Producer and director Vipul Shah-owned Sunshine Pictures files draft papers with SEBI for IPO

Sunshine Pictures IPO

Sunshine Pictures, the films production house owned by producer and director Vipul Amrutlal Shah, has filed preliminary papers with the SEBI to tap capital markets for fund raising via initial public offering.

Since the debut production of Force, the Mumbai-based company has produced and distributed several films such as Commando: A One-Man Army, Holiday: A soldier is never off duty, Force 2, Commando 2: The black money trail, and The Kerala Story.

So far it has produced 10 commercial films, two web series, two TV serial, and one short commercial film. Further, it is co-producing two commercial films with Jio Studios which are under-production and is solely producing one web series for Prasar Bharati, Doordarshan. Also it has eight films (including Good Morning Rhea, The Kerala Story 2, Buldozer, and Samuk) and 2 web series in the pipeline for production.

The IPO will be a combination of fresh issue of 50 lakh equity shares and an offer-for-sale of 33.75 lakh shares by promoter Vipul Amrutlal Shah and his wife Shefali Shah.

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Sunshine Pictures that competes with listed peers like Panorama Studios International, Baweja Studios, and Balaji Telefilms is planning to utilise fresh issue proceeds for working capital requirements, and general corporate purposes.

GYR Capital Advisors will be the sole book running lead manager appointed for handling the public issue.

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