Pind Hospitality IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 1x |
| NII | 1.15x |
| sNII (₹2L–₹10L) | 0.86x |
| bNII (above ₹10L) | 1.3x |
| Retail (RII) | 4.31x |
| Total | 2.71x |
Bidding day 3 · final figures at close of bidding: 6 Oct 2026, 6:30 pm IST
IPO Details
- Open Date
- 28 Sept 2026
- Close Date
- 30 Sept 2026
- Listing Date
- 6 Oct 2026
- Face Value
- ₹10
- Fresh Issue
- ₹16.91 Cr
- OFS
- ₹0 Cr
- Listing On
- BSE
- Registrar
- Bigshare Services
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,37,600 |
| HNI (Min) | 3 | 3,600 | ₹3,56,400 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| QIB (ex-anchor) | 18,000 | 1.05% |
| NII | 8,46,000 | 49.51% |
| — sNII (< ₹10L) | 2,82,000 | 16.5% |
| — bNII (> ₹10L) | 5,64,000 | 33.01% |
| Retail | 8,44,800 | 49.44% |
| Total | 17,08,800 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 20.87 | 2.21 | 3.1 | 9.69 | 26.04 | — | — |
| FY 2025 | 23.17 | 2.56 | 3.69 | 12.25 | 28.33 | — | — |
| FY 2026 | 24.91 | 2.27 | 3.95 | 14.52 | 37.72 | 12.74 | 5.41 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 18.3x
- P/E (post-issue)
- 26.12x
- RoNW
- 15.65%
- RoE
- 15.65%
- RoCE
- 15.83%
- Debt / Equity
- 0.88
- EPS (pre-issue)
- ₹5.41
- EPS (post-issue)
- ₹3.79
- EBITDA Margin
- 16.14%
- PAT Margin
- 9.3%
- P/BV
- 4.29x
- NAV / share
- ₹34.59
- Market Cap
- ₹59.39 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding towards capital expenditure for setting up a hotel-cum-banquet hall in Lonavala, Maharashtra (Haveli Project | ₹12.7 Cr |
| General Corporate Purposes | ₹2.66 Cr |
| Issue Expenses | ₹2.46 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| BRLM fees | ₹0.27 Cr |
| Fees payable to Market Maker | ₹0.09 Cr |
| Fees payable to Registrar to Issue | ₹0.01 Cr |
| Fees payable to Advertising and publishing expenses | ₹0.07 Cr |
| Fees payable to Fees payable to Statutory Auditor, Legal Advisors and other Professionals | ₹0.11 Cr |
| Regulators including Stock Exchanges and Depositories | ₹0.08 Cr |
| Others, if any (Other Intermediary fees, consultant fees, underwriting expenses, marketing fees etc | ₹1.84 Cr |
Promoters & Shareholding
Promoters: <p>Nimish Parveen Malhotra, Chirag Parveen Malhotra, Anita Malhotra</p>
- Holding (pre-issue)
- 84.72%
- Holding (post-issue)
- 59.31%
- Dilution
- 25.41%
Documents
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Pind Hospitality | 5.41 | 34.59 | — | 15.65% | — | Consolidated |
| Speciality Restaurants Ltd. | 4.52 | 74.33 | 31.7x | 5.78% | 1.93x | Consolidated |
| United Foodbrands Ltd. | -15.13 | 82.8 | 45.99x | -19.27% | 8.48x | Consolidated |
| Vikram Kamats Hospitality Ltd. | 0.09 | 34.19 | 351.44x | 0.24% | 0.91x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the Pind Hospitality IPO
The Pind Hospitality SME IPO opens for subscription on 28 Sept 2026 and closes on 30 Sept 2026, offered at a price band of ₹93–99 per share, and is set to list on BSE. In total, the issue aims to mobilise ₹17.82 crore. Retail investors bid in lots of 1200 shares, a minimum application of ₹2,37,600.
Issue structure
The IPO is structured entirely as a fresh issue of ₹16.91 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding towards capital expenditure for setting up a hotel-cum-banquet hall in lonavala, maharashtra (haveli project (₹12.7 crore), alongside general corporate purposes (₹2.66 crore). In all, 3 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Pind Hospitality reported revenue of ₹24.91 crore and a net profit of ₹2.27 crore. Revenue grew from ₹20.87 crore in FY2024 to ₹24.91 crore in FY2026 (+19.0%). Net worth stood at ₹14.52 crore at the end of FY2026. At the upper band, that puts the issue at roughly 18.3× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 26.12× post-issue earnings and 4.29× book value, against a return on net worth of 15.65% and a debt-to-equity ratio of 0.88. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Speciality Restaurants Ltd. and United Foodbrands Ltd., with a median peer P/E of about 46×. The issue's own post-issue P/E works out to 26.12×.
