Sunshine Pictures IPO Oversubscribed 4.33x on Day 1
By ThePip Desk
Sunshine Pictures IPO sees strong demand, hitting 4.33x subscription on day 1, led by NIIs and retail investors. Details on anchor investors and offer size.
Sunshine Pictures Ltd.’s initial public offering was subscribed 4.33 times on its first day of bidding, Tuesday. Non-institutional investors and retail participants drove this strong demand for the Rs 282 crore offering.
Subscription Snapshot
- Overall subscription: 4.33 times
- Non-institutional investors (NIIs): 6.23 times
- Retail quota: 5.98 times
- Qualified Institutional Buyers (QIBs): 3 percent
The IPO received bids for 2,37,65,650 shares against 54,86,051 shares available. Prior to the IPO, Sunshine Pictures raised Rs 84.64 crore from nine anchor investors on Monday.
Offer Details
- IPO price band: Rs 342 to Rs 360 per share
- Issue conclusion date: August 20
- Fresh issue: 48 lakh equity shares
- Offer-for-sale (OFS): 30.37 lakh equity shares
- Total offer size: 78.37 lakh shares
Promoters Vipul Amrutlal Shah and Shefali Vipul Shah are participating in the OFS, offloading 20.31 lakh and 10.06 lakh shares, respectively. The company plans to allocate Rs 112.50 crore from the fresh issue for long-term working capital.
Valuation & Listing
- Implied post-issue market capitalization (upper end): Rs 1,121 crore
- Implied post-issue market capitalization (lower end): Rs 1,065 crore
- Listing platforms: BSE and NSE
- Listing date: August 25
Sunshine Pictures, promoted by Vipul Shah, specializes in originating, creating, and distributing films and web series. The company expects the listing to enhance its market visibility and brand image in India.