Sunshine Pictures plans to raise ₹282.14 crore through an IPO to bolster working capital and expand its film and digital content production amidst a recent dip in revenue, signalling a potential rebound in India’s entertainment sector.
Sunshine Pictures is set to tap India’s primary market with a ₹282.14 crore initial public offering that opens on August 18 and closes on August 20, according to the company’s offer documents and trade publication summaries. The entertainment producer has priced the issue at ₹342 to ₹360 a share, with listing expected on the NSE and BSE on August 25. The transaction combines a fresh issue with an offer for sale, meaning only part of the money will go to the company.
The fresh portion is designed mainly to support working capital, a recurring need in film and television production, where cash often has to be committed long before revenues arrive. Sunshine Pictures plans to allocate ₹112.50 crore of the net proceeds to long-term working capital needs, with any balance earmarked for general corporate purposes. The company has also said the offering will not change its business focus, which spans films, television serials, web series and digital content.
Founded in 2007 and based in Mumbai, Sunshine Pictures has built its name on titles including “Force”, “Commando”, “Holiday”, “Force 2”, “Commando 2” and “The Kerala Story”. Industry summaries say it has produced 10 commercial films, along with two web series, two television serials and one short film, and is currently co-producing projects with Jio Studios while also working on a web series for Doordarshan. The business uses both solo productions and co-productions, and maintains a social media presence that management says supports discovery and audience reach.
The company’s promoter group includes Vipul Amrutlal Shah, Shefali Vipul Shah, Aryaman Vipul Shah and Maurya Vipul Shah. The offer for sale will be made by Vipul Amrutlal Shah and Shefali Vipul Shah, who together are selling 30,37,157 shares. GYR Capital Advisors is the sole book-running lead manager, while Bigshare Services is the registrar.
Financially, Sunshine Pictures enters the market with a mixed recent track record. Trade Brains said consolidated revenue fell 22.77% in FY25 to ₹103.33 crore from ₹133.80 crore a year earlier, while profit dropped 35.41% to ₹34.46 crore. At the same time, the company reported a standalone revenue of ₹74.73 crore and profit of ₹40.02 crore for FY26, with a PAT margin of 53.77%, an EBITDA margin of 78.65%, return on equity of 31.99% and return on capital employed of 36.20%. The grey market premium cited by Trade Brains suggests investors are expecting some listing-day interest, though such unofficial trading is volatile and not a reliable guide to longer-term performance.
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