Shares of Sunshine Pictures and Shankesh Jewellers made a modest debut on Tuesday, listing at premiums to their respective IPO prices but later dipped to trade below their listing prices. According to reports from The Hindu BusinessLine, Sunshine Pictures listed at a 10 per cent premium on the NSE, while Shankesh Jewellers began trading at an 11 per cent premium on the NSE. The grey market premium (GMP) for Sunshine Pictures stood at ₹50, implying a potential debut at around ₹410, while Shankesh Jewellers unlisted shares were trading at a ₹2.75 GMP, suggesting an expected listing price of around ₹95.75.
Sunshine Pictures, promoted by film and television producer-director Vipul Shah, debuted at ₹395.90 on the NSE, representing a 10 per cent premium over its IPO price of ₹360. On the BSE, the stock started trading at ₹394, a 9.4 per cent premium. The company's ₹282-crore IPO received exceptional investor response with 105.81 times subscription, with the non-institutional investor category subscribed 197.04 times, qualified institutional buyers at 123.52 times, and retail investors at 56.60 times. The mainboard issue comprised a fresh issuance of 48 lakh equity shares and an offer-for-sale of 30.37 lakh equity shares, taking the total offer size to 78.37 lakh shares.
Shankesh Jewellers began trading at ₹103.30 on the NSE, an 11 per cent premium over its IPO price of ₹93. On the BSE, it debuted at ₹102.20, a 10 per cent premium, against the IPO price of ₹93. The ₹367.18-crore IPO received 2.80 times subscription overall, with non-institutional investors bidding for 5.68 times the shares reserved for them. According to NSE data, the company's shares received bids for 7.74 crore shares against 2.76 crore shares on offer. At listing, the company reached a market capitalisation of ₹1,519 crore, with the stock trading at a post-listing P/E ratio of 14.24 times compared to the IPO P/E of 12.82 times.
Following its market debut, Shankesh Jewellers gained 2.37 per cent to close at ₹95.20 on the NSE against its issue price of ₹93. In a significant post-listing development, promoters of PNGS Reva Diamond Jewellery acquired a 1.57 per cent stake through open market transactions on August 25, purchasing 23.2 lakh shares for ₹23.44 crore at ₹101.05 per share. Niraj Rajnikant Shah also acquired 23 lakh shares for ₹22.96 crore at ₹99.86 per share. Meanwhile, Nomura Singapore exited its position by selling its entire 16.17 lakh share holding for ₹15.63 crore at ₹96.66 per share.
