Connplex Cinemas Limited, India’s fastest-growing Smart Luxury Cinemas chain, has officially launched its Initial Public Offering (IPO) worth ₹90.27 crore, comprising a Fresh Issue of 51 lakh equity shares. The IPO subscription period runs from August 7, 2025, to August 11, 2025. The allotment is expected to be finalised by August 12, 2025, with a tentative listing date of August 14, 2025 on the NSE SME platform.

The price band is set between ₹168 and ₹177 per equity share, placing the company’s market capitalisation at ₹338.07 crore at the upper end. The lot size is fixed at 800 shares, and the minimum application size for retail investors is 2 lots (1,600 shares), requiring an investment of ₹2,83,200.

BEELINE CAPITAL ADVISORS PRIVATE LIMITED is the book running lead manager, MUFG INTIME INDIA PRIVATE LIMITED is the registrar, and Spread X Securities Private Limited is the market maker for the IPO.

Company Overview

Founded with the mission to redefine movie-going experiences, Connplex Cinemas operates 300+ screens across 30+ franchise locations in India. The brand’s cinema formats — Express, Signature, and Luxuriance — are designed to cater to both metro city audiences and smaller towns, combining cutting-edge technology, stylish comfort, and affordable pricing.

With a legacy in film marketing and distribution dating back to 2009, Connplex brings strong industry experience and customer engagement expertise to the table.

Leadership and Management

The company’s growth has been spearheaded by Managing Director Mr. Anish Tulshibhai Patel and Joint Managing Director Mr. Rahul Kamleshbhai Dhyani, each with 6 years of industry experience. Their leadership has been instrumental in strategic planning, expansion, and franchise development. A strong management team with significant cinema industry expertise supports operations and innovation.

Financial Performance

Connplex Cinemas has demonstrated consistent financial growth over the past three fiscal years:

• Revenue from Operations: ₹9,678.18 lakh (FY25), ₹6,083.27 lakh (FY24), ₹2,506.81 lakh (FY23)

• EBITDA: ₹2,744.78 lakh (FY25), ₹673.00 lakh (FY24), ₹286.76 lakh (FY23)

• Profit After Tax (PAT): ₹1,900.99 lakh (FY25), ₹408.75 lakh (FY24), ₹164.84 lakh (FY23)

The steady revenue and profit rise reflect the company’s successful expansion and effective cost management strategies.

Valuation Metrics

For FY24, Connplex reported:

• Pre-Issue EPS: ₹13.58

• Post-Issue EPS: ₹9.95

• Pre-Issue P/E Ratio: 13.03x

• Post-Issue P/E Ratio: 17.78x

• ROCE: 98.25%

• ROE: 127.28%

• RoNW: 77.78%

These figures indicate that the IPO is fairly priced, supported by strong operational returns.

Grey Market Premium (GMP)

The Grey Market Premium for Connplex Cinemas IPO is currently ₹28 per share, implying a potential 15.81% listing gain based on upper price band calculations. While GMP serves as an early indicator of market sentiment, it is not an official measure and depends on unregulated demand-supply trends.

Analyst Recommendation

Given Connplex’s rapid expansion, solid financial growth, and moderate GMP, market experts suggest that risk-tolerant investors may apply for potential listing gains. The company’s strong market position and innovative service model make it appealing, but the relatively high ticket size for retail investment and SME platform listing should be factored into decision-making.

Disclaimer
This article is for educational and informational purposes only and does not constitute financial advice. Investment decisions should be based on individual risk tolerance and consultation with SEBI-registered advisors. Market conditions are volatile and subject to change. Neither the author nor the platform is responsible for losses arising from use of this information.

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