Film producer Vipul Shah's Sunshine Pictures files draft papers for IPO to raise funds
The Hindu
Sunshine Pictures IPO offers 83.75 lakh equity shares, including fresh issue for working capital, enhancing brand visibility.
Film and television producer-director Vipul Shah-backed Sunshine Pictures Ltd has filed draft papers with the market regulator Sebi to raise funds through an initial public offering (IPO).
The IPO comprises a total offer size of 83.75 lakh equity shares including a fresh issue of 50 lakh shares and an Offer-for-Sale (OFS) of 33.75 lakh shares by promoters, according to the draft red herring prospectus (DRHP).
Promoter Vipul Amrutlal Shah is proposing to sell 23.69 lakh shares, while Shefali Vipul Shah plans to offload 10.05 lakh shares.
The company plans to utilize the proceeds from the fresh issue to meet its long-term working capital requirements, allocating up to Rs 94 crore to support future growth and operations, along with other general corporate purposes.
Additionally, the listing of its equity shares on the stock exchanges is expected to enhance the company's visibility, strengthen its brand image, and create a public market for its shares in India.
Sunshine Pictures is one of the renowned production-houses engaged in the business of originating, creating, developing, producing, marketing and distribution of films and web series.
The company has produced 10 commercial films, including 6 co-produced with leading studios, 2 web series, 2 TV serials, and 1 short commercial film.
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