Pind Hospitality Limited IPO

Listed 06 Oct 2026, 2.63× subscribed, on the SME platform.

ListedSME· exchange
Subscribed
2.63×
1,614 applications
Price band
₹93 – ₹99
Minimum bid
₹2,37,600
2,400 shares, 2 lots
Issue size
—
not in the exchange feed
Listing gain
—
opened at ₹79.20

What the filing says

Arithmetic on the offer document and exchange data.

Caution4 of 7 dimensions read

The filing raises real questions — 1 of 4 signals read negative

Strength of disclosure49/100
neutral
  • Negative: Slow revenue growth
    Revenue compounding at only 8.5%
  • Neutral: Adequate return on equity
    ROE of 15.7%
  • Positive: Conservative balance sheet
    Debt/equity of 0.88×
  • Neutral: Institutional book covered
    QIB portion subscribed 1.00×

Describes the offering as disclosed, pulled toward neutral for gaps; not a listing-price forecast or advice to apply.

Dates

Issuer's timetable, IST.

  1. 28 Sept
    Bidding opens
  2. 30 Sept
    Bidding closes
    Retail UPI mandates by 5 pm IST
  3. 1 Oct
    Allotment
    Status from BIGSHARE SERVICES PRIVATE LIMITED
  4. 6 Oct
    Listing
    SME platform
  1. 28 Sept
    Bidding opens
  2. 30 Sept
    Bidding closes
    Retail UPI mandates by 5 pm IST
  3. 1 Oct
    Allotment
    Status from BIGSHARE SERVICES PRIVATE LIMITED
  4. 6 Oct
    Listing
    SME platform

Demand and allotment odds

Times subscribed by investor category, one shared scale

· NSE · BSE
  • InstitutionsQIB
    1.00×
  • Non-institutionalNII
    1.14×
  • Above ₹10 lakhbNII
    1.46×
  • ₹2–10 lakhsNII
    0.86×
  • RetailRII
    4.31×

Max 4.3×; tick = 1× (fully subscribed). 1,614 applications.

Retail, 2 lots4.31× subscribed
~1 in 4.3
Minimum 2 lots, 2,400 shares, ₹2,37,600 blocked
How this is worked out

Retail is 4.31× subscribed. Allotment is a lottery on the minimum application, so roughly 1 in 4.3 applications gets one. Bidding for extra lots does not improve these odds.

HNI / NII1.14× subscribed
~1 in 1.1
Minimum 3 lots, 3,600 shares, ₹3,56,400 blocked
How this is worked out

HNI is 1.14× subscribed. This category is allotted proportionately, so a bid receives roughly 1/1.1 of the shares applied for, subject to the minimum-lot draw.

From SEBI allotment rules. Retail is a lottery on the minimum (2 lots); more lots do not raise the odds.

Grey-market premium

Unofficial dealer quotes; not from NSE, BSE or SEBI.

₹20up +20.2% over the upper band

over the upper band, flat since 29 Sept 2026

Unchanged across 21 daily quotes

Unregulated and unverifiable; not a listing-price forecast. See recent outcomes.

The offering

Terms, and valuation at the upper band.

Terms

Price band
₹93 – ₹99
Face value
₹10.00
Lot size
1,200 shares
Minimum application
₹2,37,600
2 lots at the upper band
Total issue size
—
Anchor investors
None
Registrar
BIGSHARE SERVICES PRIVATE LIMITED
Lead managers
FEDEX SECURITIES PRIVATE LIMITED
ISIN
INE0RNF01016

Company and valuation

P/E at upper band
—
Return on equity
15.65%
Debt to equity
0.88×
ROCE, latest period
15.83%
RoNW, latest period
15.65%
PAT Margin, latest period
9.30%
EBITDA Margin, latest period
16.14%
NAV, latest period
34.59
P/B (x), latest period
4.29

“Latest period” rows can be a part year, so ratios there may read low.

Who gets what

Split by investor category, and minimum bids.

  • QIB1.0%
  • NII (HNI)47.0%
  • Retail46.9%
  • Market Maker5.1%
Reservation by investor category
CategorySharesShare of issue
QIB18,0001.00%
NII (HNI)8,46,00047.00%
bNII > ₹10L5,64,00031.33%
sNII < ₹10L2,82,00015.67%
Retail8,44,80046.93%
Market Maker91,2005.07%

Total issue 18,00,000 shares. Indented rows sit inside the row above.

What each category may bid

Individual investors (IND) (Min)
₹2,37,600
2 lots, 2,400 shares
Individual investors (IND) (Max)
₹2,37,600
2 lots, 2,400 shares
S-HNI (Min)
₹3,56,400
3 lots, 3,600 shares
S-HNI (Max)
₹9,50,400
8 lots, 9,600 shares
B-HNI (Min)
₹10,69,200
9 lots, 10,800 shares

Small-HNI minimum is several lots, not one.