Promoters
The promoters of the company are <p>Nimish Parveen Malhotra, Chirag Parveen Malhotra, Anita Malhotra</p>. Promoter holding stands at 84.72% before the issue and comes down to 59.31% after listing.
Grey market premium (GMP)
In the unofficial grey market, Pind Hospitality shares are quoted at a premium of ₹1 implying an expected listing around ₹100, about +1.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Pind Hospitality IPO was subscribed 2.71 times overall. The strongest demand came from retail investors at 4.31 times, with qualified institutional buyers (QIB) at 1× and non-institutional investors (NII) at 1.15×.
Listing performance
Pind Hospitality listed on 6 Oct 2026 at ₹79.2, a discount of -20.0% over the issue price of ₹99.
What to weigh
When evaluating the Pind Hospitality IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Pind Hospitality
Incorporated in June 15, 2021, Pind Hospitality Limited is engaged in the hospitality sector, specifically in hotels and restaurants. The company has completed over 5 lakh deliveries and is recognized as one of the long-standing restaurant partners in Pune by third-party food delivery apps. The company served 2.18 lakh, 4.23 lakh, 4.43 lakh, and 0.96 lakh orders through food delivery apps in the six months ending September 2024, 2024, 2023, and 2022, respectively. The company sources raw materials from local and organized vendors to meet safety and quality standards, including perishable items like dairy, vegetables, and meat. Restaurants undergo routine audits for FSSAI compliance. Services: Restaurants: The company, along with its partnership firm Pind Punjab, operates six restaurants in Pune, Maharashtra, with no permanent closures since 2016. Delivery: The company serves customers through third-party food delivery apps, its own mobile app, online bookings, and phone orders. It also offers mobile pre-ordering for pick-up within a 6 km radius. Outdoor Catering: The company also offers outdoor catering services for special events and workplace canteens, with revenue of ₹80.69 lakhs, ₹64.38 lakhs, ₹59.84 lakhs, and ₹51.16 lakhs in recent periods. Advertising Strategy: The company targets middle and upper-middle-class consumers through advertising focused on fresh, affordable food. It uses various media, including internet, print, direct marketing, and social media, to increase brand awareness. As of September 30, 2024, the company had 138 staff, who formed a part of the central functions including finance, human resources and administration. Competitive Strengths: Experienced Promoters, management team and dedicated staff Attractive offerings at competitive prices based on constant menu innovation and customer focus. Strong on-line presence Strategic locations Strong financial position and profitability
Pind Hospitality — Contact Details
- Registered office
- Plot no. 5,, Sairung Woods, Hinjewadi Phase 2,, Mulshi,, Pune, Maharashtra, 411057
- Phone
- +91 84373 76655
- Website
- www.pindpunjab.in/
- Registrar (IPO queries)
- ipo@bigshareonline.com
Frequently asked questions
- What is the Pind Hospitality IPO price band?
- The Pind Hospitality IPO price band is ₹93 to ₹99 per share, with a lot size of 1200 shares.
- What was the Pind Hospitality IPO GMP before listing?
- The final grey market premium recorded before the Pind Hospitality IPO listed was ₹1. The IPO listed on 6 Oct 2026 at ₹79.2, -20.0% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Pind Hospitality IPO open and close?
- The Pind Hospitality IPO opens on 28 Sept 2026 and closes on 30 Sept 2026.
- When is the Pind Hospitality IPO allotment and listing date?
- Allotment is expected on 1 Oct 2026. The shares are scheduled to list on 6 Oct 2026 on BSE.
- How many times was the Pind Hospitality IPO subscribed?
- The Pind Hospitality IPO was subscribed 2.71 times in total across all investor categories.
- What is the reservation split in the Pind Hospitality IPO?
- Of the total shares offered, retail investors get 49.44%, QIBs 1.05%, non-institutional investors 49.51%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Pind Hospitality and what is their holding?
- The promoters are <p>Nimish Parveen Malhotra, Chirag Parveen Malhotra, Anita Malhotra</p>. Promoter holding is 84.72% before the issue and 59.31% after listing.
- What is the P/E ratio of the Pind Hospitality IPO?
- At the upper price band, the Pind Hospitality IPO is valued at 18.3× pre-issue earnings and 26.12× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Pind Hospitality IPO?
- The net proceeds go primarily toward funding towards capital expenditure for setting up a hotel-cum-banquet hall in lonavala, maharashtra (haveli project, among 3 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Pind Hospitality IPO?
- The book-running lead manager is Fedex Securities Pvt.Ltd.. Bigshare Services is the registrar to the issue.
- Is Pind Hospitality a Mainboard or SME IPO?
- Pind Hospitality is an SME IPO, listing on BSE (SME platform).