Connplex Cinemas is positioning itself as India’s fastest-growing chain of Smart Luxury Cinemas, bringing a mix of cutting-edge technology, stylish comfort, and affordable pricing to movie lovers across the country. The company operates 300+ screens across 30+ franchises, with cinema models—Express, Signature, and Luxuriance—tailored for diverse audiences from metro cities to smaller towns.

IPO Structure and Key Details

The Connplex Cinemas IPO is a Book Built Issue worth ₹90.27 crore, entirely a fresh issue of 51 lakh equity shares. The subscription window opened on 7 August 2025 and closed on 11 August 2025. Allotment is expected on 12 August 2025, with listing on the NSE SME platform on 14 August 2025.

• Price Band: ₹168 – ₹177 per equity share

• Market Capitalisation at ₹177: ₹338.07 crore

• Lot Size: 800 shares (Minimum investment: ₹2,83,200 for 2 lots)

• Lead Manager: BEELINE CAPITAL ADVISORS PRIVATE LIMITED

• Registrar: MUFG INTIME INDIA PRIVATE LIMITED

• Market Maker: Spread X Securities Private Limited

Subscription Status and Anchor Investment

On its final subscription day, as of 11:00 AM on 11 August 2025, the IPO was subscribed 3.55 times, indicating strong investor interest.
Anchor investors pumped in ₹25.70 crore by subscribing to 14,52,000 equity shares at ₹177 each, reflecting confidence in the company’s growth story.

Grey Market Premium (GMP)

The GMP stood at ₹28, suggesting a 15.81% potential listing gain. While GMP is an unofficial indicator and influenced by demand-supply in the unregulated market, it reflects positive sentiment towards the issue.

Use of IPO Proceeds

The net proceeds will be allocated as follows:

1. ₹14.79 crore – Purchase of corporate office

2. ₹24.44 crore – Purchase of LED screens and projectors

3. ₹37.63 crore – Funding working capital requirements

4. General corporate purposes

Financial Performance

Connplex Cinemas has delivered strong revenue growth:

• FY23: ₹2,506.81 lakh

• FY24: ₹6,083.27 lakh

• FY25: ₹9,678.18 lakh

EBITDA improved from ₹286.76 lakh in FY23 to ₹2,744.78 lakh in FY25. PAT rose from ₹164.84 lakh in FY23 to ₹1,900.99 lakh in FY25, reflecting operational efficiency and business expansion.

Key Ratios:

• Pre-issue EPS (FY24): ₹13.58

• Post-issue EPS (FY24): ₹9.95

• Pre-issue P/E: 13.03x

• Post-issue P/E: 17.78x

• ROCE: 98.25%

• ROE: 127.28%

• RoNW: 77.78%

Business Model and Market Position

Connplex’s three-tier cinema model allows them to serve both premium urban and value-conscious rural audiences. Express models focus on efficiency, Signature on balanced comfort, and Luxuriance on ultra-premium experiences. This diversified approach strengthens market penetration and mitigates regional risks.

The promoters, Anish Tulshibhai Patel (MD) and Rahul Kamleshbhai Dhyani (Joint MD), each have 6 years of industry experience and have been pivotal in shaping the company's growth strategy.

Investment Outlook

Given the consistent financial growth, strong subscription numbers, and positive GMP trend, Connplex Cinemas IPO is expected to deliver moderate listing gains. However, the valuation is at a higher P/E range, making it more suitable for investors with a moderate risk appetite seeking short-term gains.

Recommendation: Risk-tolerant investors can consider applying for potential listing gains.

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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