over 70% in this case. ROE has been consistently falling.
VALUATION METRICS OF SUNSHINE PICTURES LTD IPO
At the IPO price of ₹360 (upper band), the stock gets discounted at a P/E ratio of 23.7X, based on the latest FY26 EPS of ₹15.19. if you compare with the peer group, there is really no industry-wide acceptable P/E ratio. Sunshine Pictures Ltd has ROE that is better than its peer group, but the volatile ROE and volatile top line and bottom line will be a concern.
The company brings some added advantages to the table. The promoters have established their name in the content business and have a track record to show. However, this is an industry which continues to be highly volatile. Even though OTT has brought some stability into the content business, the risks are fairly high and it has been an industry that is tough to bring into the organized fold. Investors have to be cautious about valuations.
2026-08-18 — Anchor allocation
SUNSHINE PICTURES LTD IPO (ANCHOR ALLOCATION 30.00%)
BRIEF ON ANCHOR ALLOCATION OF SUNSHINE PICTURES LTD
The anchor issue of Sunshine Pictures Ltd saw a robust response on 17th August 2026 with 30.00% of the IPO size absorbed by anchors. Out of 78,37,191 shares (78.37 lakh shares) on offer in the IPO; anchors picked up 23,51,140 shares (23.51 lakh shares) accounting for 30.00% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹360 per share. This includes the face value of ₹10 per share plus a share premium of ₹350 per share. The anchor bidding opened and closed on 17th August 2026.
KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS
Here are the key details pertaining to the anchor bidding of Sunshine Pictures Ltd
| Bid Date | August 17, 2026 |
|---|---|
| Shares Offered | 23,51,140 shares |
| Anchor Portion Size (₹ in crore) | ₹84.64 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | Sep 21, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Nov 20, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
MAJOR ANCHOR ALLOCATION INVESTORS IN SUNSHINE PICTURES LTD
On 17th August 2026, Sunshine Pictures Ltd allotted 23,51,140 shares to a total of 9 anchor investors. The allocation was done at the upper IPO price band of ₹360 per share which resulted in overall anchor allocation of ₹84.64 crore. The anchors have already absorbed 30.00% of the total issue size of ₹282.14 crore, after factoring in the employee discount offered in the IPO, if any.
Listed below are the Top 9 IPO anchor investors who accounted for anchor collection of ₹84.64 crores, or, 100.00% of the overall anchor allocation of shares, one trading day ahead of the IPO of Sunshine Pictures Ltd. The individual anchor allocation of top-10 investors is indexed descending on the number of shares allotted.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | UNI Growth Fund | 5,55,550 | 23.63% | ₹ 20.00 |
| 02 | Zeal Global Opportunities Fund | 2,77,816 | 11.82% | ₹ 10.00 |
| 03 | Khandelwal Finance Private Ltd | 2,77,778 | 11.81% | ₹ 10.00 |
| 04 | The Asio Fund VCC – Sun Fund 4 | 2,77,778 | 11.81% | ₹ 10.00 |
| 05 | Shine Star Build Cap Private Ltd | 2,77,778 | 11.81% | ₹ 10.00 |
| 06 | LSRD Securities Private Ltd | 2,67,770 | 11.39% | ₹ 9.64 |
| 07 | Innovative Vision Fund | 1,38,890 | 5.91% | ₹ 5.00 |
| 08 | Arnest Global Opportunities Fund PCC | 1,38,890 | 5.91% | ₹ 5.00 |
| 09 | Visionary Value Fund | 1,38,890 | 5.91% | ₹ 5.00 |
| Grand Total | 23,51,140 | 100.00% | ₹ 84.64 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.
Out of the 23,51,140 shares allocated to the anchors in the IPO, there was NIL allocation of shares made to mutual funds regulated by SEBI. Also, there was no allocation made to life insurance companies regulated by IRDAI. The anchor allocation was spread across NBFCs and alternate investment funds (AIFs).
NEXT STEPS IN SUNSHINE PICTURES LTD IPO
Post the closure of the IPO subscription on 20th August 2026, the basis of allotment will be finalized on 21st August 2026 and the refunds will be initiated on 24th August 2026. In addition, the demat credits are expected to also happen on 24th August 2026 and the stock will list on 25th August 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 24th August 2026 under ISIN (INE1B3O01011).
