Sunshine Pictures, Shankesh Jewellers Debut Strong on NSE
By ThePip Desk
Sunshine Pictures and Shankesh Jewellers listed on NSE with premiums around 10%, showcasing strong market debuts despite broader economic pressures.
Shankesh Jewellers and Sunshine Pictures landed strong on the bourses Tuesday, both securing premiums around 10% despite broader market pressure. Shankesh Jewellers saw an 11.08% premium, listing at ₹103.30 on the NSE.
Sunshine Pictures debuted at ₹395.90 on the NSE, marking a 9.97% listing gain over its ₹360 IPO price. However, the stock later fell 4.34% to ₹375.65, bringing its market value to around ₹1,190 crore.
Shankesh Jewellers’ Strong Showing
Mumbai-based Shankesh Jewellers, a B2B manufacturer of handcrafted gold jewellery, raised ₹367.18 crore through its IPO. The issue, open from August 18 to August 20, comprised fresh shares and an Offer For Sale.
- Listing Price: ₹103.30 on NSE
- IPO Price: ₹93
- Listing Premium: 11.08%
- Post-Listing Gain: 17.4% to ₹109.17 on BSE
- Market Capitalisation: around ₹1,600 crore
- Overall Subscription: 2.80 times
- NII Subscription: 5.7 times
- QIB Subscription: 1.32 times
- Retail Subscription: 2.42 times
The company plans to use ₹158 crore of the IPO proceeds to repay borrowings and allocate ₹38 crore for working capital requirements. Shankesh Jewellers supplies 22-karat and 18-karat gold jewellery to major retailers like Joyalukkas India and Kalyan Jewellers India.
Sunshine Pictures’ Highly Subscribed IPO
Film and television production company Sunshine Pictures, promoted by Vipul Shah, had a ₹282.14 crore IPO. This mainboard offering was significantly oversubscribed during its August 18-20 bidding period.
- Overall Subscription: 105.81 times
- QIB Subscription: 123.52 times
- NII Subscription: 197.04 times
- Retail Subscription: 56.60 times
The IPO included a fresh issue of 48 lakh equity shares and an offer for sale of 30.37 lakh shares. Sunshine Pictures intends to deploy up to ₹112.50 crore from the net proceeds for long-term working capital.
These positive market entries occurred while benchmark equity indices, including the Sensex and Nifty, showed marginal declines. Global cues remained subdued due to ongoing concerns over the West Asia crisis, adding context to the individual stock performances.