Bollywood production house Sunshine Pictures, known for blockbuster titles like ‘Commando’ and ‘Holiday’, is set to launch its IPO, offering investors a chance to invest in a company primarily recognised for its action films, with plans to raise ₹282 crore through a mix of fresh shares and stake sales.
Sunshine Pictures, the production house behind Bollywood titles including “Commando”,”Holiday” and “Force”, is preparing to open its initial public offering this week, giving investors a chance to back a company better known for action films than stock market listings. According to reports in Aaj Tak and Business Standard, the issue is set to raise about ₹282 crore and will combine a fresh sale of shares with an offer for sale by existing investors.
The company plans to offer just over 7.8 million shares in total. Of that, around 5 million shares will come from new issuance, while about 3.375 million shares will be sold by current shareholders, Business Standard reported. The price band has been fixed at ₹342 to ₹360 a share, with the stock carrying a face value of ₹10.
The IPO opens on August 18 and closes on August 20. Allotment is due on August 21, with refunds and credit of shares scheduled for August 24. Listing on the BSE and NSE is planned for August 25. Retail investors can bid for a minimum of 41 shares, which works out to ₹14,760 at the top of the price band, and a maximum of 533 shares, or ₹1,91,880. The company has indicated that proceeds from the fresh issue are intended for working capital needs and general corporate purposes, according to Business Standard.
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