IPO Details
Issue Date
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Price Range
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IPO Size
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Schedule of Sunshine Pictures Ltd IPO
Start date
End date
Allotment of bids
Refund Initiation
Listing on exchange
About Sunshine Pictures Ltd IPO
The IPO of Sunshine Pictures Ltd is a 100% book-built issue consisting of a fresh issue and an offer for sale. While up to 50,00,000 equity shares are offered in the fresh issue, the offer for sale has up to 33,75,000 equity shares.
Objectives of Sunshine Pictures Ltd IPO
The company proposes to utilise the IPO proceeds:
- To meet working capital requirements
- For general corporate purposes
Sunshine Pictures Ltd IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band | TBA |
Fresh Issue | Up to 50,00,000 equity shares |
Offer for Sale | Up to 33,75,000 equity shares |
Total Issue Size | Up to 83,75,000 equity shares |
EPS (in ₹) for FY 24 | 19.90 |
Sunshine Pictures Ltd Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not more than 50% of the offer |
Non-institutional Bidders | Not less than 15% of the offer |
Retail Individual Bidders | Not less than 35% of the offer |
Industry Outlook
The Indian media and entertainment (M&E) sector demonstrated substantial growth, with an annual increase of ₹180 billion. Between CY 2019 and CY 2024, the sector has expanded at a compound annual growth rate (CAGR) of approximately 6%, rising from ₹1.91 trillion to a projected ₹2.55 trillion.
The overall M&E sector is expected to grow at a rate of 9.9%, increasing from ₹2.32 trillion in CY 2023 to ₹2.55 trillion in CY 2024, and further expand to ₹3.08 trillion by CY 2026.
Company Information
Incorporated in 2007, Sunshine Pictures Ltd is a production-house engaged in the business of originating, creating, developing, producing, marketing and distribution of films, TV serials and web series. The company is a technology-driven content creator and specialises in multi-formats commercial films, emphasising innovation in storytelling and production techniques.
Sunshine Pictures Ltd Strengths
Experienced Promoters Supported by Senior Management Team
Sunshine Pictures Ltd is led by its promoter and MD, Vipul Amrutlal Shah, who possesses extensive experience of over 24 years in film industry and is a prominent film producer and director of films, TV serials and web shows, with an eye on perfection in everything he does. Our other promoter is Shefali Vipul Shah, a National Award-winning actress, brings international acclaim, with highlights like an Emmy nomination for Delhi Crime and who has also acted in ‘Satya’, ‘Monsoon Wedding’, ‘Gandhi, My Father’, ‘Dil Dhadakne De’, ‘Once Again’ etc.
Established Track Record and Long-standing Relationships in the Industry
With 17 years of operating experience, the company enjoys goodwill across the film industry. Its reliability and reputation for quality production has resulted in repeat business from the country’s top studios and distributors.
Differentiated and Robust Business Model
The company has a differentiated business model that has embraced innovative structures to significantly reduce risk and deliver positive outcomes on the top-line as well as bottom-line. At the core of this model is its ability to construct a de-risked business portfolio consisting of standalone productions and co-produced content across all formats, which deliver growth as well as guaranteed cash flows and earnings.
Risks of Sunshine Pictures Ltd IPO
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The company’s success is primarily dependent on audience acceptance of its film, web series and TV serials, which is extremely difficult to predict and therefore inherently risky.
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Delays, cost overruns, cancellation or abandonment of the completion or release of films, web series or television serial may have an adverse effect on its business.
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The company derives the majority of its revenue from its top 5 customers i.e. the Studios and independent distributors. Any loss of these customers or loss of revenue from any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flow.
