Complete Sports & Management
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 5.06×
- Big non-institutionalbNII · above ₹10 lakh
- 2.10×
- Small non-institutionalsNII · ₹2–10 lakh
- 0.75×
- Retail individualRII · up to ₹2 lakh
- 0.64×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 14 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 04 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹135 | ₹0 |
| 03 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹135 | ₹0 |
| 02 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹135 | ₹0 |
| 01 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹135 | ₹0 |
| 31 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹135 | ₹0 |
| 30 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹135 | ₹0 |
| 29 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹135 | ₹0 |
| 28 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹135 | ₹0 |
| 27 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹135 | ₹0 |
| 26 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹135 | ₹0 |
| 25 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹135 | ₹0 |
| 24 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹135 | ₹0 |
| 23 Aug 2026 | ₹0 | 0.00% | — | — | ₹0 |
| 22 Aug 2026 | ₹0 | — | — | — | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 28 Aug 2026 – 01 Sept 2026
- Listing date
- 04 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹128 – ₹135
- Lot size
- 1,000 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹74.93 Cr
- Fresh issue
- ₹71.15 Cr 52,70,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹278 Cr
- Promoter holding
- 96.80% → 70.67% pre-issue → post-issue
- ISIN
- INE2K6801014
- CIN
- U92410MH2002PLC138419
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- B-223 - 226, 2nd Floor, Chintamani Plaza, Mohan Studio Compound, Andheri Kurla Road, Chakala, Andheri (East), Mumbai - 400099, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 10,53,000 | 28.53% | 26.52% |
| Anchor investor · within QIB | 15,79,000 | — | 39.76% |
| NII (HNI) | 7,92,000 | 21.46% | 19.94% |
| bNII > ₹10L · within NII | 5,28,000 | — | 13.30% |
| sNII < ₹10L · within NII | 2,64,000 | — | 6.65% |
| Retail (RII) | 18,46,000 | 50.01% | 46.49% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,80,000 | — | 7.05% |
| Total issue | 39,71,000 | — | 100.00% |
Net offer to the public of 36,91,000 shares, out of a total issue of 39,71,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,000 shares per lot, in multiples, at ₹135
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,35,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,70,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,45,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹135 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.11 | 8.84 |
| P/E (×) | 11.15 | 15.27 |
| Price to book (×) | 4.77 | — |
| Market cap | — | ₹278 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 42.27%
- ROCE
- 47.97%
- Debt / equity
- 0.21
- PAT margin
- 15.81%
- EBITDA margin
- 13.39%
- NAV per share
- ₹28.29
- Price to book
- 4.77
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 |
|---|---|---|
| Profit and loss | ||
| Total income | 118.76 | 111.42 |
| Revenue from operations | 117.09 | 110.35 |
| Other income | 1.67 | 1.07 |
| Total expenses | 94.32 | 95.79 |
| Operating profit | 24.44 | 15.63 |
| Operating margin | 20.58% | 14.03% |
| Profit before tax | 24.44 | 15.62 |
| Profit after tax | 18.18 | 11.41 |
| PAT margin | 15.31% | 10.24% |
| Balance sheet | ||
| Total assets | 83.26 | 69.78 |
| Current assets | 67.52 | 58.32 |
| Current liabilities | 38.22 | 44.49 |
| Total liabilities | 40.54 | 45.2 |
| Net worth | 42.72 | 24.58 |
| Current ratio | 1.77× | 1.31× |
| Return on equity | 42.56% | 46.42% |
| Cash flow | ||
| Operating cash flow | -3.65 | -3.09 |
| Investing cash flow | -2.07 | 3.92 |
| Financing cash flow | 5.69 | -0.5 |
| Net cash flow | -0.02 | 0.32 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding capital expenditure for gaming equipment and other capital equipment at Bhiwandi warehouse ₹39.88 Cr
The company proposes to fund capital expenditure requirements for purchasing gaming equipment and other capital equipment, including computers, printers, software, equipment, tools, and CCTV and safety equipment for its existing warehouse located at Bhiwandi, Maharashtra to undertake in-house assembly operations.
2 Setting up 'Duckpin – The Bowling Bistro' entertainment centre in Mumbai ₹8.09 Cr
The company proposes to fund capital expenditure requirements for establishing a 'Duckpin – The Bowling Bistro' entertainment centre in Mumbai, Maharashtra as part of its forward integration strategy to expand into ownership and operation of integrated entertainment and leisure centres.
3 Repayment and/or prepayment of outstanding borrowings ₹11.5 Cr
The company intends to repay and/or prepay, in full or in part, certain outstanding borrowings availed from banks and financial institutions to reduce existing borrowings, maintain favorable debt-equity ratio and enable utilization of internal accruals for business growth.
