Optimystix Entertainment
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.81×
- Big non-institutionalbNII · above ₹10 lakh
- 2.32×
- Small non-institutionalsNII · ₹2–10 lakh
- 1.68×
- Retail individualRII · up to ₹2 lakh
- 1.94×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 15 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 14 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹175 | ₹0 |
| 13 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹175 | ₹0 |
| 12 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹175 | ₹0 |
| 11 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹175 | ₹0 |
| 10 Aug 2026 | ₹5 | +2.86% | ₹3,000 | ₹180 | ₹4,000 |
| 09 Aug 2026 | ₹5 | +2.86% | ₹3,000 | ₹180 | ₹4,000 |
| 08 Aug 2026 | ₹5 | +2.86% | ₹3,000 | ₹180 | ₹4,000 |
| 07 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹175 | ₹0 |
| 06 Aug 2026 | ₹5 | +2.86% | ₹3,000 | ₹180 | ₹4,000 |
| 05 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹175 | ₹0 |
| 04 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹175 | ₹0 |
| 03 Aug 2026 | ₹0 | 0.00% | — | — | ₹0 |
| 02 Aug 2026 | ₹0 | 0.00% | — | — | ₹0 |
| 01 Aug 2026 | ₹0 | 0.00% | — | — | ₹0 |
| 31 Jul 2026 | ₹0 | — | — | — | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 07 Aug 2026 – 11 Aug 2026
- Listing date
- 14 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹166 – ₹175
- Lot size
- 800 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹109 Cr
- Fresh issue
- ₹76.65 Cr 43,80,000 shares
- Offer for sale
- ₹21 Cr 12,00,000 shares
- Market cap at offer price
- ₹407 Cr
- Promoter holding
- 77.61% → 55.77% pre-issue → post-issue
- ISIN
- INE1JZB01022
- CIN
- U59113MH2000PLC129417
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- LSI Financial Services Pvt.Ltd.
- Registered office
- 21, Svp Nagar, Jankidevi Public School Road, Near Versova Telephone Exchange, Andheri, (West), Mumbai City, Mumbai-400053, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 11,16,000 | 28.55% | 24.64% |
| Anchor investor · within QIB | 16,70,400 | — | 36.88% |
| NII (HNI) | 8,40,000 | 21.49% | 18.54% |
| bNII > ₹10L · within NII | 5,59,200 | — | 12.35% |
| sNII < ₹10L · within NII | 2,80,800 | — | 6.20% |
| Retail (RII) | 19,53,600 | 49.97% | 43.13% |
| Employee | 0 | — | 0.00% |
| Market maker | 6,20,000 | — | 13.69% |
| Total issue | 45,29,600 | — | 100.00% |
Net offer to the public of 39,09,600 shares, out of a total issue of 45,29,600. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 800 shares per lot, in multiples, at ₹175
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,40,000 |
| S-HNI (min) | 2 | 1,600 | ₹2,80,000 |
| S-HNI (max) | 7 | 5,600 | ₹9,80,000 |
| B-HNI (min) | 8 | 6,400 | ₹11,20,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹175 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.16 | 10.33 |
| P/E (×) | 13.30 | 16.94 |
| Price to book (×) | 2.29 | — |
| Market cap | — | ₹407 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 17.74%
- ROCE
- 27.00%
- PAT margin
- 13.84%
- EBITDA margin
- 19.23%
- NAV per share
- ₹76.48
- Price to book
- 2.29
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 135.89 | 125.07 | 54.99 |
| Revenue from operations | 134.99 | 124.39 | 54.76 |
| Other income | 0.91 | 0.68 | 0.23 |
| Total expenses | 104.7 | 100.72 | 50.86 |
| Operating profit | 31.19 | 24.35 | 4.13 |
| Operating margin | 22.95% | 19.47% | 7.51% |
| Profit before tax | 31.2 | 24.34 | 4.12 |
| Profit after tax | 24.04 | 17.24 | 6.69 |
| PAT margin | 17.69% | 13.78% | 12.17% |
| Balance sheet | |||
| Total assets | 166.8 | 138.83 | 105.7 |
| Current assets | 152.46 | 137.61 | 102.34 |
| Current liabilities | 35.16 | 41.6 | 45.84 |
| Total liabilities | 35.22 | 41.66 | 46.01 |
| Net worth | 131.47 | 97.22 | 59.68 |
| Current ratio | 4.34× | 3.31× | 2.23× |
| Return on equity | 18.29% | 17.73% | 11.21% |
| Cash flow | |||
| Operating cash flow | -8.05 | 0.87 | -2.81 |
| Investing cash flow | -13.51 | 0.01 | 0.08 |
| Financing cash flow | 10.22 | 19.86 | -0.58 |
| Net cash flow | -11.35 | 20.74 | -3.3 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Working Capital Requirements ₹64.38 Cr
The company intends to meet its working capital requirements from the Net Proceeds of the Offer. The company's working capital needs are expected to increase due to existing and future growth, with requirements projected to reach specified amounts for FY 2026-27 and FY 2027-28.
