Shankesh Jewellers, Sunshine Pictures make modest debut, trade below listing prices

Sunshine Pictures and Shankesh Jewellers make modest stock market debut.
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Shares of Sunshine Pictures and Shankesh Jewellers made a modest debut on Tuesday, but dipped below listing prices to end with only 2 per cent listing gains each.

Sunshine Pictures listed at a 10 per cent premium on the NSE, while Shankesh Jewellers began trading at an 11 per cent premium on the NSE.

Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, noted Sunshine Pictures’ FY26 profit rose 16 per cent y-o-y to ₹40.02 crore, EBITDA margin expanded to 78.65 per cent and RoE stood at around 32 per cent.

Nyati remained cautiously positive but advised investors against chasing the stock after the listing gain. Existing allottees can hold with a stop-loss around ₹370, while fresh investors should wait for meaningful dips and clearer evidence of consistent revenue growth and earnings visibility.

Dr. Ravi Singh, Chief Research Officer at Master Capital Services Ltd, advised investors to focus on the company’s ability to deliver stable earnings growth and monetise its movie and digital content portfolio. According to Singh, stronger revenue, better collections and positive operating cash flow in upcoming results could make the stock more relevant, while the current valuation leaves less room for disappointment without such improvements.

On Shankesh Jewellers, Nyati highlighted revenue growth from ₹1,061.9 crore in FY24 to ₹1,630.9 crore in FY26, PAT of ₹106.7 crore and RoE of around 51 per cent. However, she flagged the working-capital-intensive nature of the jewellery business, debt/equity of around 0.8x and the impact of favourable inventory gains amid elevated gold prices.

Nyati remained positive on the business and medium-term growth prospects, but advised against aggressive buying immediately after listing. Existing allottees can hold with a ₹95 stop-loss, while fresh investors should consider entering on meaningful dips.

Pertaining to Shankesh Jewellers, Singh said investors should monitor quarterly results to assess the sustainability of margins amid competitive pricing pressure. Singh added that the stock could become a better fit for long-term, growth-oriented portfolios seeking exposure to India’s jewellery sector as liquidity improves gradually.

Sunshine Pictures listing price, IPO details, subscription, anchor book

Sunshine Pictures debuted at ₹395.90 on the NSE, a 10 per cent premium over its IPO price of ₹360. On the BSE, the stock started trading at ₹394, a 9.4 per cent premium.

It then settled nearly 6-7 per cent below the listing price (which is 2 per cent above the IPO price) at ₹369.20 on the NSE and at ₹368.90 on the BSE.

The ₹282-crore IPO of film and television producer-director Vipul Shah-promoted Sunshine Pictures Ltd received 105.81 times subscription overall. The non-institutional investor category was subscribed 197.04 times, while the qualified institutional buyers (QIBs) portion received 123.52 times subscription. The retail investor quota was subscribed 56.60 times.

The company mobilised ₹84.64 crore from nine anchor investors. The IPO price band was fixed at ₹342-360 per share.

The mainboard issue comprised a fresh issuance of 48 lakh equity shares and an offer-for-sale (OFS) of 30.37 lakh equity shares, taking the total offer size to 78.37 lakh shares.

The company plans to utilise up to ₹112.50 crore from the IPO proceeds to meet its long-term working capital requirements, with the remaining amount earmarked for general corporate purposes.

At the upper end of the price band, Sunshine Pictures is valued at an implied post-issue market capitalisation of around ₹1,121 crore, while the valuation stands at about ₹1,065 crore at the lower end.

Shankesh Jewellers listing price, IPO details, subscription, anchor book

Shankesh Jewellers began trading at ₹103.30 on the NSE, an 11 per cent premium over its IPO price of ₹93. On the BSE, it debuted at ₹102.20, a 10 per cent premium, against the IPO price of ₹93.

The stock ended at ₹94.82 and ₹95.03 on the NSE and BSE, respectively, reflecting only 2 per cent listing gains, about 7-8 per cent below listing price.

The ₹367-crore IPO IPO received 2.80 times subscriptiono overall. The non-institutional investors bid for 5.68 times the shares reserved for them. The retail investor category was subscribed 2.42 times, while QIBs received 1.32 times subscription.

The Mumbai-based jewellery wholesaler raised ₹110.15 crore from anchor investors.

The price band for the IPO was fixed at ₹88-93 per equity share, valuing the company at ₹1,367 crore at the upper limit.

The IPO comprised a fresh issue of up to 2.95 crore equity shares and an offer-for-sale (OFS) of up to 1 crore equity shares. At the upper price band, the issue size is around ₹367 crore, while at the lower band it is ₹347 crore.

Proceeds from the fresh issue will be used for repayment or pre-payment of borrowings, funding working capital requirements and general corporate purposes.

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Published on August 25, 2026