4 General Corporate Purposes —
The company proposes to deploy the balance net proceeds towards general corporate purposes including acquisition of fixed assets, funding growth opportunities, strategic initiatives, brand building exercises, meeting expenses and other business requirements as determined by the Board.
1 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Complete Sports & Management
Complete Sports and Management India Limited (CSML) is engaged in sourcing, trading and distribution of diversified amusement and leisure equipment, providing installation, commissioning, maintenance and related advisory services. The company operates across the amusement, entertainment and leisure infrastructure value chain, serving family entertainment centres, clubs, hotels, resorts, corporate clients and residential developments. The company is the authorized distributor of Brunswick Bowling products LLC in India, Singapore, Malaysia and Indonesia, and has established relationships with internationally recognized manufacturers including Baohui, Coastal Amusements Inc., Elaut NV, Intercard Inc., Komuse America Inc., Bandai Namco and Sega.
Management
Rohit Rajesh Mathur
MD
Abha Rohit Mathur
CEO
Strengths
As stated in the offer document
Exclusive distributorship for Brunswick Bowling products in India
The company is an authorized distributor of Brunswick Bowling Products LLC in India, Singapore, Malaysia and Indonesia since January 1, 2010, with expansion to additional territories in August 2025.
Comprehensive end-to-end amusement and entertainment solutions platform with integrated consultancy and operations management capabilities
The company operates as an integrated provider spanning sourcing, distribution, installation, testing, commissioning, operations management, maintenance and advisory services across the project lifecycle.
Experience across diverse leisure and hospitality segments
The company has developed experience catering to club houses, corporate clients, family entertainment centres, hotels, residential complexes and resorts, reducing dependence on any single customer segment.
Forward Integration through the Establishment of owned Entertainment Centres under the 'Duckpin – The Bowling Bistro' and 'All Sett Go' Brands
The company launched 'All Sett Go' in April 2026 and 'Duckpin – The Bowling Bistro' in July 2026, enabling direct participation in customer-facing entertainment destinations.
Established relationships with international equipment manufacturers
The company maintains business relationships with internationally recognized manufacturers including Brunswick, Baohui, Coastal Amusements Inc., Elaut NV, Intercard Inc., Komuse America Inc., Bandai Namco and Sega.
Experienced promoters and management team with strong execution capabilities
The company's promoters have over 40 years of combined experience in sourcing, supply, installation and maintenance of amusement equipment, with Mr. Rohit Rajesh Mathur having over 23 years of industry experience.
Risk factors
As stated in the offer document
High Customer Concentration Risk
The company derived 80.53%, 65.55% and 80.45% of revenue from its top ten customers for Fiscals 2026, 2025 and 2024, respectively. Loss of any major customers or reduction in business from such customers could have a material adverse effect on business, financial condition, results of operations and cash flows.
Supplier Concentration and International Dependency
The company's top ten suppliers accounted for 81.93%, 73.20% and 81.07% of total purchases for Fiscals 2026, 2025 and 2024, respectively. Any disruption in relationships with international manufacturers and suppliers could materially adversely affect business operations and supply chain continuity.
Dependence on Brunswick Bowling Products
The company is the exclusive distributor of Brunswick bowling products in certain jurisdictions, with revenues from Brunswick equipment accounting for 50.21%, 34.42% and 50.67% of revenue from operations for Fiscals 2026, 2025 and 2024 respectively. Any loss of exclusivity or deterioration in this relationship could materially adversely affect business performance.
Negative Cash Flow from Operations
The company experienced negative cash flows from operating activities of ₹382.09 lakhs in Fiscal 2026 and ₹332.77 lakhs in Fiscal 2025. Continued negative cash flows could materially adversely affect liquidity, financial condition and ability to implement growth plans.
Geographic Revenue Concentration
A substantial portion of revenue is geographically concentrated in Maharashtra, Karnataka and Telangana, which collectively contributed 78.57%, 60.95% and 55.44% of revenue for Fiscals 2026, 2025 and 2024, respectively. Any adverse developments in these geographies could materially impact business performance.
Dependence on Family Entertainment Centers
The company's business is substantially dependent on demand from family entertainment centres, which accounted for 87.47%, 73.77% and 78.70% of revenue for Fiscals 2026, 2025 and 2024 respectively. Any adverse developments affecting this customer segment could materially impact operations.
Leased Premises Risk
The company's registered office and warehouses are not owned and are occupied on lease, leave and licence or rental basis. Any inability to renew such arrangements or relocate operations on commercially acceptable terms could materially adversely affect business operations.
Working Capital Intensive Business
The company's business requires substantial working capital for procurement of equipment, inventory management and project execution. Any inability to arrange or maintain adequate working capital may adversely affect business operations and financial condition.