Sunshine Pictures IPO open for subscription: Check price band, business model, financials & more

The company has worked on movies like The Kerala Story, Force, Commando: A One-Man Army, Holiday: A Soldier is Never Off Duty, Force 2, Commando 2: The Black Money Trail and Bastar.

As of the date of the RHP, Sunshine Pictures has produced 13 commercial films, comprising seven co-produced and six self-produced films, along with two web series, three television serials and one short commercial film.

About the company

Incorporated in 2007, Sunshine Pictures has over 18 years of experience in the Indian film and entertainment industry. The company operates across feature films, television programmes, web series, music and digital originals. It follows co-production and sole-production models, wherein the former allows it to share project costs and risks with established studios, while the latter enables the company to retain intellectual property and associated rights.

The company monetises its content through theatrical, OTT, satellite television, music and other ancillary rights. The company has also launched Sunshine Music and Sunshine Digital (Originals), with 36 original music videos and 2 digital originals.

Sunshine Pictures' project cycle typically runs for 15 to 30 months, covering script development, pre-production, production, post-production and distribution. It follows a technology-driven workflow using digital tools for budgeting, scheduling and production planning, along with digital intermediate colour grading, high-resolution editing, Dolby Atmos sound mixing and VFX capabilities.

Production and distribution of films and associated rights remained the highest contributor to revenue in FY26 at 89.6% or ₹66.76 crore, followed by other activities at 8.9% or ₹6.69 crore, comprising music rights exploitation, talent management, social media platforms and the music label. Production and distribution of web series/TV serials and associated rights contributed 1.3% or ₹0.99 crore. The top five customers accounted for 74.8% of revenue from operations in FY26, while the top ten contributed 87.7%.

The company also derives revenue from overseas distribution rights, with export revenue of ₹10.01 crore in FY26, accounting for 13.4% of revenue from operations. The company has six films and two web series in its pipeline, including Hisaab, co-produced with Jio Studios, Samuk and Nanavati vs Nanavati, all scheduled for FY27.

Sunshine Pictures plans to increase production capacity by expanding its writer pool and developing young creative talent, while diversifying its content across genres and formats and strengthening theatrical distribution through film acquisitions.

Now, Sunshine Pictures is launching its initial public offering (IPO), consisting of a fresh issue of ₹173 crore and an offer for sale of ₹109 crore. The total issue size of the IPO is ₹282 crore. Its shares will be listed on the NSE and BSE.

Sunshine Pictures Financials

Sunshine Pictures IPO objective

• Working capital: The company will use up to ₹112.50 crore for funding its working capital requirements.
• General corporate purposes: Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

Sunshine Pictures IPO details

Sunshine Pictures IPO aims to raise ₹282 crore through its public issue. The issue is a combination of a fresh issue and an offer for sale of over 78 lakh shares.

The company has fixed the price band of the issue at ₹342 to ₹360 per share. The lot size, or the minimum bid quantity to apply for the issue, is 41 shares. This equates to a minimum investment amount of ₹14,760 per lot at the upper end of the price band for retail investors.

Sunshine Pictures IPO: Important dates

Sunshine Pictures IPO will remain open for bidding from 18 to 20 August 2026. After the bidding is closed, the allotment of shares is expected to be finalised on August 21.

Successful bidders can expect the shares to be credited to their demat accounts by Monday, August 24, with others receiving refunds on the same day. Sunshine Pictures shares are scheduled to list on the BSE and NSE on August 25.

Strengths and opportunities

• Balanced production model: The company uses both co-production and sole-production models. Co-productions allow the company to share the financial risk with its partners, while producing a project on its own gives it greater control over the intellectual property. It can then earn from multiple rights, including theatrical, OTT, music and other rights.
• Established industry network: The company has more than 17 years of experience in the entertainment industry. During this period, it has built relationships with studios, talent agencies and creative professionals. Its experience and track record of commercially successful projects have also helped it secure repeat collaborations with major industry players.
• Multiple content and revenue streams: The company has worked across films, television, web series, music and digital originals. This gives it several ways to generate revenue from its content, including theatrical releases, OTT rights, satellite rights and music. Successful projects can also be extended through sequels and adaptations, providing additional opportunities to monetise its intellectual property.

Risks and threats

• High customer concentration: Sunshine Pictures remains dependent on a relatively small group of customers. Its top five customers contributed 74.8% of FY26 revenue. This concentration means that any loss of a key customer or reduction in business from them could have a material impact on the company’s revenue.
• High working capital intensity: The company’s net working capital stood at ₹126.46 crore in FY26, equivalent to 169.89% of FY26 revenue. The high working capital requirement means a significant amount of money remains tied up in the business, which could put pressure on liquidity.
• Negative operating cash flow: The company reported negative operating cash flow of ₹33.21 crore in FY26, mainly due to higher inventory and trade receivables. Continued pressure on operating cash flows could make it more difficult for the company to fund its day-to-day requirements internally.
• Film and project execution risk: Film production involves considerable time and costs, and delays or cost overruns can affect the returns from a project. Any disruption in production or failure to complete a project as planned could therefore put pressure on profitability and cash flows.