Pind Hospitality IPO Day 2: Subscribed 0.02x; QIB demand steady
- Pind Hospitality IPO saw a cumulative subscription of 0.02x by Day 2.
- QIBs subscribed to their quota at 1.00x, leading all categories.
- Retail and NII demand remained minimal at 0.02x and 0.00x respectively.
- Issue price band is ₹93.00 - ₹99.00 with a closing date of Sept 30, 2026.
*this image is generated using AI for illustrative purposes only.
Pind Hospitality IPO closed Day 2 with a marginal overall subscription of 0.02x. Qualified Institutional Buyers (QIB) led the demand, subscribing to their quota at 1.00x, while retail and non-institutional participation remained minimal.
Subscription Status
The issue witnessed stagnant demand across most categories on the second day of bidding. The total subscription multiple held steady at 0.02x, mirroring the end-of-day figures from Day 1. QIBs were the sole category to meet their allocation threshold, while other segments showed little movement.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 28-09-2026 | 1.00x | 0.00x | 0.00x | 0.02x | 0.02x |
| Day 2 | 29-09-2026 | 1.00x | 0.00x | 0.00x | 0.02x | 0.02x |
Category-wise Breakdown
Qualified Institutional Buyers (QIB): The institutional segment demonstrated complete confidence in the issue, achieving a 1.00x subscription rate. This was the only category to reach full allocation levels during the first two days.
Non-Institutional Investors (NII): Both big High Net-worth Individuals (bHNI) and small High Net-worth Individuals (sHNI) recorded 0.00x subscription, indicating a lack of significant institutional or HNI interest at current price levels.
Retail Investors: Retail demand remained subdued with a subscription rate of 0.02x, showing no substantial increase from Day 1 figures.
Intra-day Timeline — Day 2 (29-09-2026)
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.00x | 0.00x | 0.02x | 0.02x |
| 12:15 | 1.00x | 0.00x | 0.02x | 0.02x |
Note: Data reflects the latest available snapshot for Day 2.
Offer Details
Pind Hospitality Limited is offering equity shares in a book-built issue. The price band has been set between ₹93.00 and ₹99.00 per share. The minimum bid quantity is fixed at 2400 shares. The issue opens on September 28, 2026, and closes on September 30, 2026.
| Parameter | Details |
|---|---|
| Price Band | ₹93.00 - ₹99.00 |
| Issue Size | ₹223,200 - ₹500,000 lakhs |
| Min Bid Qty | 2400 shares |
| Opening Date | 2026-09-28 |
| Closing Date | 2026-09-30 |
About the Company
Pind Hospitality Limited operates a chain of North Indian cuisine restaurants under the brand 'Pind Punjab' in Pune, Maharashtra. The company currently runs five restaurants and a food counter at an IT park, serving dine-in, delivery, and outdoor catering customers. In Fiscal 2026, the company processed over 4.31 lakh orders via third-party food delivery apps, generating revenue from operations of ₹2,445.09 lakhs.
The promoters possess over 25 years of industry experience. The company follows a cluster-based expansion strategy, planning to expand to Lonavala via the Haveli Project and other cities through owned and FOCO franchise models.
Financial Highlights
The company has demonstrated consistent revenue growth with a CAGR of 47.50% from Fiscal 2022 to Fiscal 2026.
| Particulars (₹ crore) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue from Operations | 24.45 | 22.65 | 20.78 |
| Total Revenue | 24.91 | 23.17 | 20.87 |
| Profit Before Tax | 3.52 | 3.60 | 2.94 |
| Profit After Tax | 2.27 | 2.56 | 2.21 |
Objects of the Issue
The company intends to utilize the net proceeds for the following purposes:
- Capital Expenditure for Haveli Project: Funding civil construction, furniture, kitchen equipment, landscaping, and consultancy charges for developing a hotel-cum-banquet hall in Lonavala, Maharashtra.
- General Corporate Purposes: Repayment of borrowings, strategic initiatives, acquisitions, opening new restaurants, business development, R&D, fixed asset acquisition, and meeting ordinary course business expenses.
Will the lack of retail and HNI interest force Pind Hospitality to lower its price band or increase the issue size before the Day 3 close?
How might the reliance on QIB-only subscription impact the stock's post-listing volatility and liquidity for retail investors?
What specific operational milestones in the Lonavala 'Haveli Project' will be scrutinized by analysts given the current weak demand?
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