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 opens with 0.02x total subscription on Day 1.
- QIB category remains unsubscribed at 0.00x; NII and Retail show minimal interest.
- Company reported FY2026 revenue of ₹117.09 crores and PAT of ₹18.18 crores.
- Key risks include high customer concentration and dependence on Brunswick Bowling products.
- Issue closes on 2026-09-01 with allotment expected on 2026-09-02.
*this image is generated using AI for illustrative purposes only.
Complete Sports & Management IPO opened today, recording a total subscription of 0.02x on Day 1. The issue, priced between ₹128.00000 and ₹135.00000, sees minimal traction from investors so far.
Subscription Status
The IPO saw limited interest on its first day of subscription. Qualified Institutional Buyers (QIBs) did not participate, resulting in a 0.00x subscription in this category. Non-Institutional Buyers (NII) and Retail investors showed marginal activity.
| Category | Subscription Multiple |
|---|---|
| QIB | 0.00x |
| NII (bHNI) | 0.11x |
| NII (sHNI) | 0.01x |
| Retail | 0.01x |
| Total | 0.02x |
Intra-day Timeline (28-08-2026)
Subscription activity remained flat throughout the day, with no significant intra-day spikes observed.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.01x | 0.01x | 0.02x |
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. Led by MD Rohit Rajesh Mathur and CEO Abha Rohit Mathur, the company serves family entertainment centres, clubs, hotels, and resorts. It is the authorized distributor of Brunswick Bowling products LLC in India, Singapore, Malaysia, and Indonesia.
Financial Highlights
The company reported revenue from operations of ₹117.09 crores for FY2026, up from ₹110.35 crores in FY2025. Profit after tax stood at ₹18.18 crores in FY2026 compared to ₹11.41 crores in FY2025.
| Metric | FY2026 | FY2025 |
|---|---|---|
| Revenue from Operations (₹ crores) | 117.09 | 110.35 |
| Profit After Tax (₹ crores) | 18.18 | 11.41 |
| Total Equity (₹ crores) | 42.72 | 24.58 |
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: The company experienced negative cash flows from operating activities of ₹382.09 lakhs in Fiscal 2026.
Offer Details
- Price Band: ₹128.00000 - ₹135.00000
- Issue Size: 256000 - 356130000
- Min Bid Qty: 2000
- Open Date: 2026-08-28
- Close Date: 2026-09-01
Will Complete Sports & Management lower its price band or extend the subscription period to attract institutional interest given the 0.00x QIB response?
How might the company's heavy reliance on Brunswick Bowling Products impact its valuation if the distributor agreement is renegotiated or terminated post-IPO?
Given the negative operating cash flow in FY2026 despite rising profits, what specific operational changes are investors expecting to see to improve liquidity?
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