Live Subscription Summary: Day 2 (19 August 2026)
On Day 2 (Wednesday, August 19, 2026), the Sunshine Pictures IPO subscription status reached an overall 8.61 times subscription. The public offer is led by Non-Institutional Investors (NII) who subscribed their portion 14.24 times, followed closely by Retail Individual Investors (RII) at 11.09 times. Qualified Institutional Buyers (QIB) bidding stands at 0.05 times, with major institutional allocations expected on Day 3. The issue closes for bidding on Thursday, August 20, 2026.
Subscription data is as of 12:00 PM IST on August 19, 2026, and may change during the bidding period.1. Sunshine Pictures IPO Subscription Status Today
The table below details the official category-wise shares offered to the public (excluding the anchor investor portion), bids received, and overall subscription multiples recorded across the BSE and NSE electronic order books:
| Investor Category | Shares Offered (Net Quota) | Bids Received (Shares) | Subscription (x) | Demand Status |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 1,567,444 | ~78,370 | 0.05x | Initial Bids (Awaiting Day 3 Flow) |
| Non-Institutional Investors (NII / HNI) | 1,175,583 | ~16,740,300 | 14.24x | Substantially Oversubscribed |
| Retail Individual Investors (RII) | 2,743,024 | ~30,420,100 | 11.09x | High Retail Participation |
| Total Public Bidding Offer | 5,486,051 | ~47,238,770 | 8.61x | Fully Booked on Day 2 |
Note: Total public bidding shares (5,486,051 equity shares) represents the Net Offer available to public bidders after deducting 2,351,140 anchor shares allocated on 17 August 2026. Data source: Consolidated BSE & NSE public issue electronic order book reports. Last verified: August 19, 2026, at 12:00 PM IST.
2. Sunshine Pictures IPO Key Details & Capital Structure
Promoted by filmmaker Vipul Amrutlal Shah and Shefali Vipul Shah, Sunshine Pictures Limited is issuing equity shares in a 100% book-built process. Below are the statutory parameters confirmed in the SEBI Red Herring Prospectus (RHP) dated 12 August 2026 :
| Parameter | Official Detail (SEBI RHP Verified) |
|---|---|
| RHP Filing Date | 12 August 2026 (SEBI RHP) |
| Issue Opening Date | Tuesday, August 18, 2026 |
| Issue Closing Date | Thursday, August 20, 2026 |
| Price Band | ₹342 to ₹360 per equity share (Face Value: ₹10) |
| Market Lot / Minimum Bid | 41 equity shares (₹14,760 at upper band ₹360) |
| Total Issue Size | ₹282.14 crore (7,837,191 equity shares) |
| Fresh Issue Component | Up to 4,800,034 shares (₹172.80 crore) |
| Offer for Sale (OFS) | Up to 3,037,157 shares (₹109.34 crore) by promoters |
| Anchor Investor Allocation | 2,351,140 shares (₹84.64 crore allocated on 17 Aug 2026) |
| Net Public Bidding Offer | 5,486,051 shares (₹197.50 crore at ₹360) |
| Designated Registrar | Bigshare Services Private Limited |
| Book Running Lead Manager | GYR Capital Advisors Private Limited |
| Listing Exchanges | BSE and NSE |
To learn more about the basic mechanics of how public offerings are structured under Indian market norms, explore our beginner guide to what is an IPO.
3. Category Bidding Breakdown: Retail, NII, and QIB Bids
A. Retail Individual Investor (RII) Bids: 11.09x
The retail portion, representing 35% of the net issue size, has witnessed significant bidding momentum, crossing 11 times subscription on the second day. Retail investors can place bids for a minimum of 41 shares (1 lot = ₹14,760) up to a maximum limit of 13 lots (533 shares = ₹1,91,880 at cut-off price).
B. Non-Institutional Investor (NII / HNI) Bids: 14.24x
The NII category, representing 15% of the offer, is currently the most heavily subscribed portion at 14.24x. Bidding in this category includes both Small NIIs (bidding between ₹2 Lakhs and ₹10 Lakhs) and Big NIIs (bidding above ₹10 Lakhs), indicating strong participation from high-net-worth individuals and corporate treasuries.
C. Qualified Institutional Buyer (QIB) Bids: 0.05x
QIB subscription stands at 0.05 times. As is standard across Indian book-built offerings, foreign institutional investors (FIIs), domestic mutual funds, and insurance companies typically conduct thorough internal risk checks and deploy their bids on the final afternoon of the issue (Day 3).
4. What Does the Subscription Level Mean for Allotment?
While strong overall demand reflects positive market sentiment, retail investors must understand how subscription multiples impact the final allotment:
Key Allotment Realities:
- Automated Lottery: Because the retail quota is oversubscribed (>1x), allotment will be finalized through an automated randomized draw overseen by the stock exchange and the registrar (Bigshare Services).
- One Lot Allocation: In an oversubscribed retail book, winning applicants receive exactly 1 lot (41 shares). Applying for multiple retail lots does not multiply lottery probability.
- No Guarantees: High subscription numbers do not guarantee listing gains or positive future stock performance.
For complete details on how to track your allocation once the basis of allotment is approved, see our comprehensive guide on how to check IPO allotment status by PAN on NSE and the master IPO Allotment Status Guide.
5. About Sunshine Pictures Limited: Business Overview
Incorporated in 2007, Sunshine Pictures Limited is an established Indian media and entertainment content production studio founded by celebrated film director and producer Vipul Amrutlal Shah.
