Film producer Vipul Shah's Sunshine Pictures files for IPO to raise funds

Film and television producer-director Vipul Shah-backed Sunshine Pictures Ltd has filed draft papers with the market regulator Sebi to raise funds through an initial public offering (IPO).

The IPO comprises a total offer size of 83.75 lakh equity shares including a fresh issue of 50 lakh shares and an Offer-for-Sale (OFS) of 33.75 lakh shares by promoters, according to the draft red herring prospectus (DRHP).

Promoter Vipul Amrutlal Shah is proposing to sell 23.69 lakh shares, while Shefali Vipul Shah plans to offload 10.05 lakh shares.

The company plans to utilise the proceeds from the fresh issue to meet its long-term working capital requirements, allocating up to Rs 94 crore to support future growth and operations, along with other general corporate purposes.

 

Additionally, the listing of its equity shares on the stock exchanges is expected to enhance the company's visibility, strengthen its brand image, and create a public market for its shares in India.

Sunshine Pictures is one of the renowned production-houses engaged in the business of originating, creating, developing, producing, marketing and distribution of films and web series.

The company has produced 10 commercial films, including 6 co-produced with leading studios, 2 web series, 2 TV serials, and 1 short commercial film.

Currently, it is co-producing 2 commercial films with Jio Studios, which are under production, and solely producing 1 web series for Prasar Bharati, streaming on Doordarshan and its OTT platform. The company also has 8 films and 2 web series in the production pipeline.

The company's upcoming film projects include Good Morning Rhea, Governor, The Kerala Story 2, Bulldozer, Samuk, Kaanha, and Bheem. Its web series projects are Maaya, Nanavati vs Nanavati, and Whistle Blower.

The company has been profitable for the last three fiscal years and the first half of FY25. Its net profit was Rs 45.64 crore in H1 FY25, Rs 52.45 crore in FY24, Rs 2.31 crore in FY23, and Rs 11.2 crore in FY22.

Its revenue from operations stood at Rs 133.8 crore in FY24, Rs 26.51 crore in FY23, and Rs 87.13 crore in FY22, while it earned Rs 39.02 crore in H1 FY25.

GRY Capital Advisors is the sole book running lead manager to the issue.