Sunshine Pictures IPO concluded with exceptional investor response, achieving a final subscription of 105.81 times with the issue closing on August 20, 2026. According to Business Standard, the offer received bids for 58.04 crore shares as against 54.86 lakh shares on offer, demonstrating strong market demand. Sunshine Pictures IPO allotment is being finalised today, August 21, 2026, with shares set to debut on stock exchanges on August 25, 2026. Investors can check their allotment status through NSE's allotment portal by selecting 'Equity & SME IPO bid details' and choosing 'SUNSHINE' from the symbol list, or through Bigshare Services website by entering their PAN, application number, or beneficiary ID. Successful bidders can receive the shares on the next business day, Monday, 24 August, and those who fail to receive the allotment will receive refunds on the same day.
Non-institutional investors emerged as the strongest performers, subscribing 197.04 times overall with remarkable performance across all sub-categories. According to NSE data, the sub-₹10 lakh NII bucket led with a remarkable 48.63 times subscription, while the above-₹10 lakh NII category clocked 29.07 times. Individual non-institutional bidders dominated both sub-categories, accounting for the bulk of demand. Retail individual investors also saw a significant jump, with subscription rising to 56.60 times against 5.98 times on day one, with bids for 5,92,47,788 shares received against the 27,43,023 shares reserved for the category. The QIB category continued to lag, reaching only 7 times subscription, with mutual funds recording a token 2,788 bids and FII participation remaining negligible at 3,936 shares. The IPO closes today, August 20, and the QIB response on the final day will be closely watched, as institutional participation typically consolidates on the last day.
The IPO comprises a fresh issue of ₹172.80 crore and an offer for sale (OFS) of ₹109.34 crore via promoters Vipul Amrutlal Shah and Shefali Shah. Under the OFS, Vipul Shah will offload 20.31 lakh equity shares while Shefali Shah will sell 10.06 lakh shares. According to Business Standard, at the upper end of the price band, Sunshine Pictures is valued at an implied post-issue market capitalisation of around ₹1,121 crore, while the valuation stands at about ₹1,065 crore at the lower end. The ₹282.14 crore IPO opened with a price band of ₹342-360 per share and will conclude on August 20, 2026. At the upper end of the price band, the company commands an implied post-issue market capitalisation of around ₹1,121 crore. The company plans to utilize up to ₹112.50 crore from fresh issue proceeds for working capital requirements, with remaining funds allocated for general corporate purposes. The issue is being managed by GYR Capital Advisors Private Limited as the book-running lead manager and Bigshare Services Private Limited as the registrar.
The IPO is trading at a ₹75 premium in the grey market with GMP standing at ₹75, signalling a potential ₹2,475 profit on a lot of 41 shares against the issue price of ₹360. According to InvestorGain, at the upper end of the price band of ₹360, a GMP of ₹75 indicates an estimated listing price of ₹435, which implies a potential listing gain of 20.83 percent over the issue price. The grey market interest has witnessed a rising trend, with the GMP standing at ₹17 on August 12, later rising to ₹50 and currently at ₹75. The ₹282.14 crore IPO comprises a fresh issue of ₹172.80 crore and an offer for sale (OFS) of ₹109.34 crore via promoters Vipul Amrutlal Shah and Shefali Shah. The ₹342-360 per share price band with a lot size of 41 shares means retail investors need a minimum investment of ₹14,760 for one lot at the upper end. At the current GMP, the estimated listing price is around ₹435 per share, with potential gains of approximately 20.83% over the issue price.
Before the IPO opened, Sunshine Pictures raised ₹84.64 crore from nine anchor investors, demonstrating strong institutional confidence in the company. The anchor investors included Innovative Vision Fund, Khandelwal Finance Pvt Ltd, Arnesta Global Opportunities Fund, Uni Growth Fund, Zeal Global Opportunities Fund, Visionary Value Fund, The Asio Fund VCC, Shine Star Build Cap Pvt Ltd and LRSD Securities Pvt Ltd. Sunshine Pictures reported total income of ₹76.27 crore for FY26, compared with ₹105.80 crore in FY25, according to the latest financial data. However, the company's profit after tax increased to ₹40.02 crore from ₹34.46 crore year-on-year, while EBITDA improved to ₹58.54 crore from ₹50.75 crore in the previous fiscal year. The company's net standalone revenue from operations was ₹74.44 crore in FY26, while standalone total comprehensive income was ₹40.07 crore. The company plans to utilize up to ₹112.50 crore from fresh issue proceeds for working capital requirements, with remaining funds allocated for general corporate purposes.