2026-08-20 — Day-3 subscription update
Sunshine Pictures Ltd (Day-3 Final Subscription at 105.81 times)
SUNSHINE PICTURES LTD - IPO SUBSCRIPTION STATUS ON DAY-3
As of 7.10 pm on 20th August 2026, out of the 54.86 lakh shares on offer in the IPO (excluding anchor portion), Sunshine Pictures Ltd saw bids for 5,804.90 lakh shares. This implies an overall subscription of 105.81X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Sunshine Pictures Ltd was as under:
| Employees (N.A.) | QIBs (123.52X) | HNI / NII (197.04X) | Retail (56.60X) |
|---|
The subscriptions were led by the HNI/ NII Investors followed by the QIB investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. That was the case in this IPO too. Both, the QIB portion and the HNI / NII portion saw bulk of the institutional, corporate and funded subscriptions come in on the last day of the IPO. The company saw steady anchor participation a day ahead of the IPO opening with 30.00% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 23,51,140 | 23,51,140 | 84.64 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 123.52 | 15,67,436 | 19,36,02,041 | 6,969.67 |
| HNIs / NIIs | 197.04 | 11,75,592 | 23,16,34,994 | 8,338.86 |
| Retail Investors | 56.60 | 27,43,023 | 15,52,53,347 | 5,589.12 |
| Total | 105.81 | 54,86,051 | 58,04,90,382 | 20,897.65 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO of Sunshine Pictures Ltd was open up to August 20, 2026, and has closed for subscription as of the close of trading hours on August 20, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹20,982.29 crore.
NEXT STEPS IN THE SUNSHINE PICTURES LTD IPO
Post the closure of the IPO subscription on 20th August 2026, the basis of allotment will be finalized on 21st August 2026 and the refunds will be initiated on 24th August 2026. In addition, the demat credits are expected to also happen on 24th August 2026 and the stock will list on 25th August 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 24th August 2026 under ISIN (INE1B3O01011).
2026-08-20 — Allotment guidance and next steps
Sunshine Pictures Ltd IPO (How to check allotment status)
ABOUT THE SUNSHINE PICTURES LTD IPO
The IPO of Sunshine Pictures Ltd opened for subscription on August 18th, 2026 and closed on August 20th, 2026. The overall IPO comprised entirely of an offer for sale (OFS) of 78,37,191 shares (78.37 lakh shares) worth ₹282.14 crore at the upper band price of ₹360 per share. The allotment status will be finalized by end of day (EOD) of August 21st, 2025. Here is how to check your allotment status for the IPO of Sunshine Pictures Ltd. You can check IPO status on BSE or NSE or IPO Registrar (Bigshare Services Private Ltd) website.
CHECKING ALLOTMENT STATUS OF SUNSHINE PICTURES LTD IPO ON BSE WEBSITE
This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity Option
Under Issue Name – Select Sunshine Pictures Ltd from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip or
Enter your PAN (10-digit alphanumeric) number
Once this is done, you need to click on the Captcha to verify you are not a robot
Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Sunshine Pictures Ltd allotted into your demat account. You can save a screenshot of the allotment status output for verifying with demat account credits.
CHECKING ALLOTMENT STATUS OF SUNSHINE PICTURES LTD IPO ON NSE WEBSITE
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity & SME IPO Details Option
Under SELECT SYMBOL – Select SUNSHINE from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip and
Enter your PAN (10-digit alphanumeric) number
Once both are entered, click on the Submit Button
You must input both data points; the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Sunshine Pictures Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF SUNSHINE PICTURES LTD ON BIGSHARE SERVICES PRIVATE LIMITED (REGISTRAR TO THE IPO)
Here are the steps to follow. Visit the Bigshare Services Private Ltd registrar website for IPO status by clicking on the link below:
https://ipo.bigshareonline.com/IPO_Status.html
Here you are given the choice to select 3 servers viz. Server 1, Server 2, and Server 3. There is nothing to be confused, as these are server backups in case one server is experiencing too much traffic, you can select another server and try again. There will be no output difference, whichever server you select.
This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Sunshine Pictures Ltd from the dropdown box. Once the company is selected from the dropdown box, you have 3 methods to check allotment status for the IPO.
Firstly, you can access with Application Number / CAF Number. Enter the Application / CAF number, enter the captcha, and then click on the search button.
Secondly, you can search by Beneficiary ID of your demat account. Remember that the NSDL string is alphanumeric while the CDSL string is numeric. Write it in once single string in the box. Then enter the captcha and press the search button.
Thirdly, you can search by Income Tax PAN number. Once you select PAN from the dropdown menu, enter your 10-digit PAN number, enter the captcha code and then, click on the Search Button.
The IPO status with number of shares of Sunshine Pictures Ltd allotted will be displayed on the screen. You can save a screenshot of the screen for future reference
In case, you have any issues with the output, register an investor query with Bigshare Services India Private Ltd. You can either send an email with all requisite details and problem to info@bigshareonline.com or you can call on (+91)-22-6263-8200 for voice call.
NEXT STEPS IN THE SUNSHINE PICTURES LTD IPO
Post the closure of the IPO subscription on 20th August 2026, the basis of allotment will be finalized on 21st August 2026 and the refunds will be initiated on 24th August 2026. In addition, the demat credits are expected to also happen on 24th August 2026 and the stock will list on 25th August 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 24th August 2026 under ISIN (INE1B3O01011).
Interested in applying for this IPO?
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