Optimystix Entertainment IPO

Optimystix Entertainment India Limitedoptimystix.com

ListedSMECommunication ServicesNSE Emerge

Price band: ₹166 – ₹175
Issue size: ₹109 Cr
Lot size: 800 sh
Bidding: 7 – 11 Aug
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Optimystix Entertainment India is a Mumbai content producer that, the filing states, has made more than 150 television shows totalling over 7,500 hours of programming since its incorporation on 31 October 2000, and had 38 people on its rolls at the date of the prospectus. Revenue was Rs 54.76 Cr in FY24, Rs 124.39 Cr in FY25 and Rs 134.99 Cr in FY26, with EBITDA of Rs 4.48 Cr, Rs 23.93 Cr and Rs 31.10 Cr over the same three years — margins of 8.18%, 19.24% and 23.04%. The Rs 108.5 Cr NSE Emerge issue, Rs 87.5 Cr fresh and Rs 21 Cr offer for sale at a band of Rs 166-175, was subscribed 2.05 times overall on its closing day, 11 August 2026. It listed at Rs 180 on 14 August 2026, closed day one at Rs 189, and last traded at Rs 143 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

80Exceptional

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Optimystix Entertainment, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2000 · Mumbai, Maharashtra · 38 employees

Optimystix Entertainment India Limited makes television programming, feature films and web series in Mumbai and sells that content to national broadcasters, film distributors and OTT platforms. Founded on 31 October 2000 by Vipul D. Shah and now co-headed by Rajesh Darshan Bahl, it has produced more than 150 television shows totalling over 7,500 hours of programming. Its television work spans comedy (Comedy Circus, Laughter Chefs), crime (Crime Patrol), reality (Rising Star) and fiction (Baalveer, Saas Bina Sasural). Over the past four years it has added feature films — OMG 2, Khel Khel Mein, The Diplomat — and web series such as Candy for Jio Cinema. Ideation, scripting, production and post-production are handled in house; the company had 38 people on its rolls at the date of the prospectus.

Revenue comes from content commissioned or licensed across three streams. In FY26 television programming brought Rs 6,014.90 lakh (44.6% of revenue from operations), OTT and web-series content Rs 4,368.35 lakh (32.4%), and film production and associated rights Rs 3,115.50 lakh (23.1%), on revenue from operations of Rs 13,498.75 lakh. Production is the main cost: operating and production expense was Rs 11,366.48 lakh in FY26 before a Rs 1,873.70 lakh inventory build, leaving EBITDA of Rs 3,110.18 lakh, a 23.04% margin. The constraint is working capital — content inventory was Rs 7,041.48 lakh and trade receivables Rs 4,868.71 lakh at 31 March 2026, with receivable days at 94 — and Rs 6,437.50 lakh of net proceeds was earmarked for it. Borrowings were nil at 31 March 2026.

The company on paper

Legal name: Optimystix Entertainment India Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 31 Oct 2000
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U59113MH2000PLC129417
Sector: Communication Services · Television, film and web-series content production for broadcasters and OTT platforms
Employees: 38
Registered office: Mumbai, Maharashtra
Promoters: Vipul D. Shah, Rajesh Darshan Bahl, Sanjay Dhirajlal Shah, Optimystix Media Private Limited
Promoter holding, pre-issue: 77.6%
Promoter holding, post-issue: 55.8%
Website: optimystix.com

The numbers

Financial performance

Revenue has compounded at 57.0% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

81% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹87.50 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹21.00 Cr
Total issue size: ₹109 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 6,20,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 21.8% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription2.05×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹175.00
Listed at: ₹180.00
Listing gain: up 2.9%
Since listing: down 21.6%
Against the issue price: down 19.4%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 1,600
At cut-off price: ₹175.00
Amount blocked: ₹2,80,000

One lot is 800 shares at ₹1,40,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,80,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~44%

chance of one lot, per application

Retail subscription: 2.26×
Applicants per share available: 2.3× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹180.00

