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Shankesh Jewellers, Sunshine Pictures slip after listing-day gains
Sunshine Pictures and Shankesh Jewellers opened 10-11% above IPO prices but slipped as profit-taking set in. The IPOs were subscribed 106x and 3x respectively, with non-institutional investors driving demand.
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Sunshine Pictures and Shankesh Jewellers opened at premiums to their IPO prices on Tuesday before drifting lower as early sellers took profits.
Sunshine Pictures listed at ₹395.90 on the NSE, a 10% premium over its ₹360 issue price. The stock traded at ₹382.05 by mid-morning, down 3.5% from the listing price. On the BSE, the opening was ₹394, a 9.4% premium.
The ₹282-crore IPO, from the film and television producer Vipul Shah-promoted company, was subscribed 105.81 times. The non-institutional investor portion saw the highest demand at 197.04 times subscription. Qualified institutional buyers bid for 123.52 times the shares reserved for them, while the retail quota was covered 56.60 times.
Nine anchor investors contributed ₹84.64 crore. The company plans to use up to ₹112.50 crore of the proceeds for working capital. At the upper price band, Sunshine Pictures had an implied post-issue market capitalisation of about ₹1,121 crore.