Image Source: Univest
Market Spotlight
Connplex Cinemas Limited, a Gujarat-based entertainment company known for its luxury cinema experiences in Tier-2 and Tier-3 cities, is stepping into the public market with a ₹90.27 crore Initial Public Offering (IPO). The offering, which opens on August 7 and closes on August 11, 2025, is a fresh issue of equity shares aimed at funding infrastructure upgrades and expanding its footprint across India.
Key Highlights from the IPO Announcement
IPO size: ₹90.27 crore, entirely a fresh issue
Price band: ₹168 to ₹177 per equity share
Lot size: 800 shares
Minimum retail investment: ₹1,41,600 (at upper band)
Listing date: August 14, 2025 on NSE Emerge
Allotment finalization: August 12, 2025
Promoters: Anish Tulshibhai Patel and Rahul Kamleshbhai Dhyani
Lead Manager: Beeline Capital Advisors
Registrar: MUFG Intime India
Business Overview and Growth Strategy
Connplex Cinemas, incorporated in 2015, operates a franchise-based model focused on delivering premium cinema experiences in underserved markets. With 66 screens across Gujarat, Bihar, Maharashtra, Chhattisgarh, and Telangana, the company competes with larger players like PVR Inox by offering high-end amenities in smaller cities.
The company earns revenue from:
Ticket sales
Food and beverage services
Advertising and event hosting
Revenue-sharing agreements with franchise partners
The IPO proceeds will be used for:
Purchasing a corporate office
Upgrading LED screens and projectors
Meeting working capital requirements
General corporate purposes
Financial Performance Snapshot
FY24 revenue: ₹60.83 crore (up from ₹25.61 crore in FY23)
FY24 net profit: ₹4.09 crore (up from ₹1.65 crore in FY23)
Strong year-on-year growth of 58.6 percent in revenue
Profit margin expansion driven by operational efficiency and higher occupancy rates
Investor Categories and Quotas
Qualified Institutional Buyers (QIB): 50 percent
Retail Investors: 35 percent
High Net-worth Individuals (HNI): 15 percent
Retail investors can apply for a minimum of 2 lots (1,600 shares), requiring an investment of ₹2,83,200 at the upper price band. HNIs must apply for larger lots, with small HNIs starting at 2,400 shares and big HNIs at 5,600 shares.
Strategic Outlook and Market Positioning
Connplex’s strategy revolves around redefining the luxury of movie-watching in emerging markets. By focusing on comfort, technology, and accessibility, the company aims to capture a growing segment of aspirational consumers in non-metro regions. The IPO will enable Connplex to:
Expand its screen count
Enhance customer experience through tech upgrades
Strengthen its brand presence in high-growth geographies
The company’s emphasis on LED screens, immersive sound systems, and curated food offerings positions it as a differentiated player in the cinema exhibition space.
Final Thoughts
Connplex Cinemas’ ₹90 crore IPO is more than a capital raise—it’s a strategic leap toward scaling a niche business model that blends luxury with local relevance. With strong financials, a clear expansion roadmap, and a growing appetite for premium entertainment in smaller cities, the company offers a compelling narrative for long-term investors.
Sources: The Hindu BusinessLine, Moneycontrol
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