Vipul Amrutlal Shah, reputed producer and director of films and TV shows and a leading figure in India’s entertainment industry for decades, is proposing to take his company, Sunshine Pictures Limited, public.
Sunshine Pictures Limited, one of the reputed and renowned production-houses engaged in the business of originating, creating, developing, producing, marketing and distribution of films and web series, has filed a draft red herring prospectus (DRHP) for an initial public offering (IPO).
The DRHP comprises a total offer size of up to 83.75 lakh Equity Shares including a Fresh Issue of up to 50 lakh Equity Shares and an Offer for Sale (OFS) of up to 33.75 lakh Equity Shares. Vipul Amrutlal Shah as Promoter Selling Shareholder is proposing to sell up to 23,69,200 Equity Shares; and Shefali Vipul Shah as Promoter Selling Shareholder is proposing to sell up to 10,05,800 Equity Shares.
The Company proposes to utilize the Proceeds from the Fresh Issue towards funding the following objects: 1. To meet the Working Capital Requirements; and 2. General Corporate Purposes. In addition, the Company expects to achieve the benefit of listing of its Equity Shares on the Stock Exchanges and enhancement of the Company’s visibility and brand image and creation of a public market for its Equity Shares in India.
The Company proposes to utilize upto ₹94 crore from the Net Proceeds towards funding the Company’s long-term working capital requirements. The Company requires additional long-term working capital for funding future growth requirements of the Company and for other corporate purposes. As on the date of this DRHP, the Company produced; (i) ten (10) commercial films out of which six (6) are co-produced with reputable studios; (ii) two (2) web series; (iii) two (2) TV serial; and (iv) one (1) short commercial film. Further, as on date, the Company is co-producing two (2) of commercial film projects with Jio Studios which are under-production and are solely producing one (1) web series for Prasar Bharati, Doordarshan, which is streaming on Doordarshan channel and its OTT platform. The Company has eight (8) films and 2 (two) web series in the pipeline for production.
As on the date of the DRHP, the Company is co-producing two (2) film projects with Jio Studios, one of which i.e., ‘Hisaab’ (star cast of the movie includes Shefali Vipul Shah, Jaideep Ahlawat, Abhishek Banerji and others) is being scheduled for release in first quarter of calendar year 2025. The Company is solely producing one (1) web series for Doordarshan, which is streaming on Doordarshan channel and its OTT platform. The upcoming film projects Good Morning Rhea, Governor, The Kerala Story 2 , Buldozer, Samuk, Kaanha and Bheem; and the web-series projects are Maaya, Nanavati vs Nanavati and Whistle Blower.
The Company has been profitable for the last 3 fiscals and the first half of FY25. The Company's revenues from operations were Rs. 133.8 crore in FY24, Rs. 26.51 crore in FY23; Rs. 87.13 crore in FY22. In H1FY25, its revenue from operations were Rs. 39.02 crore. The EBITDA was Rs. 77.75 crore in H1FY25; Rs. 73.08 crore in FY24; Rs. 4.46 crore in FY23 and Rs. 15.21 crore in FY22. Its 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.
Incorporated in year 2007, Sunshine Pictures is a production-house engaged in the business of originating, creating, developing, producing, marketing and distribution of films, TV serials and web series (“Projects”). Since incorporation, the Company produced various prominent works in modern Indian cinema. Its debut production ‘Force’, under its banner was a box office hit. Since then, it produced and distributed prominent, commercial and socially relevant films such as ‘Commando: A One-Man Army’, ‘Holiday: A soldier is never off duty’, ‘Force 2’, ‘Commando 2: The black money trail’, ‘The Kerala Story’, etc. The Company’s productions such as ‘Force’, ‘Holiday: A soldier is never off duty’, ‘Human (web series)’ and ‘The Kerala Story’ and their respective cast have bagged various awards such as the Filmfare Award, the International Indian Film Academy award, the Stardust Awards, the Global Film Award, the Apsara Film Producers Guild Awards, the BIG Star Entertainment Awards, India, the Indian Telly Streaming Awards, the Bollywood Life Awards, the Dadasaheb Phalke Film Foundation Awards, the Iconic Gold Awards, the Zee Cine Awards, etc. The Company’s production, ‘The Kerala Story’ emerged as the highest return-on-investment blockbuster in 2023, reflecting the company’s ability to balance commercial appeal withcritical acclaim (Source: D&B Report).
Sunshine Pictures is a technology-driven content creator and specializes in multi-formats commercial films, emphasizing innovation in storytelling and production techniques (Source: D&B Report).
Sunshine Pictures has its presence on social media platforms such as YouTube, Instagram, Facebook, etc. On YouTube, as of date it has a subscriber base of 1,62,960 subscribers on YouTube with over 9,18,89,854 views in total. On Instagram and Facebook, it has a cumulative follower base of 1,04,500. The streaming of short forms of content on such platforms also adds to the Company’s revenue.
Sunshine Pictures is led by Promoter and Managing Director, Vipul Amrutlal Shah, who possesses an experience of over 24 years in M&E industry and is a prominent film producer and director of films, TV serials and web series. His debut as a director in Hindi film industry was with the movie ‘Aankhen’ which was one of the blockbuster hits of year 2002 followed by ‘Waqt: The Race Against Time’, ‘Namastey London, Singh Is Kinng and ‘London Dreams’, amongst others. Under the leadership of Vipul Amrutlal Shah, the Company is established as a credible production house, delivering content that enriches the lives of audiences and sets new benchmarks in storytelling. Promoter and While Time Director, Shefali Vipul Shah is a national award-winning actress with a career spanning over 25 years across various genres and formats in Indian film industry. She has acted in Hindi films such as ‘Satya’, ‘Monsoon Wedding’, ‘Gandhi, My Father’, ‘Dil Dhadakne Do’, ‘Once Again’ etc.. Shefali Vipul Shah has won numerous awards including the Filmfare Award, Stardust Award, Tokyo International Film Festival Award and Asian Academy Creative Award. She received the National Award (Best Supporting Actress) at the 55th National Film Awards. She has recently acted in multiple films and series such as ‘Darlings’, ‘Doctor G’ and ‘Delhi Crime’ among others. She was nominated for International Emmy’s Award in 2023 for her performance in the category of ‘Best Actress’ for the web show (OTT) ‘Delhi Crime’.
The sole book running lead manager is GYR Capital Advisors.