2 General Corporate Purposes —
The balance Net Fresh Issue Proceeds will be utilized for general corporate purposes including strategic initiatives, funding growth opportunities, and ongoing general corporate exigencies. The utilization shall not exceed 15% of the Gross Proceeds or specified amount whichever is lower.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
Selling shareholders
Existing holders selling into the offer — these proceeds go to the seller, not to the company
| Seller | Capacity | Shares offered | Avg. cost |
|---|---|---|---|
| Vipul D. Shah | Promoter Selling Shareholder | 12,00,000 | — |
1 seller offering 12,00,000 shares.
About Optimystix Entertainment
Founded in 2001 by Mr. Vipul D. Shah and co-headed by Mr. Rajesh Bahl, Optimystix Entertainment India Limited has established itself as a significant player in India's media and entertainment industry over 25 years. The company produces content across television (including comedy, crime, reality, and fiction genres), feature films, and digital platforms. It has produced over 150 television shows comprising more than 7,500 hours of programming for major national broadcasters. Notable productions include iconic franchises like Comedy Circus, Crime Patrol, Laughter Chefs, Baalveer, Rising Star, and Saas Bina Sasural. The company has diversified into feature films (OMG 2, Khel Khel Mein, Vicky Vidya Ka Woh Wala Video, The Diplomat, Double XL) and web series (Candy on Jio Cinema, Lukkha for Amazon Prime Video). The company operates with in-house capabilities including ideation, scripting, production, and post-production. It maintains strong relationships with broadcasters, studios, and OTT platforms, enabling recurring demand and a diversified revenue base across television, films, and digital content.
Management
Mr. Vipul D. Shah
MD
Mr. Rajesh Darshan Bahl
CEO
Mr. Sanjay Dhirajlal Shah
Director
Ms. Monica Rakesh Gupta
Director
Mr. Manmeet Singh Chandhoke
Director
Mr. Rajesh Vasudeo Desai
Director
Strengths
As stated in the offer document
Proven Legacy Of Culturally Iconic, Record-setting TV franchises
The company has over 25 years track record producing more than 150 shows and 7,500+ hours of programming. Notable productions include Comedy Circus (8-year run, Limca Book of Records), Crime Patrol (1100+ episodes), and Baalveer (2000+ episodes, Limca Book of Records).
Multi-Genre, Multi-Platform Engine with Diversified Revenues
The company operates across TV, films, and OTT with end-to-end capabilities in both fiction & non-fiction at scale. Revenue streams include commissioned programming for major broadcasters (Sony, Colours, Zee TV, Star India, SAB TV) and theatrical/direct-to-digital releases.
Leadership with Complementary Creative & Strategic strengths
Mr. Vipul D. Shah (Founder) brings creative vision with deep broadcaster relationships, while Mr. Rajesh Darshan Bahl (Group CEO) provides 25+ years senior management experience from Disney Star, Times of India Group, Eros International, Sony Music & Universal Music Group.
Integrated & scalable production model with risk management
The company maintains vertically integrated process across ideation ? creative development ? production ? post-production ? delivery. Partnership with T-Series provides 50% IP ownership and profit sharing while ensuring upfront revenue certainty and long-term benefits.
