Connplex Cinemas Limited IPO

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Connplex Cinemas Limited is an Indian entertainment company engaged in the development and operation of cinema theatres, film exhibition and distribution, and revenue sharing from movie screenings, F&B sales, and in-cinema advertisements. Operating under the “Connplex” brand, the company provides end-to-end solutions across the cinema value chain and has redefined the movie-viewing experience in Tier 2, 3, and 4 cities while expanding its footprint in Tier 1 cities as well.

Business Segments

Connplex’s operations are built on three core pillars:

a) Cinema Infrastructure Development: Making and designing theatres under varied models suited for different geographies.
b) Film Exhibition & Distribution: Screening mainstream, regional, and niche content, including alternative entertainment like live sports and concerts.
c) Revenue from F&B, Advertisement & Events: Significant earnings from food & beverage sales, on-screen and off-screen advertising, and private events.

Franchise-Based Expansion

Connplex operates using two franchise models:

a) FOFO (Franchise-Owned, Franchise-Operated):  franchisees own and operate the cinema, while Connplex provides brand, training, and system support. A one-time fee of ₹5 lakh + GST per screen is charged, and revenue is shared from tickets, F&B, and convenience fees.

b) FOCO (Franchise-Owned, Company-Operated): franchisees invest in the property, but Connplex manages all operations. Revenue is collected centrally and shared after deductions, offering passive income to investors.

Operational Footprint & Partnerships & Alliances

As of March 31, 2025, Connplex operates 25 cinemas with 66 screens and 5,060 seats. Its presence spans cities like Rajkot, Ahmedabad, Vadodara, Patna, Bhagalpur, and other emerging markets.

Connplex has partnered with August Entertainment for film programming and BookMyShow for seamless ticketing via Vista Entertainment’s platform

Strategic Strengths

i) Offers premium cinema with Dolby Atmos, 2K projectors, and recliner seats.
ii) Provides end-to-end franchisee support for quick setup.
iii) Earns from tickets, F&B, ads, and private events.
iv) Focuses on Tier 2–4 cities with low competition.
v) Screens diverse content for all audience segments.

Objects of the Connplex Cinemas Limited IPO:

Company intends to utilize the net proceeds of the Issue to meet the following objects: - 1. Capital expenditure requirement for purchase of corporate office (₹14.79 cr) 2. Capital expenditure requirement of purchase of LED Screens and Projectors (₹24.44 cr) 3. Working Capital Requirement (₹37.63 cr) 4. General Corporate Purposes

Connplex Cinemas Limited IPO Details:

Open Date: Aug 07 2025
Close Date: Aug 11 2025
Total Shares: 51,00,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 90.27 Cr.
Lot Size: 800 Shares
Issue Price: ₹ 168-177 Per Equity Share
Listing At: NSE Emerge

Promoters And Management:

Mr. Anish Tulshibhai Patel – Managing Director (Age: 44), of Connplex Cinemas since its inception in 2018. With a Master's degree in IT & Computer Science, he earlier ventured into education and hospitality franchises. Since 2018, he has been leading Connplex's expansion, focusing on property acquisition, franchise growth, legal, and financial oversight. He also serves as Director in Connplex Sky Theatres and Connplex Home Theatre Pvt. Ltd. 2. Mr. Rahul Kamleshbhai Dhyani – Joint Managing Director (Age: 45), a B.Com graduate, has over 6 years of experience in the cinema and entertainment industry. He has led business development, marketing, and event management initiatives. A co-founder of Connplex Cinemas, he played a pivotal role in enhancing viewer experiences and operational strategy. He also holds director roles in Connplex Sky Theatres and Connplex Home Theatre Pvt. Ltd. 3. Mr. Parshwa Bhavikbhai Shah – Independent Director (Age: 32),  is a qualified Company Secretary with prior roles at Umesh Ved & Associates and Saanvi Advisors Ltd. He brings strong expertise in corporate governance, SEBI regulations, and IBC. He is actively involved with ICSI’s Ahmedabad Chapter and chairs the PCS Committee, supporting professional education and development.

Financials of Connplex Cinemas Limited IPO:

Particulars FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations 95.60 60.29 25.36
EBITDA 26.27 6.19 2.63
EBITDA Margins 27.48% 10.27% 10.36%
PAT 19 4.08 1.64
PAT Margins 19.88% 6.78% 6.50%
ROCE 98.25% 88.36% 119.48%
Debt to Equity Ratio(In Times) 0.03 0.05 0.24
Operating Cash Flows 2.8 4.02 8.82

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Connplex cinemas Limited 95.60 27.48% 19.88% 98.25% 0.03 338.07 17.79
PVR INOX ltd. 5780 27% -4.86% 2.86% 1.1 10,129 IN LOSS

Lead Manager of Connplex Cinemas Limited IPO:

  1. Beeline Broking Limited

Registrar of Connplex Cinemas Limited IPO:

  1. MUFG Intime India Private Limited

Discussion on Connplex Cinemas Limited IPO:

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