Optimystix Entertainment India IPO is an SME IPO raising ₹109 Cr at ₹166 – ₹175 a share. It listed on 14 Aug 2026 at ₹180, +2.9% against its issue price of ₹175, and trades at ₹149 today (−15.0% since issue). It was subscribed 2.56× in total.
2.6 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Read from the 420-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 13 specific to this company; 36 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
For the fiscal years ended March 31, 2026 March 31, 2025 and 2024, our top 5 customers accounted for 85.05%, 78.91% and 99.93% of our total revenue, respectively. Our largest customer, Jiostar India Private Limited accounted for 36.21% of our revenue in March 31, 2026.
As at March 31, 2026 amount aggregating to 1,463.58 lakhs ... were outstanding and receivable from Wakaoo Films LLP, a related party in which our Company is a partner. ... our Company has granted a loan of ₹ 135.43 lakh to Mr. Rajesh Darshan Bahl, Whole-Time Director, along with interest receivable of ₹ 46.14 lakh
Our film production model relies on a project-by-project collaboration with T-Series as one of the film studio, where we develop projects and T-Series provides production financing and distribution in exchange for certain rights and revenue share. This partnership exposes us to significant risks as T-Series is under no obligation to finance our future projects.
Films & Associated Rights was ₹ 3,115.50 lakhs, constituting 23.08% of our total revenue... In contrast, in Fiscal 2024, television and digital programming accounted for 80.58% of revenues while films contributed only 2.79%
Net Cash (used in)/ generated from Operating activities (804.93) ... Net Cash (used in)/ generated from Investing activities (1,351.26) ... [and] +1,021.52 [net positive only via finance]
We do not own the intellectual property rights for our television and Over-the-Top (OTT) content as we operate on a 'cost-plus' model. ... the client funds the entire production cost and, in consideration, retains the intellectual property (IP) rights to the produced content
Our strategy to shift from a commission model to owning and monetising intellectual property (IP) increases capital intensity and earnings volatility ... Inventory carrying amount as on March 31, 2026 was ₹ 7,041.48 lacs, ₹ 5,167.78 as on March 31, 2025 and ₹ 4,101.32 as on March 31, 2024.
Our strategy relies heavily on the success of early-stage AI technologies like VEO 3. This platform may not perform as expected or could face technical limitations and market resistance, jeopardizing our low-cost, rapid content creation plans.
We have previously experienced attrition of marquee on-screen talent engaged under long-term arrangements—Kapil Sharma, Krushna Abhishek, and Bharti Singh—who subsequently anchored or launched shows on television broadcasters.
Trade receivables rose from ₹ 1,691.30 lakhs in FY 2024 to ₹2,058.55 lakhs in FY 2025 and ₹4868.71 lakhs in FY 2026, with receivable days increasing from 55 days in FY 2025 to 94 days in FY2026
Non-compliances or delayed filings in GST, TDS, PF and ESI observed in prior years may also lead to penalties and affect profitability.
our Promoters and Promoter Group collectively hold 77.61% of the pre-Offer shareholding of our Company... will continue to hold a majority of our Equity Shares and accordingly will exercise significant influence
All the Directors of our Company do not have prior experience of directorship in any of companies listed on recognized stock exchanges... they will be able to provide only a limited guidance
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹3.6 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 4 | 0 | ₹0.2 Cr |
| Promoters | 0 | 13 | 2 | ₹3.3 Cr |
| Directors | 0 | 13 | 2 | ₹3.3 Cr |
| Subsidiaries | 0 | 0 | 0 | — |
| Group companies | 0 | 0 | 0 | — |
Income Tax demand on Independent Director Rajesh Vasudeo Desai for AY 2023-24 under section 144 for Rs. 2,09,64,230 (~Rs. 2.10 crore); appeal partly remanded back to AO
Income Tax Dept letter under section 226(3) to the Company demanding Rs. 1.95 crore alleged to be owed to third party Shree Himanshu Vedprakash Chaturvedi for his outstanding tax; Company denies liability
Income Tax demand on Rajesh Desai for AY 2024-25 under section 143(3) of Rs. 67,00,044 (~Rs. 0.67 crore)
GST demand of Rs. 22.73 lakhs on the Company (FY 2017-18 to 2019-20) for alleged fraudulent availment/utilisation of ineligible ITC; appeal filed before Joint Commissioner, Mumbai
Civil suit by Promoter/Director Vipul D. Shah vs Collector Pune & PMRDA (Regular Civil Suit 1713/2024) seeking declaration and injunction against alleged unauthorized road construction on his Pune land
Amounts converted from Rs. lakhs to Rs. crore (1 crore = 100 lakhs). Company tax bucket: 3 Direct Tax E-proceedings (amount unascertainable) + 1 GST case (Rs. 22.73 lakhs). Promoters/Directors tax bucket: 13 Direct Tax cases (1 E-proceeding unascertainable + 12 outstanding demand aggregating Rs. 332.63 lakhs); Indirect Tax NIL. 'Other' = 2 civil suits filed by Promoter Vipul D. Shah (nominal court-fee valuation of Rs. 3,294 and Rs. 3,000). Total amount (3.5536 crore) reflects only quantified aggregate: Rs. 0.2273 crore (Company GST) + Rs. 3.3263 crore (Promoter/Director tax). No grand total stated by the issuer. Materiality threshold for disclosure = Rs. 79.93 lakhs. Subsidiaries and Group companies have NIL outstanding litigation.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
The full prospectus — business, financials, risk factors and litigation.
Which institutions were allotted shares before bidding opened, and how many.
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
The full prospectus — business, financials, risk factors and litigation.
