NewsComplete Sports & Management IPO Day 1: Subscription status, review — here's what you need to knowComplete Sports & Management IPO Day 1: Subscription status, review — here's what you need to know
- Complete Sports & Management IPO opened on 28-08-2026 with a total subscription of 0.13x on Day 1.
- Retail category saw a 300% intraday jump, while QIBs remained inactive at 0.00x.
- The company reported FY2026 revenue of ₹117.09 crores and PAT of ₹18.18 crores.
- Key risks include high customer concentration (80.53%) and dependence on Brunswick Bowling products.
- The issue closes on 2026-09-01, with listing expected on 2026-09-04.
*this image is generated using AI for illustrative purposes only.
Complete Sports & Management’s IPO closed with a 3.2x overall subscription, driven by a massive late-day surge in QIB interest. The issue crossed the fully subscribed mark in the final hours of Day 3, with QIB jumping from 0.88x to 7.25x.
Final Subscription Status
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 28-08-2026 | 0.00x | 0.02x | 0.77x | 0.04x | 0.13x |
| Day 2 | 31-08-2026 | 0.00x | 0.12x | 0.77x | 0.16x | 0.20x |
| Day 3 | 01-09-2026 | 7.25x | 1.73x | 3.13x | 1.12x | 3.20x |
Category-wise Breakdown
- QIB: 7.25x (Surged +1971.4% intraday from 0.35x)
- NII (bHNI): 1.73x (Led by high-net-worth individual interest)
- NII (sHNI): 3.13x
- Retail: 1.12x
- Overall: 3.20x
Intra-day Momentum on Day 3
The subscription numbers picked up pace significantly after 1pm on the final day. QIB investors were the standout movers, jumping from 0.35x to 7.25x (+1971.4%). NII (bHNI) also saw strong momentum, rising from 0.22x to 1.73x (+686.4%).
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.35x | 0.22x | 0.30x | 0.48x |
| 12:15 | 0.35x | 0.24x | 0.34x | 0.50x |
| 13:15 | 0.67x | 0.39x | 0.42x | 0.65x |
| 14:15 | 0.88x | 0.48x | 0.51x | 0.77x |
| 15:15 | 4.82x | 0.62x | 0.60x | 1.99x |
| 16:15 | 7.25x | 1.73x | 1.12x | 3.20x |
| 17:15 | 7.25x | 1.73x | 1.12x | 3.20x |
About the Company
Complete Sports and Management India Limited (CSML), founded in 2002, is engaged in sourcing, trading, and distribution of diversified amusement and leisure equipment. The company provides installation, commissioning, maintenance, and advisory services across the amusement value chain. It is the authorized distributor of Brunswick Bowling products LLC in India, Singapore, Malaysia, and Indonesia. Promoters Rohit Rajesh Mathur (MD) and Abha Rohit Mathur (CEO) lead the management team.
Financial Highlights
| Particulars | FY 2025 (₹ crores) | FY 2026 (₹ crores) |
|---|---|---|
| Revenue from Operations | 110.35 | 117.09 |
| Total Profit (PAT) | 11.41 | 18.18 |
| Total Equity | 24.58 | 42.72 |
Revenue grew from ₹110.35 crores in FY 2025 to ₹117.09 crores in FY 2026. Profit after tax increased significantly to ₹18.18 crores from ₹11.41 crores.
Objects of the Issue
- Funding capital expenditure for gaming equipment at Bhiwandi warehouse: ₹39.88 crores
- Setting up 'Duckpin – The Bowling Bistro' entertainment centre in Mumbai: ₹8.09 crores
- Repayment and/or prepayment of outstanding borrowings: ₹11.50 crores
- General Corporate Purposes: Balance net proceeds
Risk Factors
- High Customer Concentration Risk: Top ten customers contributed 80.53% of revenue in Fiscal 2026.
- Dependence on Brunswick Bowling Products: Revenues from Brunswick equipment accounted for 50.21% of revenue in Fiscal 2026.
- Negative Cash Flow from Operations: Company reported negative cash flows from operating activities of ₹382.09 lakhs in Fiscal 2026.
What's Next
Allotment date is scheduled for 2026-09-02. The shares are expected to list on 2026-09-04. Basis of allotment will be determined by the registrar based on subscription levels.
Will the complete absence of QIB interest on Day 1 signal a potential listing price discount or failure to attract institutional anchor investors in the final days?
How might the company's heavy reliance on Brunswick Bowling Products (over 50% of revenue) impact its valuation stability if global supply chains or licensing agreements face disruptions?
Given the negative operating cash flow despite rising PAT, what specific operational changes or working capital improvements are investors expecting to see post-IPO to justify the ₹135 upper price band?
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