Connplex Cinemas — a rising star in India’s multiplex landscape — is ready to take the SME public markets by storm. In just a few years, this Tier-2/Tier-3 focused cinema chain has gone from an ambitious newcomer to operating 66 screens across 18 cities, delighting small-town audiences with big-screen experiences. Now, it’s rolling out the red carpet for investors with an INR 90.27 crore IPO, opening 7 August 2025 and closing 11 August 2025.
The Connplex Cinemas IPO review sheds lights on the company’s business model, revenue streams, and future growth outlook. Unlike the metro-heavy giants PVR Inox and Cinepolis, Connplex has built its empire in underserved markets — where competition is low, real estate is affordable, and moviegoers are fiercely loyal. Let’s dig deeper into the details:
Connplex Cinemas IPO Details
| Metric | Details |
|---|---|
| Price Band | INR 168 – 177 per share |
| Issue Type | 100% Fresh Issue |
| Issue Size | INR 85.68 – 90.27 crore |
| Minimum Lot | 1,600 shares |
| Minimum Investment | INR 2,83,200 (upper band) |
| Listing Platform | NSE EMERGE |
| Lead Manager | Beeline Capital Advisors |
| Registrar | MUFG Intime India |
Connplex Cinemas Business Model: Asset-Light Expansion
Connplex Cinemas business model is mainly divided into two core franchise formats:
- FOFO (Franchise-Owned, Franchise-Operated) – 63 out of its 66 screens as of 31 March 2025
- FOCO (Franchise-Owned, Company-Operated) – 3 screens as of 31 March 2025
The FOFO model is central to Connplex’s growth strategy. Franchisees bear capital expenditure, while Connplex provides brand value, operational SOPs, technology integration, and ongoing marketing support.
A key differentiator is Connplex’s centralized revenue collection system — all box office, F&B, and ancillary revenues flow into the company’s account before weekly payouts to franchisees, ensuring financial transparency and operational oversight.
The company offers three cinema formats:
- Express Model – Compact setups (55–120 seats) for high-density areas.
- Signature Model – Premium interiors and immersive technology (50–100 seats).
- Luxuriance Model – High-end recliner-based premium format (30–90 seats).
Strategic Geography: Dominating Underserved Markets
While PVR INOX focuses heavily on Tier 1 metros, Connplex is penetrating emerging and rural entertainment markets where competition is minimal and capital requirements are lower.
Screen distribution (as of March 31, 2025):
- Tier 1: 21 screens
- Tier 2: 27 screens
- Tier 3: 16 screens
- Tier 4: 2 screens
Geographically, Gujarat is the biggest revenue driver, contributing INR 48.11 crorein FY2025 (~50% of total revenues), followed by Bihar (INR 21.06 crore) and Maharashtra (INR 8.18 crore).
Connplex Cinemas Revenue Streams: Beyond the Box Office
Connplex’s total revenue from operations surged 58% YoY in FY2025 to INR 95.61 crore from INR 60.30 crore in FY2024, powered not just by ticket sales, but also by cinema setup income and ancillary services.
1. Box Office Revenue – 36.6% of FY 2025 Revenue
- Ticket sales remain the backbone, generating INR 34.98 crore in FY2025, up from INR 26.31 crore in FY2024.
- Dynamic pricing, regional movie programming, and targeted content strategies boost occupancy in smaller cities.
2. Cinema Setup Revenue – 51.2% of FY 2025 Revenue
A standout revenue driver, Connplex earns from designing and building cinemas for franchisees.
- FY2025: INR 48.95 crore
- FY2024: INR 27.19 crore
- FY2023: INR 7.25 crore
This sharp growth reflects the aggressive expansion of its franchise base.
3. Food & Beverages (F&B) – 3.8% of FY 2025 Revenue
F&B sales contributed ₹365.54 lakh in FY2025. While modest in percentage terms, margins are high.
Premium offerings, in-seat dining in Luxuriance formats, and home delivery partnerships (e.g., popcorn via delivery apps) provide upsell opportunities.
4. Advertising – 1.4% of FY2025 revenue
- In-cinema and off-screen advertising generated INR 1.35 crore in FY2025, nearly doubling from FY2024.
- Connplex leverages its captive audience for targeted regional campaigns — a niche advantage over large metro-focused chains.
5. Ancillary Revenues
- Revenue Share from F&B & Ticketing: INR 2.45 crore
- VPF (Virtual Print Fee) Share: INR 1.15 crore
- Space Rentals: INR 0.12 crore
- 3D Glasses Sales: INR 0.32 crore
- Income from Sublease of Cinema Properties: INR 2.84 crore
Growth Momentum & Financial Health
Connplex’s model has led to rapid scaling:
- Screens: 24 (FY23) → 49 (FY24) → 66 (FY25)
- Revenue Growth: INR 25.37 crore (FY2023) → INR 60.30 crore (FY2024) → INR 95.61 crore (FY2025)
- Cinema Setup Revenue CAGR (FY2023–FY2025): ~170%
Its revenue mix provides insulation from box office volatility — a key differentiator from PVR INOX, whose revenues rely heavily (>60%) on ticket sales.
Connplex Cinemas IPO Review: Investor Considerations
Strengths for Investors:
- Asset-light franchise model enables fast scaling without heavy debt.
- Diversified revenue (cinema setup, advertising, F&B, rentals) reduces risk from poor film slates.
- Tier 2–4 dominance means less direct competition and untapped market potential.
- Centralized collection system ensures transparency and control over franchisee operations.
Risks to Monitor:
- Heavy reliance on cinema setup income — sustainability depends on continuous franchise onboarding.
- Content dependency — weak film lineups can still impact core box office revenues.
- Execution risk in maintaining service quality across a rapidly growing franchise network.
The Verdict
Connplex Cinemas is not attempting to be the next PVR INOX — instead, it’s positioning itself as a premium neighborhood multiplex brand with a stronghold in non-metro India. The cinema setup revenue stream, which already constitutes over 50% of total revenues, is an unusual yet powerful growth lever, fueling rapid expansion without overleveraging.
For investors, the opportunity lies in early-stage scalability and multi-revenue resilience. However, the key watchpoint will be how Connplex sustains cinema setup income while driving long-term repeat revenues from existing locations.
If Connplex can balance expansion with operational consistency and further monetize its growing audience base via F&B and advertising, it could emerge as a formidable mid-tier player in India’s entertainment industry over the next 3–5 years.