Sunshine Pictures IPO Day 2: Subscription surges to 18.47x, NII category leads charge
IPO receives total bids of 10,13,11,123 shares against 54,86,051 shares on offer
Sunshine Pictures Ltd's initial public offering (IPO) experienced a significant surge in demand on its second day, with subscription rates soaring to 18.47 times overall, up from 4.33 times on day one. The non-institutional investor (NII) category emerged as the leading driver, subscribing 35.59 times, with sub-₹10 lakh NII investors leading the charge at 48.63 times and the above-₹10 lakh NII category following at 29.07 times.
Retail individual investors (RIIs) also demonstrated strong interest, with subscription rates rising to 21.60 times. The Qualified Institutional Buyer (QIB) category, however, lagged behind, reaching only 0.14 times subscription by day two. Mutual funds and "Others" sub-categories within QIBs collectively accounted for a meager 2,16,111 shares.
The IPO is set to close tomorrow, August 20, and the final day's QIB response will be closely monitored as institutional participation typically consolidates on the last day. SBI Securities has recommended an AVOID stance on the issue, citing a declining revenue trend, a negative compound annual growth rate (CAGR) of 25.4 percent over FY24–FY26, and a rich valuation at 27.8 times FY26 post-issue earnings.
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