Early digital expansion & strategic tech/platform partnerships
The company secured preferred early access to Google's Veo-3 generative video platform among select few globally. Launching YouTube-First Animation IP and developing Micro-Drama Platform targeting Gen Z audiences with AI-powered content creation capabilities.
Relationships across the entertainment ecosystem
The company maintains long-standing relationships with all major networks (Sony, Colors, Zee, Star, SAB) and leading OTT platforms (Netflix, Amazon Prime Video, Sony Liv, JioStar, Zee5). These networks translate into prime slots, faster greenlights, and favourable commercial terms.
In-house creative & production capabilities
The company has in-house teams managing creative development, scripting, production and post-production with vertical integration. Capabilities include India's first live interactive show Rising Star and play-along format Sabse Smart Kaun with data-based project evaluation processes.
Technology-Enabled Production Standards
The company applies modern post-production and visual effects pipelines with integrated generative AI tools such as Veo-3. Track record of delivering projects on time and within budget with governance frameworks consistent with listed-company standards.
Risk factors
As stated in the offer document
High Dependence on Limited Number of Customers
The company derives a significant portion of revenue from a limited number of customers, with top 5 customers accounting for 85.05%, 78.91% and 99.93% of total revenue in FY2026, FY2025 and FY2024 respectively. The largest customer, Jiostar India Private Limited, accounted for 36.21% of revenue in FY2026, creating substantial concentration risk.
Negative Cash Flows from Operations
The company has experienced negative cash flows from operating activities of ₹804.93 lakhs in FY2026 and ₹280.69 lakhs in FY2024. Sustained negative cash flows could impact the company's ability to fund operations, invest in new content, and meet debt obligations.
Shift to IP Ownership Model Increases Capital Intensity and Risk
The company's strategic shift from commission-based model to owning intellectual property requires significant upfront investment with uncertain monetization outcomes. Content inventory carrying amount increased to ₹7,041.48 lakhs in FY2026 from ₹4,101.32 lakhs in FY2024, creating inventory risk and cash conversion challenges.
Lack of IP Rights in Core Television and OTT Business
The company operates on a 'cost-plus' model where clients retain intellectual property rights to produced content. This limits the company's ability to generate long-term revenue streams from content library and makes it technically replaceable by clients for future seasons of successful shows.
High Working Capital Requirements
The company has substantial working capital requirements assessed at ₹17,675.50 lakhs for FY2026. Trade receivables increased significantly to ₹4,868.71 lakhs in FY2026 with receivable days extending to 94 days, while inventory holding days stood at 238 days, straining liquidity.
Dependence on Film Partnership with T-Series
The company's film business relies heavily on project-by-project collaboration with T-Series for financing and distribution, with no long-term agreement in place. T-Series contributed ₹1,000.00 lakhs and ₹3,230.33 lakhs in revenue for FY2026 and FY2025 respectively, creating significant partnership dependency risk.
Content Success Inherently Unpredictable
The company's business success depends on audience acceptance of content, which is inherently unpredictable and subject to rapidly changing audience preferences. Commercial success is largely dependent on factors outside the company's control, including audience tastes, critical reviews, and competing releases.
Significant Related Party Transactions and Credit Risk
The company has substantial outstanding receivables of ₹1,463.58 lakhs from Wakaoo Films LLP as of March 31, 2026, and has granted a loan of ₹135.43 lakhs to Whole-Time Director Rajesh Darshan Bahl. These concentrations expose the company to significant credit risk and potential conflicts of interest.
Regulatory and Content-Related Risks
The company faces multiple regulatory frameworks including CBFC certification requirements, evolving OTT content guidelines, and potential content-related controversies. Changes in certification processes, advertising regulations, or content policies could increase compliance costs and delay releases.
Intense Industry Competition and Margin Pressure
The company faces intensifying competition from established production houses, regional players, in-house production by broadcasters, and independent creators. Competition for talent and prime-time slots may inflate budgets, reduce project approval probability, and compress producer margins.
Company Analysis
from DRHPOptimystix Entertainment India Limited is a content production and distribution company creating television shows, films, web series, and digital content across multiple platforms for broadcasters, OTT platforms, and theatrical releases.
