Complete Sports & Management India IPO: price band, issue size, subscription and listing outcome

Complete Sports and Management India Limited came to the market with an SME (small and medium enterprise) IPO of ₹74.93 crore, structured entirely as a fresh issue with no offer for sale (OFS). The IPO price band was ₹128 to ₹135 per share and the lot size was 1,000 shares, implying a minimum application amount of ₹1,35,000 at the upper band. The issue opened on 28 August 2026 and closed on 1 September 2026, with allotment dated 2 September 2026 and listing on 4 September 2026. The stock’s recorded listing price was ₹139, translating into a 2.96% gain versus ₹135.

What Complete Sports and Management India does

Complete Sports and Management India Limited operates in amusement and leisure equipment solutions, focused on indoor entertainment formats. Its core activity is to source, trade and distribute indoor entertainment equipment, with a particular emphasis on bowling systems and arcade games.

Beyond supplying equipment, the company also undertakes installation and commissioning at customer sites, and provides maintenance services along with consulting and operations support. In practice, this positions the company not only as an equipment supplier but also as an execution and after-sales service provider for indoor entertainment projects.

Its customers include family entertainment centres (FECs), hospitality venues, clubs, corporates and other leisure destinations. The company operates primarily in India and also serves select overseas markets as part of its distributor relationships and project execution footprint.

Business model: distribution, project execution, and early forward integration

The operating model described in the disclosures combines vendor sourcing (both domestic and international), project planning, and on-site execution. In equipment-led projects such as bowling installations and arcade deployments, the ability to integrate products, commission systems at the venue, and support operations post-installation can be a differentiating part of delivery, because uptime, servicing, and parts availability can matter to operators.

A second element highlighted is forward integration into consumer-facing venues. The company has begun operating its own entertainment and hospitality venues in Mumbai. The disclosed milestones include the launch of “All Set Go” sports bar and restaurant outlet at Infinity Mall, Andheri, Mumbai in 2026. The stated IPO positioning also references expansion of company-operated entertainment centres under the “Duckpin – The Bowling Bistro” brand, reflecting a move beyond being only a distributor and service provider.

Alongside venue operations, the IPO description frames growth initiatives across the company’s amusement equipment value chain, including an in-house assembly and integration capability for gaming equipment at its Bhiwani warehouse. Separately, the stated objects of the issue include capital expenditure at its existing warehouse located at Bhiwandi, Maharashtra, indicating that the warehouse footprint and execution infrastructure are part of the planned expansion.

Milestones and distributorship relationships

The company was incorporated in 2002 as “Complete Sports and Management India Private Limited” and converted into a public limited company in 2026, changing its name to “Complete Sports and Management India Limited.”

A key milestone in the company’s distribution-led positioning is the 2010 distributorship agreement with Brunswick Bowling Products LLC for India. This relationship is also reflected in the disclosed risk factors and SWOT commentary that point to material concentration in Brunswick bowling equipment within the product mix. In 2019, the company entered into a distributorship agreement with Intercard, Inc.

In 2025, the Brunswick Bowling Products LLC distributorship is stated to have expanded to Singapore, Indonesia and Malaysia. In 2026, the company entered into distributorship agreements with Coastal Amusements Inc., Elaut, KOMUSE America, Sega Amusements International Ltd., and Bandai Namco Amusement Europe Ltd., broadening the supplier roster supporting its indoor entertainment portfolio.

The broader portfolio described in the disclosures includes bowling, arcade, laser tag, go-karting, soft play, and cashless systems, aligning with the company’s positioning as a multi-category indoor entertainment equipment supplier with installation and support services.

Financial performance: FY2025 to FY2026

The financial disclosures in the provided context cover FY2025 and FY2026 and indicate growth in total revenue and profit after tax (PAT), along with an expansion in total assets over the period.

On a rounded narrative basis, total revenue increased from ₹111.42 crore in FY2025 to ₹118.76 crore in FY2026, while PAT rose from ₹11.41 crore to ₹18.18 crore. PAT margin moved from 10.24% to 15.31% over the same period, and total assets increased from ₹69.78 crore to ₹83.26 crore.

