18 Aug 2026 , 11:31 AM
Sunshine Pictures IPO is a ₹282.14 crore book-built issue comprising a fresh issue of 48 lakh shares worth ₹172.80 crore and an offer for sale of 30.37 lakh shares worth ₹109.34 crore. The IPO opened for subscription on August 18, 2026, and will close on August 20, 2026.
The Sunshine Pictures IPO is a ₹282.14 crore public issue that combines a fresh issue and an offer for sale (OFS). The company is offering 78.37 lakh shares through the IPO.
The fresh issue comprises 48 lakh shares aggregating to ₹172.80 crore, while the OFS consists of 30.37 lakh shares worth ₹109.34 crore.
The IPO opened for subscription on August 18, 2026, and will close on August 20, 2026. The allotment is expected to be finalised on August 21, followed by refund initiation and credit of shares on August 24. Sunshine Pictures shares are proposed to list on the NSE and BSE on August 25, 2026.
The Sunshine Pictures IPO price band has been fixed at ₹342 to ₹360 per share. The lot size is 41 shares, making the minimum investment for retail investors ₹14,760 at the upper price band.
| Particulars | Details |
|---|---|
| IPO Name | Sunshine Pictures IPO |
| IPO Open Date | August 18, 2026 |
| IPO Close Date | August 20, 2026 |
| IPO Size | ₹282.14 crore |
| Fresh Issue | ₹172.80 crore |
| Offer for Sale | ₹109.34 crore |
| Price Band | ₹342 to ₹360 |
| Lot Size | 41 shares |
| Minimum Investment | ₹14,760 |
| Face Value | ₹10 per share |
| Issue Type | Book Building |
| Listing | NSE and BSE |
| Tentative Listing Date | August 25, 2026 |
| Lead Manager | GYR Capital Advisors Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
The Sunshine Pictures IPO GMP stood at ₹75 per share as of August 18, 2026, according to the latest available grey market data.
At the upper price band of ₹360, the current GMP indicates an estimated listing price of approximately ₹435 per share.
This translates into an estimated listing gain of around 20.83% over the IPO issue price.
| GMP Date | IPO Price | GMP | Estimated Listing Price | Estimated Gain |
|---|---|---|---|---|
| Aug 18, 2026 | ₹360 | ₹75 | ₹435 | 20.83% |
| Aug 17, 2026 | ₹360 | ₹73 | ₹433 | 20.28% |
| Aug 16, 2026 | ₹360 | ₹54 | ₹414 | 15.00% |
| Aug 15, 2026 | ₹360 | ₹50 | ₹410 | 13.89% |
| Aug 14, 2026 | ₹360 | ₹50 | ₹410 | 13.89% |
| Aug 13, 2026 | ₹360 | ₹30 | ₹390 | 8.33% |
| Aug 12, 2026 | ₹360 | ₹17 | ₹377 | 4.72% |
| Aug 11, 2026 | ₹360 | ₹0 | ₹360 | 0.00% |
The GMP has increased substantially from ₹17 on August 12 to ₹75 on August 18, indicating a sharp improvement in grey market sentiment ahead of the IPO.
However, GMP is an unofficial market indicator and should not be treated as a guaranteed indication of the actual listing price.
The Sunshine Pictures IPO opened for subscription on August 18, 2026.
As of the latest available data, the issue was subscribed 0.52 times, indicating that the bidding was still in its early stages on the opening day.
Investors will be able to track category-wise subscription figures for QIBs, NIIs and retail investors as bidding progresses through August 20.
The strong GMP movement ahead of the issue has also placed the IPO on investors’ radar, particularly among those tracking potential listing gains.
The Sunshine Pictures IPO lot size is 41 shares.
At the upper price band of ₹360 per share, the minimum investment required for one retail lot is:
41 × ₹360 = ₹14,760
At the lower price band of ₹342, the investment for one lot would be ₹14,022.
If the GMP-based estimated listing price of ₹435 were to materialise, one lot of 41 shares would be valued at:
41 × ₹435 = ₹17,835
Against an IPO investment of ₹14,760, this would represent a notional gain of:
₹17,835 − ₹14,760 = ₹3,075
This corresponds to an estimated gain of 20.83%.
However, the actual listing price can differ significantly from GMP estimates.
The total issue size of the Sunshine Pictures IPO is ₹282.14 crore.
The issue comprises:
The fresh issue will provide capital to the company, while the proceeds from the OFS will accrue to the selling shareholders.
The company intends to utilise the net proceeds from the fresh issue primarily towards funding its working capital requirements.
The stated objects include:
| IPO Object | Estimated Amount |
|---|---|
| Funding working capital requirements | ₹112.50 crore |
| General Corporate Purposes | Balance amount |
| Total | ₹112.50 crore |
Working capital is particularly important for Sunshine Pictures given the nature of its film and content production business, where project-related expenses and production cycles can require significant funding.
Sunshine Pictures Limited, incorporated in 2007, is a technology-driven content production company engaged in the originating, creating, developing, producing, marketing and distributing of films, television serials and web series.
The company operates across several stages of the content lifecycle, including script development, production, intellectual property creation, rights monetisation and distribution.
Sunshine Pictures has produced and co-produced several commercially successful films, including Force, Commando, Holiday, Force 2, Commando 2 and The Kerala Story.
The company has produced:
It is currently co-producing two films with Jio Studios and producing one web series for Doordarshan.