The studio conceptualizes, produces, and monetizes high-impact commercial feature films and digital streaming (OTT) series. Notable titles produced or distributed by the company include the high-grossing film The Kerala Story, the Commando action franchise, Force, Namastey London, and the acclaimed medical drama web series Human.
Sunshine Pictures operates an integrated intellectual property (IP) model encompassing content creation, multi-language dubbing, theatrical box-office distribution, digital streaming platform licensing (OTT), satellite broadcasting syndication, and music rights monetization.
6. Objects of the Issue (Use of Proceeds)
According to the company's Red Herring Prospectus filed with SEBI, the gross proceeds from the Fresh Issue (₹172.80 crore) are proposed to be utilized for:
- Funding Working Capital Requirements: To finance the production, pre-production, and marketing costs of upcoming feature films and digital web series slate.
- General Corporate Purposes: Funding strategic growth initiatives, brand partnerships, and general operational requirements.
The proceeds from the Offer for Sale (₹109.34 crore) will be received directly by the selling shareholders (promoters), and the company will not receive any funds from the OFS portion.
7. Sunshine Pictures Limited: Key Financial Snapshot
Below is the financial summary of Sunshine Pictures Limited for the last three fiscal years as disclosed in the restated financial statements of the RHP:
| Financial Metric (₹ in Crores) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations / Total Income | ₹76.27 Cr | ₹103.33 Cr | ₹133.80 Cr |
| Profit After Tax (Restated PAT) | ₹40.02 Cr | ₹34.46 Cr | ₹53.35 Cr |
| Business Profile Note | Revenue in the media production industry is project-cyclical. FY24 revenue was notably driven by the nationwide box-office release of The Kerala Story. | ||
8. Key Disclosed Risk Factors (From RHP)
Investors should review the primary business and operational risks highlighted in the company's offer documents:
- Project-Based Revenue Volatility: Film production revenues depend on unpredictable theatrical footfalls, box-office performance, and content reception. Financial results vary substantially from year to year based on the release schedule.
- Promoter & Creative Dependence: The business relies heavily on the creative vision, industry relationships, and leadership of founder Vipul Amrutlal Shah. Loss of key personnel could disrupt ongoing production.
- Working Capital Intensity: Film production involves large upfront capital commitments for talent, shooting, VFX, and marketing with deferred monetization via OTT platform licensing.
- Intense Industry Competition: The company competes with major national studios, regional production houses, and deep-pocketed global streaming platforms.
- Regulatory & Censorship Risks: Content is subject to regulatory certifications from the Central Board of Film Certification (CBFC) and digital streaming guidelines. Delays or content controversies can impact release dates.
9. Grey Market Premium (GMP) Trends & Unofficial Estimates
As of August 19, 2026, unofficial grey market reports indicate that Sunshine Pictures unlisted equity shares are trading at an estimated Grey Market Premium (GMP) of ₹75 to ₹77 per share. Against the upper price band of ₹360, this suggests an estimated indicative listing price of around ₹435 to ₹437 per share (~21% premium).
Regulatory Note on GMP: Grey Market Premium is an unregulated, non-statutory, and purely speculative price indicator based on over-the-counter peer trading. It is NOT an official metric verified by SEBI, NSE, or BSE. GMP does not guarantee actual listing price or investment returns. For more details, read our GMP Methodology & Regulatory Disclosures.
10. What Investors Should Watch Next: Official Timetable
Following the completion of the bidding window, here are the key statutory milestones scheduled for the Sunshine Pictures IPO:
| Event Milestone | Scheduled Date (2026) |
|---|---|
| Issue Closes (Final Bidding Day) | Thursday, August 20, 2026 |
| Basis of Allotment Finalisation | Friday, August 21, 2026 |
| Initiation of Refunds / Unblocking of Funds | Monday, August 24, 2026 |
| Credit of Equity Shares to Demat Accounts | Monday, August 24, 2026 |
| Tentative Listing on BSE and NSE | Tuesday, August 25, 2026 |
11. Frequently Asked Questions (FAQs)
What is Sunshine Pictures IPO subscription status today?
As of Day 2 (August 19, 2026, 12:00 PM IST), the Sunshine Pictures IPO has been subscribed approximately 8.61 times overall, with the NII portion booked 14.24 times and the retail portion booked 11.09 times.
How much is the retail portion subscribed in Sunshine Pictures IPO?
The Retail Individual Investor (RII) portion has received bids for approximately 11.09 times the shares offered in the retail quota on Day 2 of bidding.
When does the Sunshine Pictures IPO close?
The public issue closes on Thursday, August 20, 2026, at 5:00 PM IST for UPI ASBA mandate approvals.
What is the price band and minimum investment required?
The price band is ₹342 to ₹360 per share. The minimum lot size is 41 shares, requiring an upfront blocked amount of ₹14,760 per retail application at the upper price band.
Where can investors check final allotment status?
Allotment status will be available on Friday, August 21, 2026, on the official portal of the designated registrar, Bigshare Services Private Limited, as well as on BSE and NSE.
12. Source Note & Investor Disclaimer
Primary Regulatory References: SEBI Red Herring Prospectus (RHP) of Sunshine Pictures Limited (Dated 12 August 2026) ; official public issue subscription electronic order books of BSE India and NSE India.
Disclaimer: Digital Arthalaya is a financial news and educational portal. This article is published solely for informational purposes and does not constitute investment advice, a financial recommendation, or an endorsement to buy or apply for any securities. IPO investments carry market risks. Potential applicants must read the complete Red Herring Prospectus and consult a SEBI-registered financial advisor before investing.