Connplex Cinemas Ltd, a rapidly expanding multiplex chain headquartered in Gujarat, is set to enter the capital markets with its Initial Public Offering (IPO) opening for subscription on August 7, 2025. The IPO has generated considerable interest among retail and SME investors as the regional entertainment chain gears up to scale operations across Western and Central India.
The company aims to leverage the raised capital to fund its expansion into Tier-2 and Tier-3 cities, upgrade existing theatres with modern technology, and strengthen its brand positioning in the competitive entertainment sector.
With a stronghold in Gujarat and a unique boutique cinema model, Connplex Cinemas plans to tap into the public equity market to fuel its next phase of growth. The IPO, being floated under the SME segment, could offer investors early exposure to India’s evolving entertainment ecosystem driven by urbanization, higher disposable incomes, and growing preference for premium cinema experiences.
IPO Details: Subscription Begins August 7
The IPO of Connplex Cinemas will be available for public subscription from August 7 to August 9, with the listing expected in the third week of August. As per the draft prospectus, the issue is entirely a fresh issue of equity shares, aimed at raising approximately ₹48 crore.
| IPO Particulars | Details |
|---|---|
| IPO Opening Date | August 7, 2025 |
| IPO Closing Date | August 9, 2025 |
| Listing Exchange | NSE Emerge (SME Platform) |
| Issue Type | Fresh Issue |
| Issue Size | ₹48 crore (Approx) |
| Price Band | ₹130 – ₹135 per share |
| Lot Size | 1,000 shares |
| Minimum Investment (Retail) | ₹1,35,000 (at upper band) |
| Post Listing Tentative Date | August 19, 2025 |
Retail investors will have to bid for at least one lot, while HNI and NII categories are expected to dominate early bidding given the limited float and high interest in regional entertainment businesses.
About Connplex Cinemas: Boutique Entertainment for Bharat
Connplex Cinemas is a Gujarat-grown boutique multiplex chain with a differentiated strategy—catering to aspirational audiences in underserved and semi-urban geographies. With over 25 screens across 10 cities, the company has successfully developed a model that blends comfort, affordability, and a premium cinematic experience.
The company positions itself as a “neighborhood luxury cinema”, bringing digital screens, recliner seating, Dolby Atmos, and gourmet food services to non-metro audiences. It also actively collaborates with local content creators and regional producers, increasing footfalls by offering vernacular entertainment.
| Operational Metrics | As of FY25 |
|---|---|
| Number of Screens | 25 |
| Number of Operational Cities | 10 |
| Annual Footfalls | 12 lakh+ |
| Average Ticket Price (ATP) | ₹170 |
| Occupancy Rate | 42% |
| F&B Revenue Share | 28% of Total Revenue |
Connplex Cinemas has already signed MOUs for 15 additional screens to be operational by FY26, with a focus on Madhya Pradesh, Rajasthan, and Maharashtra.
Financial Performance: Scaling with Profitability
Connplex Cinemas has reported a strong recovery and growth post-pandemic, with operational profitability in FY24 and a significant jump in revenue in FY25.
| Financial Year | Revenue (₹ crore) | EBITDA (₹ crore) | PAT (₹ crore) | EBITDA Margin (%) |
|---|---|---|---|---|
| FY23 | 21.5 | 4.1 | 1.3 | 19.0% |
| FY24 | 32.2 | 6.8 | 2.7 | 21.1% |
| FY25 (Est.) | 45.6 | 9.3 | 4.6 | 20.4% |
The company has maintained healthy margins, reflecting its cost-efficient operational model, focus on high-margin F&B, and smart lease agreements.
IPO Objectives: Where Will the Funds Go?
The primary objectives of the IPO are strategically aligned to drive long-term shareholder value:
- Capex for New Screen Rollouts – Targeting 15 screens by FY26
- Technology Upgrades – Introducing AI-powered ticketing, digital F&B kiosks, and CRM tools
- Debt Reduction – Reducing current liabilities to enhance balance sheet strength
- Marketing & Branding – Enhancing recall in new and competitive markets
- Working Capital – To fund operations during the expansion phase
By investing in scalability and customer experience, Connplex aims to compete with larger multiplex chains like PVR INOX in regional belts without directly clashing in metros.
Industry Outlook: Indian Multiplex Sector Post-Pandemic
India’s theatrical industry has made a robust comeback post-COVID. Despite the rise of OTT platforms, cinemas have proved resilient due to the unique appeal of theatrical releases, especially in non-metros.
| India’s Cinema Industry Overview | FY23 | FY24 | FY25E |
|---|---|---|---|
| Total Screens | 9,450 | 9,870 | 10,450 |
| Gross Box Office Revenue (₹ Cr) | 10,200 | 12,400 | 14,300 |
| % Regional Content Share | 52% | 55% | 58% |
| Average Occupancy Rate | 30% | 35% | 37% |
The growth of regional language content, local production houses, and Tier-2 consumption have created an ideal growth environment for companies like Connplex Cinemas.
Competitive Edge: What Makes Connplex Different?
- Focus on Untapped Markets: Concentration on aspirational towns where large multiplex chains have limited penetration
- Customized Experiences: Premium feel with affordable pricing, targeting middle-income audiences
- Asset-Light Model: Many locations are built using lease-and-operate models, reducing upfront Capex
- Local Partnerships: Ties with local influencers and creators to drive culturally relevant programming
- Technology Focus: Strong digital interface, data analytics for occupancy optimization
Risks to Consider Before Investing
Though Connplex Cinemas offers a promising investment opportunity, potential risks include:
- Dependency on footfalls: Seasonal performance and hit-to-flop film ratio can affect revenues
- Competition from larger chains: PVR INOX and Cinepolis expanding to Tier-2 cities
- OTT disruption: Direct-to-digital releases may impact single-screen performance
- Operational scalability: Maintaining service quality across geographies during rapid expansion
Investors should evaluate these risks alongside the company’s growth strategy and margin resilience.
Analyst Outlook: Should You Subscribe?
Market analysts covering SME IPOs believe Connplex Cinemas offers long-term value for investors looking for niche exposure in India’s consumption economy. With improving margins, growing demand in regional markets, and disciplined execution, the company is expected to deliver consistent earnings growth post-listing.
However, experts recommend:
- Reviewing Q1 FY26 results post-listing for sustainability
- Monitoring occupancy trends and screen additions
- Being cautious of listing day volatility on SME platforms
If the company continues to outperform in non-metro regions, it may emerge as a regional entertainment powerhouse, ripe for institutional investment and possible upgradation to the mainboard in the future.
Disclaimer:
This article is for informational purposes only and does not constitute investment advice. Investors are advised to perform their own due diligence or consult a financial advisor before making any investment decision related to IPOs or SME listings. Market investments are subject to risks including loss of capital.
