Sunshine Pictures IPO opens Aug 18, GMP hints at 15% listing gain

Sunshine Pictures' initial public offering (IPO) opens for subscription on Tuesday, 18 August, and closes on Thursday, 20 August. The price band is set at Rs 342 to Rs 360 per share. The company raised Rs 84.64 crore from anchor investors at Rs 360 per share on 17 August, with participation from nine investors including Innovative Vision Fund and Khandelwal Finance.

The IPO comprises a fresh issue of up to 48,00,034 shares and an offer for sale of up to 30,37,157 shares, totalling about Rs 282 crore. Net proceeds will fund working capital and general corporate purposes. The grey market premium (GMP) stood at Rs 54 on Monday, indicating a likely listing price of Rs 414, a 15% premium over the upper price band.

Fifty percent of the issue is reserved for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail investors. The minimum retail investment is Rs 14,760 for one lot of 41 shares. Allotment is expected on 21 August, with listing on the BSE and NSE on Tuesday, 25 August.