The company follows a model that combines standalone productions and co-productions.
Under the co-production model, Sunshine Pictures collaborates with established studios and industry partners. This can help distribute the financial and production risks associated with larger-budget projects while allowing the company to participate in potential revenue upside.
The company also works across various aspects of content creation, including:
This diversified approach allows the company to generate revenue through different stages of the content value chain.
Sunshine Pictures also has a presence across digital platforms including YouTube, Instagram and Facebook.
As provided in the company information, its YouTube channel had approximately 162,960 subscribers and 9.18 crore views, while its Instagram and Facebook platforms together had around 104,500 followers.
The company’s digital content presence provides an additional avenue for audience engagement and potential content-related revenue.
As of June 30, 2026, Sunshine Pictures had 28 full-time employees.
The company has highlighted several competitive strengths, including:
Its track record across commercially successful films is a key part of the company’s positioning within India’s entertainment and content production industry.
Sunshine Pictures reported a mixed financial performance in FY2026.
The company’s total income declined from ₹105.80 crore in FY2025 to ₹76.27 crore in FY2026, representing a decline of approximately 28%.
Despite the decline in revenue, profit after tax increased from ₹34.46 crore to ₹40.02 crore, representing growth of around 16%.
This improvement in profitability was accompanied by a significant increase in margins.
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Total Income | 76.27 | 105.80 | 139.46 |
| Profit After Tax | 40.02 | 34.46 | 53.35 |
| EBITDA | 58.55 | 50.76 | 73.97 |
| Assets | 179.64 | 131.28 | 97.38 |
| Net Worth | 145.13 | 105.07 | 70.60 |
| Total Borrowings | 9.09 | 11.16 | 16.67 |
| Reserves & Surplus | 118.79 | 78.72 | 70.47 |
Amount in crore
The company’s net worth increased from ₹105.07 crore in FY2025 to ₹145.13 crore in FY2026.
At the same time, total borrowings declined from ₹11.16 crore to ₹9.09 crore.
The company recorded a significant improvement in its profitability margins in FY2026.
| Metric | FY2026 | FY2025 |
|---|---|---|
| ROE | 31.99% | 39.24% |
| ROCE | 36.20% | 41.23% |
| Debt/Equity | 0.06 | 0.11 |
| RoNW | 27.58% | 32.80% |
| PAT Margin | 53.77% | 33.35% |
| EBITDA Margin | 78.65% | 49.12% |
| NAV | ₹55.08 | ₹39.88 |
| Price to Book Value | 6.54x | 9.03x |
The PAT margin increased from 33.35% to 53.77%, while the EBITDA margin rose from 49.12% to 78.65%.
The company’s debt-to-equity ratio remained low at 0.06 in FY2026, compared with 0.11 in FY2025.
At the upper price band of ₹360 per share, Sunshine Pictures has a post-issue market capitalisation of approximately ₹1,121.36 crore.
The company’s valuation metrics are as follows:
| Valuation Metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS | ₹15.19 | ₹12.85 |
| P/E | 23.70x | 28.02x |
| Market Cap | ₹949 crore | ₹1,121.36 crore |
At the upper price band, the post-issue P/E works out to 28.02x based on the provided figures.
Investors should compare this valuation with listed media and entertainment companies and relevant IPO peers before making an investment decision.
Some of the key factors supporting the Sunshine Pictures IPO story include:
The entertainment industry is inherently dependent on the performance of individual content projects. A film or web series can involve substantial production and marketing costs without guaranteeing commercial success.
The company’s revenue has also shown volatility. Total income declined from ₹139.46 crore in FY2024 to ₹105.80 crore in FY2025 and further to ₹76.27 crore in FY2026.
This highlights the cyclical and project-driven nature of the business.
Investors should also consider the company’s relatively high valuation at the upper price band, with a post-issue P/E of 28.02x.
The company’s future performance will depend on its ability to consistently produce commercially successful content, monetise intellectual property and manage production and working capital requirements effectively.
| Event | Date |
|---|---|
| IPO Opens | August 18, 2026 |
| IPO Closes | August 20, 2026 |
| Allotment | August 21, 2026 |
| Refund Initiation | August 24, 2026 |
| Credit of Shares | August 24, 2026 |
| Listing Date | August 25, 2026 |
The Sunshine Pictures IPO offers investors exposure to India’s film and content production industry, backed by the company’s track record across films, television and web series.
The company has reported a 16% increase in PAT in FY2026 despite a 28% decline in total income, along with a sharp improvement in EBITDA and PAT margins. Its low debt levels and established relationships within the entertainment industry are additional positives.
However, the decline in revenue highlights the project-driven nature of the business. Investors also need to consider the 28.02x post-issue P/E valuation at the upper price band.
The sharp increase in the Sunshine Pictures IPO GMP from ₹17 to ₹75 over the recent period indicates strong grey market sentiment and points to a potentially positive listing. However, GMP is unofficial and actual listing performance may differ.
Investors should therefore evaluate the IPO based on the company’s business model, financial performance, valuation, industry risks and long-term growth prospects rather than relying solely on the current GMP.
Disclaimer – The stock/s and indices mentioned in this article are discussed solely for informational and educational purposes. It should not be construed as investment advice or a recommendation to buy or sell any securities. Investors should conduct their own research or consult a financial advisor before making any investment decisions. Investments in securities markets are subject to market risks. Read all the related documents carefully before investing.
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