In addition to the year-wise financials, the IPO disclosures report key performance indicators (KPIs) including earnings per share (EPS) of ₹12.11, EBITDA margin of 13.39% (EBITDA refers to earnings before interest, tax, depreciation and amortisation, presented here as a margin percentage), and a reported PAT margin of 15.81%. The same KPI set also includes return on equity (ROE) of 53.55%, return on capital employed (ROCE) of 47.97%, return on net worth (RoNW) of 42.27%, and a debt-to-equity ratio of 0.21.

IPO structure and proposed use of proceeds

The IPO was a fresh issue of ₹74.93 crore with no OFS. As a fresh issue, the proceeds are intended to go to the company; with no OFS, there are no proceeds earmarked for selling shareholders.

The stated objects of the issue, as disclosed, include capital expenditure for equipment and infrastructure at the company’s warehouse in Bhiwandi, Maharashtra; capital expenditure for setting up the “Duckpin – The Bowling Bistrot” entertainment centre in Mumbai, Maharashtra; repayment and/or prepayment of certain outstanding borrowings from banks and financial institutions; and general corporate purposes.

In the provided proceeds-allocation detail, specific proposed amounts are disclosed for three of these objectives (warehouse capex and equipment purchases; the Duckpin centre; and repayment/prepayment of certain borrowings), while general corporate purposes are shown as unallocated/not specified. The same proceeds-allocation detail totals ₹59.47 crore across the three quantified heads against a stated total issue size of ₹74.93 crore, meaning the full issue size is not itemised within that breakup in the provided context.

Separately, the IPO description positions the offering around scaling the company’s distribution-and-services platform in bowling and arcade equipment, deepening consulting and execution capabilities, and expanding its footprint of company-operated entertainment centres. These are framed as growth initiatives rather than completed actions.

Valuation metrics, subscription and listing outcome; key risks and monitoring points

On valuation and operating context, the disclosures report a pre-IPO price-to-earnings (P/E) multiple of 11.15 times (based on the disclosed EPS of ₹12.11) and a price-to-book multiple of 4.77 times. Profitability and operating profile are presented through the EBITDA margin of 13.39% and reported PAT margin of 15.81%, alongside capital-efficiency indicators including ROE and ROCE.

The issue is recorded as closed with total subscription of 0.28 times in the provided snapshot, with category-level subscription showing 0.35 times for qualified institutional buyers (QIB), 0.39 times for non-institutional investors (NII), and 0.19 times for retail individual investors (RII).

On listing dated 4 September 2026, the stock’s recorded listing price was ₹139, implying a 2.96% gain over the upper end of the price band (₹135). The grey market premium (GMP) dataset in the provided context includes a single observation of ₹0 on 4 September 2026 referenced to ₹135; GMP is an unofficial indicator and the context provides only this dated observation.

Key risks highlighted in the supplied context include concentration in both customers and suppliers and sensitivity to venue operators’ capital expenditure cycles. In FY2026, the top 10 customers contributed 80.53% of revenue, implying that order delays or loss of a large account can impact business performance. On the supply side, the top 10 suppliers accounted for 81.93% of purchases in FY2026, and the disclosures also flag that supplies are concentrated and overseas, which can affect project execution and timelines if disrupted. The context further notes risks such as rapid technology refresh cycles in amusement equipment, shortage of trained manpower and attrition affecting service quality and safety compliance, and intensifying competition from domestic and international suppliers and adjacent leisure formats.

Monitoring points after the IPO, based on the disclosed business model and risk factors, include these statements. Monitor customer concentration and the mix of project deliveries versus service and support activity. Monitor continuity of key distributorship relationships and supplier concentration, given the reliance on a limited set of global suppliers. Monitor progress on the stated capital expenditure plans at the warehouse and on the Duckpin centre against the stated objects of the issue. Monitor working-capital intensity and project cadence, given procurement, logistics and project-based ordering cycles.

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.