Sunshine Pictures Ltd Financials
| Year | Revenue from Operations (in ₹crore) | Total Equity and Liabilities (in ₹crore) | Return on Net Worth (in %) |
|---|---|---|---|
FY 24 | 133.798 | 96.483 | 75.26 |
FY 23 | 26.5091 | 38.5697 | 8.46 |
FY 22 | 87.125 | 26.6373 | 44.81 |
Comparison with peers
| Parameter (For FY 24) | Sunshine Pictures Ltd | Panorama Studios International Ltd | Baweja Studios Ltd | Balaji Telefilms Ltd |
|---|---|---|---|---|
Total Income (in ₹ crore) | 139.4601 | 444.2267 | 65.1328 | 631.1111 |
P/E | NA | 7.09 | 12.42 | 40.57 |
Return on Net Worth (in %) | 75.26 | 28.43 | 8.59 | 4.50 |
Basic EPS in ₹ | 19.90 | 30.41 | 5.44 | 1.96 |
IPO Registrar and Book Running Lead Managers
Bigshare Services Pvt Ltd is the registrar of Sunshine Pictures Ltd IPO. GYR Capital Advisors Pvt Ltd is the book running lead manager.
Business Model
Sunshine Pictures Ltd is a production-house engaged in the business of originating, creating, developing, producing, marketing and distribution of films, TV serials and web series. The company engages in research and development of scripts, end-to-end production of content, intellectual property creation, monetisation of rights and distribution.
Company Growth Trajectory
The company’s revenue from operations grew from ₹87.125 crore in FY 22 to ₹133.798 crore in FY 24. It’s PAT margin stood at 39.20% in FY 24, up from 12.86% in FY 22. Operating EBITDA margin stood at 50.39% in FY 24, from 17.34% in FY 22.
Sunshine Pictures Ltd Profit and Loss
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Income (in ₹ crore) | 139.4601 | 26.9046 | 87.2287 |
Profit / (Loss) Before Tax (in ₹ crore) | 70.17 | 3.1189 | 14.7506 |
EBITDA (in ₹ crore) | 67.4158 | 4.0677 | 15.1073 |
EPS in ₹ | 19.90 | 0.88 | 4.25 |
Sunshine Pictures Ltd Cash Flow Statement
| Parameter | FY 24 | FY 23 | FY 23 |
|---|---|---|---|
Profit / (Loss) Before Tax (in ₹ crore) | 70.17 | 3.1189 | 14.7506 |
Net Cash Flow Used in Operating Activities (in ₹ crore) | 31.5707 | (5.0056) | (2.87) |
Net Cash Flow from Investing Activities (in ₹ crore) | (29.9677) | (4.4838) | (9.6188) |
Net Cash Flow from Financing Activities (in ₹ crore) | (0.6327) | 6.3173 | (0.0384) |
Cash and Cash Equivalents at the End of the Period (in ₹ crore) | 1.3322 | 0.3619 | 3.534 |
How to Check Allotment Status of Sunshine Pictures Ltd IPO?
You can check the allotment status of Sunshine Pictures Ltd IPO through the BSE website or through its registrar portal. To check the status on the BSE website:
- Visit the BSE website
- Click on “Investor Services” and choose “Application Status Check”
- Choose the issue type — Equity or Debt
- Select the Issue Name from the drop-down.
- Enter your application number or PAN number
- Check the box that says “I’m not a Robot” and click on “Search” to know the allotment status
To check the status on the registrar’s website:
- Visit the website of Bigshare Services Pvt Ltd
- Select any one server among the three
- Select the company’s name, which in this case is Sunshine Pictures Limited
- Enter either the ‘Application Number’, ‘Beneficiary ID’ or ‘PAN Number’
- Enter the captcha and click on ‘Search’
How to Apply for Sunshine Pictures Ltd IPO?
To apply for Sunshine Pictures Ltd IPO:
- Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for.
- Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds.
- Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Sunshine Pictures Ltd IPO FAQs
What is the Sunshine Pictures Ltd IPO?
The Sunshine Pictures Ltd IPO consists of a fresh issue and an offer for sale of up to 50,00,000 and 33,75,000 equity shares, respectively. It’s a 100% book-built offer.
When will the Sunshine Pictures Ltd IPO go live?
The bidding dates for this IPO are yet to be announced.
