NewsComplete Sports & Management IPO Day 2 Live: NII jumps 500%, Retail surges - Check analysts view and moreComplete Sports & Management IPO Day 2 Live: NII jumps 500%, Retail surges - Check analysts view and more
- Complete Sports & Management IPO subscription reached 0.20x on Day 2.
- NII (bHNI) category surged by 500% to 0.12x.
- Retail bids jumped 300% to 0.16x.
- QIB participation remains at 0.00x.
- IPO closes on 2026-09-01 with listing scheduled for 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 lack of QIB interest signal deeper concerns about CSML's high customer and supplier concentration risks, potentially leading to a listing at a discount?
How might the proposed expansion into 'Duckpin – The Bowling Bistro' impact CSML's operational margins compared to its current distribution-only business model?
Given that over 50% of revenue relies on Brunswick Bowling Products, what contingency strategies does management have in place to mitigate risks from potential supply chain disruptions or contract renegotiations?
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