Complete Sports & Management India IPO: issue size, price band, dates, business model, financials and risks

Complete Sports and Management India Limited, an amusement and leisure equipment solutions provider, came to the market with an SME IPO of ₹74.93 crore. The issue was priced in a band of ₹128 to ₹135 per share with a lot size of 1,000 shares. The IPO opened on 28 August 2026 and closed on 1 September 2026; allotment was scheduled for 2 September 2026 and listing was scheduled for 4 September 2026. The offer was entirely a fresh issue of ₹74.93 crore with no offer for sale (OFS), so the proceeds are proposed to accrue to the company (fresh issue proceeds go to the issuer; OFS proceeds go to selling shareholders).

What the company does: equipment-led indoor entertainment solutions

Complete Sports and Management India Limited operates across sourcing, trading, distribution, and installation of amusement and leisure equipment used in indoor and venue-based entertainment formats. Its product range includes bowling lanes (including duckpin), arcade and redemption games, soft play and trampoline systems, laser tag, bumper cars, go-karting systems, and cashless gaming platforms. The company also supplies spares and consumables.

A notable feature of its operating model is the bundling of equipment supply with project services. The company undertakes site feasibility, layout and game-mix planning, procurement and logistics (including imports), installation, testing and commissioning, staff training, and after-sales maintenance. Its customer base includes family entertainment centres (FECs), malls, clubs, hotels, resorts, corporates, and residential developers, with operations in India and select overseas markets.

Alongside the business-to-business equipment and project execution model, the company has started forward integration into consumer-facing venues. It operates company-run formats in Mumbai under the brands All Sett Go (a sports bar and restaurant with interactive gaming) and Duckpin – The Bowling Bistro (a bowling-led entertainment and food-and-beverage concept). It also operates through a Singapore subsidiary positioned as a regional procurement and distribution hub.

Key milestones and partner additions

Complete Sports and Management India Limited was incorporated in 2002 as a private limited company. In 2026, it was converted into a public limited company and renamed Complete Sports and Management India Limited.

On the distribution side, the company signed a distributorship agreement with Brunswick Bowling Products LLC for India in 2010. In 2019, it entered into a distributorship agreement with Intercard, Inc. In 2025, the Brunswick arrangement was expanded to Singapore, Indonesia, and Malaysia. In 2026, the company signed distributorship agreements with multiple equipment and amusement brands, including Coastal Amusements Inc., Elaut, KOMUSE America, Sega Amusements International Ltd., and Bandai Namco Amusement Europe Ltd.

On the company-operated venue side, it launched its first All Sett Go outlet at Infiniti Mall, Andheri, Mumbai, and commenced operations of its first Duckpin – The Bowling Bistro at Infiniti Mall, Malad, Mumbai, in 2026.

IPO structure, reservations, and what the proceeds are proposed to fund

The IPO comprised only a fresh issue with no OFS component. As stated in the offer objectives, the company proposes to use the net proceeds primarily for capital expenditure and expansion initiatives, alongside repayment or prepayment of certain borrowings and general corporate purposes.

The stated objects include:

Capital expenditure at the company’s existing warehouse located at Bhiwandi, Maharashtra, including purchase of gaming equipment and other capital equipment such as computers, printers and software, equipment and tools, and CCTV and safety equipment. The IPO description also references establishing an assembly and integration unit at the existing Bhiwandi warehouse to increase in-house value addition and customization capability.

Capital expenditure towards setting up a Duckpin – The Bowling Bistro entertainment centre in Mumbai, Maharashtra, aligned with the company’s forward integration into entertainment-and-hospitality formats.

Repayment and/or prepayment, in full or in part, of certain outstanding borrowings availed from banks and financial institutions.

General corporate purposes.

For allocation, the issue is divided across Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs), with the QIB portion at 50%, NII portion at 15%, and retail portion at 35%. The provided details also indicate an anchor allocation as 60% of the QIB portion, and a domestic mutual fund reservation within the anchor book.

Financial trajectory and scale (FY2024 to FY2026)

Across FY2024 to FY2026, the financials provided show revenue movement alongside changes in profitability and an expanding asset base. The reported figures capture a business that combines equipment-led projects, associated services, and initial steps into operating consumer venues.

In broad terms, total revenue increased from FY2024 to FY2026, reaching about ₹115.20 crore in FY2026. Profit after tax (PAT) also increased over the same period, reaching about ₹17.95 crore in FY2026. PAT margin varied across the reported years and was about 15.58% in FY2026. Total assets increased over the period, reaching about ₹83.03 crore in FY2026.

These reported numbers form the base context for tracking how the proposed warehouse-related capital expenditure and the additional Duckpin – The Bowling Bistro outlet (as proposed in the objects of the issue) influence the company’s scale and profitability profile in subsequent periods.

Valuation and key performance indicators (as provided)

The offer documents provide a set of key performance indicators (KPIs) and valuation metrics that investors typically use to frame the offer price relative to earnings, book value, profitability, and leverage.

Based on the provided dataset, the earnings per share (EPS) is ₹12.11 and the pre-IPO price-to-earnings (P/E) multiple is stated as 11.15 times (at the referenced pricing context). The reported price-to-book multiple is 4.77 times.

Return ratios disclosed include return on equity (ROE) of 53.55%, return on capital employed (ROCE) of 47.97%, and return on net worth (RoNW) of 42.27%. Operating profitability is presented as an EBITDA (earnings before interest, taxes, depreciation and amortisation) margin of 13.39%. The KPI set also reports a PAT margin of 15.81% and a debt-to-equity ratio of 0.21.

Given the company’s mix of equipment sourcing (including imports), on-site execution, and maintenance support, these metrics are often read alongside qualitative factors such as project pipeline characteristics, receivable and cash conversion discipline, and the evolving contribution of company-operated venues.

Subscription, grey market premium observations, risks, and monitoring points

Subscription status in the provided snapshot shows overall subscription at 0.13 times, with NII subscription at 0.52 times and retail subscription at 0.04 times; QIB bids were recorded at 0 times in the snapshot. (As a closed issue at the snapshot time, this reflects recorded demand as captured in the dataset.)

Grey market premium (GMP) observations in the supplied data (up to the latest 10 entries) show a GMP of ₹0 versus the referenced issue price of ₹135 across the observation dates from 26 August 2026 through 4 September 2026. GMP is an unofficial market indicator and can change; these are dated observations and not a listing forecast.

The key risks highlighted in the provided SWOT include customer concentration, dependence on leisure trends and venue capital expenditure, and reliance on a few overseas suppliers (including the potential for delays or changes in commercial terms that can affect delivery schedules and costs).

Monitoring points that follow directly from the disclosed business model and offer objectives are:

The extent to which revenue dependence on a few customers changes over time, given the project-led nature of equipment supply and installation.

Receivables and cash conversion trends as the company executes installations and provides after-sales maintenance across multiple venues and customer types.

Progress on the proposed Bhiwandi warehouse capital expenditure and any assembly/integration capability referenced in the IPO description, including how it affects in-house value addition and customization.

Execution and operating performance of company-run formats (All Sett Go and Duckpin – The Bowling Bistro) alongside the core distribution and project execution business, as the company continues forward integration.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (19 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.