Sunshine Pictures, Shankesh Jewellers shares list at around 10% premium over IPO price

Shares of Sunshine Pictures and Shankesh Jewellers made positive debuts on the bourses on Tuesday, with both stocks listing at around 10% above their respective initial public offering (IPO) prices, even as the broader market remained under pressure.

Shares of Shankesh Jewellers listed at ₹103.30 on the NSE, an 11.08% premium over their issue price of ₹93. Similarly, shares of Sunshine Pictures debuted at ₹395.90 on the NSE against the IPO price of ₹360, translating into a listing gain of 9.97%.

Post listing, Shankesh Jewellers shares gained as much as 17.4% to ₹109.17 on the BSE, taking its market capitalisation to around ₹1,600 crore. Sunshine Pictures, however, came under selling pressure after its debut, falling by as much as 4.34% to ₹375.65 and pulling its market value down to around ₹1,190 crore.

The positive debuts came as the benchmark equity indices, the Sensex and the Nifty, traded marginally lower after opening on a weak note, tracking subdued global cues amid persistent concerns over the West Asia crisis.

Sunshine Pictures IPO subscribed 106 times

The ₹282.14-crore IPO of film and television production company Sunshine Pictures, promoted by producer-director Vipul Shah, was subscribed 105.81 times during its August 18-20 bidding period.

The qualified institutional buyer (QIB) portion was subscribed 123.52 times, while the non-institutional investor (NII) category was subscribed 197.04 times. The retail portion was subscribed 56.60 times.

The mainboard IPO comprised a fresh issue of 48 lakh equity shares and an offer for sale (OFS) of 30.37 lakh shares. The company plans to deploy up to ₹112.50 crore from the net proceeds towards its long-term working capital requirements, with the remaining funds earmarked for general corporate purposes.

Shankesh Jewellers IPO booked 2.8 times

Mumbai-based Shankesh Jewellers, a handcrafted gold jewellery wholesaler and B2B manufacturer, raised ₹367.18 crore through its IPO, which was open from August 18 to August 20.

The issue comprised a fresh issue of 2.95 crore shares worth ₹274.18 crore and an OFS of one crore shares worth ₹93 crore. The IPO was subscribed 2.80 times overall, with the NII portion leading demand at 5.7 times. The QIB quota was subscribed 1.32 times, while the retail portion was subscribed 2.42 times.

Established in 2005, Shankesh Jewellers manufactures customised handcrafted gold jewellery, primarily in 22-karat and 18-karat gold. Its product portfolio includes bangles, bridal jewellery, chokers, jhumkas, necklaces, mangalsutras, rings and jewellery sets.

The company supplies its products to corporate and non-corporate customers across India, including jewellery retailers such as Joyalukkas India, P. N. Gadgil & Sons and Kalyan Jewellers India.

Shankesh Jewellers plans to use ₹158 crore of the IPO proceeds to repay or prepay borrowings and ₹38 crore towards working capital requirements.

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