Sunshine Pictures’ initial public offering (IPO) received an overwhelming response from investors, with the issue subscribed 105.81 times on the final day of bidding.

The ₹282-crore IPO, which had a price band of ₹342 to ₹360 per share, saw strong demand across investor categories. The non-institutional investor (NII) portion was subscribed 197.04 times, while the retail investor category was subscribed 56.60 times.

The company had raised ₹84.64 crore from nine anchor investors ahead of the public issue.

Sunshine Pictures is promoted by filmmaker Vipul Amrutlal Shah and is engaged in the creation, development, production, marketing and distribution of films and web series. The company plans to use up to ₹112.50 crore from the fresh issue proceeds towards its long-term working capital requirements, with the remaining amount allocated for general corporate purposes.

The IPO also generated interest in the grey market. As of the morning of August 20, the shares were commanding a grey market premium (GMP) of around ₹75 per share, indicating a potential listing gain of about 20.83% over the upper end of the price band. However, GMP is an unofficial market indicator and does not guarantee the actual listing price or future stock performance.

The company’s shares are proposed to be listed on both the BSE and NSE on August 25.

The strong subscription response has also been linked by market observers to the company’s promoter and filmmaker Vipul Amrutlal Shah, whose experience in the entertainment industry has contributed to investor interest in the offering.

With the issue receiving nearly 106 times the shares on offer in bids, allotment is expected to be highly competitive.

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