Sunshine Pictures IPO Fully Subscribed on Day 1

Sunshine Pictures, a company involved in producing and distributing films and web series, has experienced a strong response to its Initial Public Offering (IPO). The Rs 282-crore issue, which opened for public subscription on August 18, was fully subscribed within a mere 90 minutes. The IPO's price band is set between Rs 342 and Rs 360 per share, and the subscription period is scheduled to conclude on August 20.

Prior to the public opening, Sunshine Pictures successfully raised Rs 84.64 crore from a group of nine anchor investors. These investors include entities such as Innovative Vision Fund and Khandelwal Finance Pvt Ltd. The company plans to allocate up to Rs 112.50 crore from the fresh issue towards meeting its long-term working capital needs, with the remaining funds designated for general corporate purposes.

The promoters, Vipul Amrutlal Shah and Shefali Vipul Shah, will be offloading shares through an Offer for Sale (OFS), with Vipul Shah selling 20.31 lakh shares and Shefali Shah selling 10.06 lakh shares. The equity shares of Sunshine Pictures are expected to be listed on both the BSE and NSE on August 25, enhancing the company's visibility and brand image.