The Indian IPO market continues to be a vibrant space for investors, with Connplex Cinemas Limited ready to make its public debut. This book-building issue aims to raise ₹90.27 crores through a fresh issue of 51,00,000 equity shares. The subscription window is set to run from August 7 to August 11, 2025, providing investors with an opportunity to participate in a company that is strategically expanding its multiplex cinema chain into India’s growing Tier-II and Tier-III cities.
This blog post provides a comprehensive overview of the Connplex Cinemas IPO, including its business, updated financials, and key investment considerations.
About Connplex Cinemas Ltd.
Established in 2015, Connplex Cinemas Limited is an entertainment company that operates multiplex cinemas under the brand name “Connplex”. The company’s business model is centred on providing a premium cinematic experience at an affordable price point, with a focus on catering to audiences in emerging markets. Its operations are driven by a franchise-led expansion strategy, utilizing both FOFO (Franchise Owned Franchise Operated) and FOCO (Franchise Owned Company Operated) models.
As of March 31, 2025, Connplex Cinemas had expanded its network to 66 operational screens across seven states, with a significant presence in Gujarat and Bihar. The company generates a diversified revenue stream from ticket sales, food and beverages, and on-screen advertising.
Connplex Cinemas Limited IPO Details
The Connplex Cinemas IPO is a book-building issue with an offering of 51,00,000 fresh shares, with the aim of raising ₹90.27 crores. The IPO price band has been set at ₹168 to ₹177 per share, with a face value of ₹10. The shares will be listed on the BSE SME platform.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Thu, Aug 7, 2025 |
| IPO Close Date | Mon, Aug 11, 2025 |
| Tentative Allotment | Tue, Aug 12, 2025 |
| Initiation of Refunds | Wed, Aug 13, 2025 |
| Credit of Shares to Demat | Wed, Aug 13, 2025 |
| Tentative Listing Date | Thu, Aug 14, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 11, 2025 |
Key IPO Details
| Event | Details |
| IPO Date | August 7, 2025 to August 11, 2025 |
| Listing Date | – |
| Face Value | ₹10 per share |
| Issue Price Band | ₹168 to ₹177 per share |
| Lot Size | 800 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 51,00,000 shares (aggregating up to ₹90.27 Cr) |
| Reserved for Market Maker | 2,56,000 shares (aggregating up to ₹4.53 Cr) |
| Net Offered to Public | 48,44,000 shares (aggregating up to ₹85.74 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,40,00,000 shares |
| Share Holding Post Issue | 1,91,00,000 shares |
Lot Size of Connplex Cinemas IPO
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 1,600 | ₹2,83,200 |
| Individual investors (Retail) (Max) | 2 | 1,600 | ₹2,83,200 |
| S-HNI (Min) | 3 | 2,400 | ₹4,24,800 |
| S-HNI (Max) | 7 | 5,600 | ₹9,91,200 |
| B-HNI (Min) | 8 | 6,400 | ₹11,32,800 |
Connplex Cinemas Financial Performance
Connplex Cinemas Ltd. has shown remarkable financial performance, with a significant increase in both revenue and profit. The company’s total income surged by 59%, from ₹60.83 crores in the financial year ending March 31, 2024, to ₹96.78 crores in FY25. Additionally, the Profit After Tax (PAT) experienced an impressive 365% growth, rising from ₹4.09 crores in FY24 to ₹19.01 crores in FY25. These figures highlight Connplex Cinemas Ltd.’s strong growth trajectory and its expanding market presence.
Key Performance Indicators (as of March 31, 2025)
- ROE: 127.28%
- ROCE: 98.25%
- Debt/Equity: 0.03
- RoNW: 77.78%
- PAT Margin: 19.88%
- EBITDA Margin: 27.48%
- Price to Book Value: 45.62
Financial Snapshot (₹ in crores)
| Period Ended | 31 Mar 2025 (₹ Cr) | 31 Mar 2024 (₹ Cr) | 31 Mar 2023 (₹ Cr) |
| Assets | 61.12 | 36.40 | 27.96 |
| Total Income | 96.78 | 60.83 | 25.61 |
| Profit After Tax | 19.01 | 4 | 1.65 |
| EBITDA | 26.28 | 6.19 | 2.63 |
| Net Worth | 24.44 | 5.43 | 1.34 |
| Reserves & Surplus | 10.44 | 4.93 | 0.84 |
| Total Borrowing | 0.72 | 0.27 | 0.32 |
Use of IPO Proceeds
The funds raised from the Connplex Cinemas IPO will be utilised for the following key objectives:
| S.No. | Objects of the Issue | Expected Amount (₹ in Crores) |
| 1 | Funding capital expenditure requirement for purchase of corporate office | 14.79 |
| 2 | Funding capital expenditure requirement of purchase of LED Screens and Projectors | 24.44 |
| 3 | Funding Working Capital Requirement | 38 |
| 4 | Funding General Corporate Purposes | – |
Connplex Cinemas IPO Peer Comparison
Connplex Cinemas operates in a competitive segment of the entertainment industry. Its main competitor is the large, listed multiplex chain PVR Inox Ltd. While PVR Inox operates on a much larger scale, Connplex Cinemas’ key differentiating factor is its strategic focus on expanding into the underserved markets of Tier-II and Tier-III cities, which provides a unique growth opportunity.
Conclusion
The Connplex Cinemas IPO provides a compelling investment opportunity in a company that is rapidly growing within the cinema exhibition space. With a strong track record of financial performance and a focused strategy on expanding into emerging markets, the company appears well-positioned to capitalise on the increasing demand for cinematic experiences. However, investors should be mindful of the competitive landscape and the specific risks associated with the industry. As with any investment, prospective investors are advised to conduct their own thorough research and consult a financial expert before making a decision.
