New Delhi, Aug 20: The initial public offering of film and television producer-director Vipul Shah-promoted Sunshine Pictures Ltd received 105.81 times subscription on the last day of bidding on Thursday, helped by a strong investor response.
The Rs 282-crore IPO received bids for 58,04,90,382 shares against 54,86,051 shares on offer, as per details available with the NSE.
The category for non-institutional investors was subscribed 197.04 times. The portion for qualified institutional buyers (QIBs) received 123.52 times subscription, and the quota for retail investors was subscribed 56.60 times.
Anchor investors and price band
Sunshine Pictures Ltd on Monday mobilised Rs 84.64 crore from nine anchor investors.
The IPO price band has been fixed at Rs 342-360 per share.
The mainboard issue comprises a fresh issuance of 48 lakh equity shares and an offer-for-sale (OFS) of 30.37 lakh equity shares, taking the total offer size to 78.37 lakh shares.
Utilisation of IPO proceeds
The company plans to utilise up to Rs 112.50 crore from the IPO proceeds to meet its long-term working capital requirements, with the remaining amount earmarked for general corporate purposes.
The proposed listing is expected to enhance Sunshine Pictures' visibility, strengthen its brand image and create a public market for its equity shares in India.
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Valuation and business operations
At the upper end of the price band, Sunshine Pictures is valued at an implied post-issue market capitalisation of around Rs 1,121 crore, while the valuation stands at about Rs 1,065 crore at the lower end.
Sunshine Pictures is engaged in originating, creating, developing, producing, marketing and distributing films and web series.
Listing scheduled for August 25
Shares of Sunshine Pictures are proposed to be listed on both the BSE and NSE on August 25.
(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
