Vipul Amrutlal Shah’s Sunshine Pictures files for IPO

Vipul Amrutlal Shah, a well-known producer and director in India's entertainment industry for many years, is planning to take his company, Sunshine Pictures Limited, public. The company has submitted a draft red herring prospectus (DRHP) for an initial public offering (IPO). The IPO will include a total offer of up to 83. 75 lakh equity shares, consisting of a fresh issue of up to 50 lakh shares and an offer for sale of up to 33. 75 lakh shares. As part of this, Vipul Amrutlal Shah plans to sell up to 23,69,200 shares, while Shefali Vipul Shah will sell up to 10,05,800 shares.

Sunshine Pictures plans to use the funds from the fresh issue for several purposes, including meeting working capital needs and general corporate expenses. The company aims to benefit from having its shares listed on stock exchanges, improving its visibility and brand image, and creating a public market for its shares in India. They intend to allocate up to ₹94 crore from the net proceeds for long-term working capital, which will support future growth and other corporate needs.

As of the date of the DRHP, Sunshine Pictures has produced ten commercial films, co-produced six with well-known studios, created two web series, produced two TV serials, and made one short commercial film. Currently, the company is co-producing two film projects with Jio Studios, with one titled "Hisaab" set to release in the first quarter of 2025. They are also producing one web series for Prasar Bharati, which is available on their channel and OTT platform. Future film projects include titles such as "Good Morning Rhea," "Governor," "The Kerala Story 2," "Buldozer," "Samuk," "Kaanha," and "Bheem," along with web series like "Maaya," "Nanavati vs Nanavati," and "Whistle Blower. "

The company has been profitable for the past three fiscal years and the first half of FY25. Their revenues were Rs. 133. 8 crore in FY24, Rs. 26. 51 crore in FY23, and Rs. 87. 13 crore in FY22; in the first half of FY25, revenues were Rs. 39. 02 crore. Their EBITDA for H1FY25 was Rs. 77. 75 crore, compared to Rs. 73. 08 crore in FY24, and their net profit was Rs. 45. 64 crore in H1FY25, Rs. 52. 45 crore in FY24, Rs. 2. 31 crore in FY23, and Rs. 11. 2 crore in FY22.

Established in 2007, Sunshine Pictures has been involved in creating films, TV shows, and web series. The company has delivered successful productions, including the hit "Force" and other notable films such as "Commando: A One-Man Army" and "Holiday: A Soldier Is Never Off Duty. " Their work has earned various awards, showcasing both commercial success and critical recognition, with "The Kerala Story" being highlighted as a top performer in return on investment for 2023.

Specializing in technology-driven content creation, Sunshine Pictures emphasizes innovative storytelling and production methods. The company is active on social media, boasting a YouTube subscriber base of 1,62,960 and a total of over 9,18,89,854 views. Their presence on platforms like Instagram and Facebook has contributed to a combined follower base of 1,04,500. The streaming of short content on these platforms also generates revenue for the company. 

Leading Sunshine Pictures is Vipul Amrutlal Shah, who has over 24 years of experience in the media and entertainment field. He debuted as a director with the successful film "Aankhen" and has since directed several hits, including "Waqt: The Race Against Time" and "Namastey London. " Under his leadership, the company has established itself as a credible producer known for its impactful content. Shefali Vipul Shah, the co-promoter and a national award-winning actress, has a rich career spanning over 25 years. She has starred in acclaimed films and won numerous awards. Recently, she was nominated for an International Emmy for her role in the web series "Delhi Crime. "

GYR Capital Advisors is the sole book running lead manager for this IPO.