Filmmaker Vipul Amrutlal Shah’s Sunshine Pictures files for IPO | Company Business News
Vipul Amrutlal Shah, the producer and director behind films and TV shows like Holiday, Namaste England, and Commando, plans to take his company, Sunshine Pictures Ltd, public.
The production house, which focuses on creating, developing, producing, marketing, and distributing films and web series, has filed a draft red herring prospectus (DRHP) for an initial public offering (IPO).
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The DRHP outlines a total offer size of up to 83.75 lakh equity shares, comprising a fresh issue of up to 50 lakh equity shares and an offer for sale (OFS) of up to 33.75 lakh equity shares. As part of the OFS, Shah, promoter and selling shareholder, plans to sell up to 23,69,200 equity shares, while Shefali Vipul Shah, also a promoter and selling shareholder, intends to sell up to 10,05,800 equity shares.
The proceeds from the fresh issue are earmarked for meeting working capital requirements and general corporate purposes. Additionally, the company aims to enhance its visibility, brand image, and create a public market for its equity shares in India, according to a statement.
Specifically, the company plans to allocate up to ₹94 crore from the net proceeds to fund its long-term working capital needs. It said that the additional capital would support future growth and other corporate objectives.
Sunshine Pictures has produced 10 commercial films, six of which were co-produced with other studios, alongside two web series, two TV serials, and one short commercial film. Currently, it is co-producing two commercial film projects with Jio Studios and backing a web series for state broadcaster Prasar Bharati, streaming on Doordarshan and its OTT platform. Sunshine Pictures also has eight films and two web series in the production pipeline.