Founded in 2001 by Mr. Vipul D. Shah and co-headed by Mr. Rajesh Bahl, Optimystix Entertainment India Limited has established itself as a significant player in India's media and entertainment industry over 25 years. The company produces content across television (including comedy, crime, reality, and fiction genres), feature films, and digital platforms. It has produced over 150 television shows comprising more than 7,500 hours of programming for major national broadcasters. Notable productions include iconic franchises like Comedy Circus, Crime Patrol, Laughter Chefs, Baalveer, Rising Star, and Saas Bina Sasural. The company has diversified into feature films (OMG 2, Khel Khel Mein, Vicky Vidya Ka Woh Wala Video, The Diplomat, Double XL) and web series (Candy on Jio Cinema, Lukkha for Amazon Prime Video). The company operates with in-house capabilities including ideation, scripting, production, and post-production. It maintains strong relationships with broadcasters, studios, and OTT platforms, enabling recurring demand and a diversified revenue base across television, films, and digital content.
Objects of the Issue
- Funding of working capital requirements of our Company ₹5,587.50 lakhs p.31
- General Corporate Purposes [●] (not exceeding 15% of Fresh Issue proceeds or ₹10 crores, whichever is less) p.99
Issue Structure
- Total Issue
- Up to 62,00,000 Equity Shares aggregating up to ₹[●] lakhs
- Fresh Issue
- Up to 50,00,000 Equity Shares aggregating up to ₹[●] lakhs
- Offer for Sale
- Up to 12,00,000 Equity Shares aggregating up to ₹[●] lakhs
- Price Band
- ₹[●] to ₹[●]
- Lot Size
- [●] Equity Shares and in multiples of [●] equity shares thereafter
- Face Value
- ₹10 each
Business Model
Revenue is primarily earned through: (1) Production and distribution of content on a fee-for-service basis for television broadcasters and OTT platforms; (2) Theatrical film releases and subsequent monetization through satellite rights, OTT licensing, and overseas distribution; (3) Web series production for streaming platforms; (4) Ownership and monetization of intellectual property through multiple windows (theatrical, OTT, satellite, digital, music, ancillary). In FY 2025, films and associated rights contributed 45.85% of revenue (₹5,702.82 lakhs) while web series and television contributed 54.15% (₹6,736.53 lakhs).
Business Segments
SWOT Analysis
- • 25-year legacy producing 150+ TV shows and 7,500+ hours of programming(p.143)
- • Iconic, record-setting franchises in comedy and crime genres(p.143)
- • End-to-end in-house production capabilities(p.143)
- • Strong brand equity and long-standing broadcaster relationships(p.143)
- • Proven scalability across formats and platforms(p.144)
- • High dependence on limited customer base(p.41)
- • Significant inventory build-up with uncertain monetization(p.41)
- • Reliance on leased premises with no ownership(p.42)
- • History of negative cash flows from operations(p.42)
- • Contingent liabilities for tax disputes(p.43)
- • Expansion into digital-first content and AI-enabled production(p.41)
- • Growing OTT market with rising demand for original programming(p.126)
- • Rising demand for regional and vernacular content(p.136)
- • Expansion into film production with proven box office success(p.144)
- • Unpredictable audience acceptance and content performance(p.41)
- • Production delays and cost overruns(p.41)
- • Intense competition from established and emerging producers(p.46)
- • Industry-wide piracy affecting revenue realization(p.50)
- • Regulatory and content censorship risks(p.49)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vipul D. Shah | Promoter | 26.70% | [●] |
| Rajesh Bahl | Promoter | 3.66% | [●] |
| Optimystix Media Private Limited | Promoter Group | 46.25% | [●] |
| Priti Rajesh Bahl | Promoter Group | 1.00% | [●] |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Optimystix Entertainment India THIS ISSUE | 13.37 | 71.97 | 16.94, computed at the offer price | 2.29, computed at the offer price | 18.23% |
| 0.60 | 8.48 | 83.20 | 24.88 | 4.52% | |
| 1.06 | 9.80 | 14.19 | 1.44 | 11.00% | |
| -4.09 | 5.19 | -21.95 | 12.00 | 7.99% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.