listed at, 2.9% against the issue price

Issue price: ₹175.00
Premium said: —
If allotted 800 shares: ₹4,000

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue rose at each step on record: Rs 54.76 Cr in FY24, Rs 124.39 Cr in FY25 (up 127.15%) and Rs 134.99 Cr in FY26 (up 8.52%). Profit after tax rose alongside, from Rs 6.69 Cr to Rs 17.24 Cr (up 157.70%) to Rs 24.04 Cr (up 39.44%).
EBITDA margin was higher in each successive year the record carries: 8.18% in FY24 (Rs 4.48 Cr on Rs 54.76 Cr), 19.24% in FY25 (Rs 23.93 Cr on Rs 124.39 Cr) and 23.04% in FY26 (Rs 31.10 Cr on Rs 134.99 Cr). Profit after tax margin followed the same direction at every step: 12.22%, 13.86% and 17.81%.
Total borrowings fell at each step on record — Rs 0.44 Cr in FY24, Rs 0.09 Cr in FY25 and nil at 31 March 2026 — while net worth rose from Rs 59.66 Cr to Rs 97.19 Cr to Rs 131.47 Cr.
FY26 revenue from operations of Rs 13,498.75 lakh came in three streams: television programming Rs 6,014.90 lakh (44.6%), OTT and web-series content Rs 4,368.35 lakh (32.4%) and film production and associated rights Rs 3,115.50 lakh (23.1%). The three sum to the stated total.

What to weigh against it

The rate of revenue growth was far lower in the most recent year on record: Rs 54.76 Cr to Rs 124.39 Cr is a rise of 127.15%, while Rs 124.39 Cr to Rs 134.99 Cr is a rise of 8.52%. EBITDA growth was 434.15% (Rs 4.48 Cr to Rs 23.93 Cr) and then 29.96% (Rs 23.93 Cr to Rs 31.10 Cr) over the same two steps.
Working capital is large relative to the balance sheet. At 31 March 2026 content inventory was Rs 7,041.48 lakh and trade receivables Rs 4,868.71 lakh — Rs 119.10 Cr combined against net worth of Rs 131.47 Cr, or 90.59% of it — with receivable days at 94. Rs 6,437.50 lakh (Rs 64.38 Cr) of net proceeds was earmarked for working capital, out of a fresh issue of Rs 87.5 Cr.
Production cost dominates the profit and loss account: operating and production expense was Rs 11,366.48 lakh in FY26 against revenue from operations of Rs 13,498.75 lakh, or 84.20%, and the stated EBITDA of Rs 3,110.18 lakh follows a Rs 1,873.70 lakh inventory build.
The share has traded below both its listing and issue marks. Against the Rs 175 band top it listed at Rs 180 (up 2.86%) and closed day one at Rs 189; the price on 23 October 2026 was Rs 143, 18.29% below Rs 175, 20.56% below the Rs 180 listing price and 24.34% below the Rs 189 day-one close.

Easy to miss in the prospectus

In FY24 the reported profit after tax of Rs 6.69 Cr was above the reported EBITDA of Rs 4.48 Cr. In FY25 and FY26 the order is the other way round (Rs 17.24 Cr against Rs 23.93 Cr, and Rs 24.04 Cr against Rs 31.10 Cr). The FY24 inversion is genuine and arises below the operating line: profit before tax was Rs 411.97 lakh and the tax line was a net credit of Rs 256.82 lakh — a deferred tax credit of Rs 256.64 lakh, of which Rs 247.84 lakh is the deferred tax asset recognised on carried-forward business losses of Rs 858.24 lakh and unabsorbed depreciation of Rs 126.42 lakh, with no current tax payable — which took profit after tax to Rs 668.90 lakh, while the prospectus computes EBITDA as profit before tax plus depreciation plus finance cost less other income.
This record carries no expense, total-asset or operating-cash-flow figures for any of the three years, and no valuation, peer, anchor or allocation data, so neither an earnings multiple nor a cash-conversion check can be shown from it. The subscription data is a single closing-day row: QIB 1.84x, NII 1.85x, retail 2.26x, total 2.05x.
Promoter holding is recorded at 77.61% before the issue and 55.77% after it, a fall of 21.84 percentage points. The issue was on NSE Emerge with a lot of 800 shares, Rs 1,40,000 at the Rs 175 band top, and a market-maker reservation of 620,000 shares.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Optimystix Entertainment — Prospectus dated 2026-08-1212 Aug 2026Filed after pricing, with every placeholder filled in.Opens on nsearchives.nseindia.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: LSI Financial Services Private Limited, NEXGEN Financial Solutions Private Limited
RegistrarAllotment status is checked on the registrar's own site: Maashitla Securities Private Limited

How these figures were checked

Reconciled to Optimystix Entertainment's own prospectus and to exchange disclosures, then cross-checked against 4 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 7 Aug 2026
Closes: 11 Aug 2026
Allotment: 12 Aug 2026
Lists: 14 Aug 2026
Revenue (FY26): ₹135 Cr
Profit (FY26): ₹24.04 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.