What the money is for

Stated use of net proceeds, ₹ Cr.

  1. CapexFunding towards capital expenditure for setting up a…₹12.70 Cr
  2. General purposesGeneral Corporate Purpose—

Unstated amounts (general purposes) mean the rows do not sum to the issue.

Financials

Restated, ₹ crore.

Restated financials, ₹ crore
PeriodRevenueEBITDAPATNet worthDebt
31 March 202420.778—2.2149.68817.244
31 March 202522.646—2.56212.2516.096
31 March 202624.451—2.27314.52312.737
Revenue CAGR up +8.5%PAT CAGR up +1.3%

— = not printed.

Revenue and profit after tax, ₹ crore
20.82.231 March 202422.62.631 March 202524.52.331 March 2026
RevenueProfit after tax

How the issuer compares

Peers named by the issuer itself.

The document names peers but prints no figures for them.

Also named, with no figures printed: Vikram Kamats Hospitality Ltd, United Foodbrands Ltd, Speciality Restaurants Ltd (Formerly Known as Barbeque-Nation Hospitality Ltd). The offer document prints no P/E for the issuer; figures are pre-listing.

Risks worth reading

Ranked by severity.

  • mediumThird-party food delivery apps contributed 78.38%, 85.19% and 86.40% of the Company’s revenue from operations in Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. Any adverse development in relation to these apps may adversely affect our business, results of operations and financial condition.

  • mediumWe are exposed to all risks associated with leasing real estate. We conduct all business operations on premises taken on leave and license basis from third-parties. We have closed our Baner restaurants primarily due to non-renewal of leases. We may be delayed or unable to enter definitive…

  • mediumWe generate 100% of our revenues from the city of Pune, Maharashtra and nearby location. Any event negatively affecting the consumer food services industry in this region could have a material adverse effect on our overall business and results of operations.

  • mediumWe propose to utilise ₹ 1,269.81 lakhs (approximately [●]% of total Issue Proceeds) towards the construction of the Haveli Project. The proposed cost of ₹ 2,010.03 lakhs for the development of the Haveli Project (excluding land) is marginally high in comparison with our net worth of ₹ 1,452.30…

Litigation

Except as stated in this section, there are no outstanding: (a) criminal proceedings; (b) actions by statutory or regulatory authorities; (c) claims relating to direct and indirect taxes; or (d) Material Litigation involving the Company, its partnership firm, its Directors, its Promoters and its Key Managerial Personnel.

Positives the filing discloses (1)
  • Healthy return on equity

    ROE of 15.7%.

What happened to comparable issues

Last 8 listings, most comparable first. Context, not a forecast.

Median listing gain
unchanged 0.0%
Opened above issue
3 of 8
Largest
up +90.0%
Maxwell Engineering Solutions Limited
Weakest
down minus 5.9%
Eventions Limited
Comparable listings
IssueSubscribedListing gainListing gain bar
Vedant Poly Fabs Limited1.9×unchanged 0.0%
Maxwell Engineering Solutions Limited491×up +90.0%
HGS (India) Limited231×up +33.3%
Ravita Engineering Services Limited6.7×unchanged 0.0%
Vaibhav Vyapaar Limited3.1×down minus 2.0%
R.K. Fashion Accessories Limited2.6×down minus 2.4%
Eventions Limited2.3×down minus 5.9%
Papadmalji Agro Foods Limited2.5×up +0.4%

Different companies at different prices. Bars share one scale (full = 90%).

Offer documents

Primary sources.

Common questions

What is the Pind Hospitality Limited IPO GMP today?

The most recent grey-market premium recorded for Pind Hospitality Limited is ₹20 per share — about 20.2% over the ₹99 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.

How many times is the Pind Hospitality Limited IPO subscribed?

Pind Hospitality Limited is subscribed 2.63× overall (QIB 1.00×, NII 1.14×, retail 4.31×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, BIGSHARE SERVICES PRIVATE LIMITED.

What is the minimum investment in the Pind Hospitality Limited IPO?

One lot is 1,200 shares, so a retail application at the ₹99 cut-off price blocks ₹1,18,800. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.

What are the chances of allotment in the Pind Hospitality Limited IPO?

The retail portion is subscribed 4.31×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 4. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.

When is the Pind Hospitality Limited IPO allotment date?

Allotment is scheduled for 2026-10-01, with listing on 2026-10-06. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, BIGSHARE SERVICES PRIVATE LIMITED.

All IPOs PIND stock page

Source: offer document, NSE and BSE bidding data; allotment basis from the registrar. Grey-market premium is unofficial. For information only, not investment advice: consult a SEBI-registered adviser before applying.