Pind Hospitality IPO 2026: SME Open Dates, Price Band & Lot Size

29 Sep 2026 · 8 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.

The SME IPO of Pind Hospitality Limited is open for subscription from 28 Sep 2026 to 30 Sep 2026 on the BSE SME exchange. Read key issue details, financial statements, and risk factors from the offer document.

Written by the BuyUnlistedShares desk · Published 29 Sep 2026 · Updated 29 Sep 2026

Information only, not investment advice.

Direct answer: The Pind Hospitality IPO opened for subscription on 28 Sep 2026 and closes on 30 Sep 2026 on the BSE SME platform. The price band is set at ₹93 to ₹99 per share with a minimum order quantity of 2,400 shares (₹2,37,600). Pind Hospitality on BuyUnlistedShares is brought to you by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.

Pind Hospitality IPO: Issue Terms and Important Dates

Pind Hospitality Limited is raising ₹17.82 Cr through an initial public offering on the BSE SME platform. The issue comprises a fresh issue of ₹16.92 Cr (17,08,800 equity shares of face value ₹10 each). The book building process opened on 28 Sep 2026 and closes on 30 Sep 2026.

The price band for the issue has been fixed between ₹93 and ₹99 per equity share. Retail individual investors and non-institutional bidding categories require a minimum application size of 2,400 equity shares (2 lots), representing an investment of ₹2,37,600 at the upper price band. Big NII (bNII) applicants require a minimum of 3,600 equity shares (₹10,69,200).

Per the Red Herring Prospectus (RHP) dated 19 Sep 2026, allotment finalisation is scheduled for 01 Oct 2026. Unsuccessful applicants will receive refund initiations or unblocking of ASBA funds on 05 Oct 2026, with equity share credits to demat accounts occurring on the same day. Listing on the BSE SME board is scheduled for 06 Oct 2026. Fedex Securities Pvt. Ltd. acts as the sole lead manager, while Bigshare Services Pvt. Ltd. serves as registrar to the issue.

Live Subscription Status and Unofficial Market Trends

Subscription data captures market response across designated investor reservation categories during the bidding window.

The subscription chart shows overall bidding standing at 0.02x on 28 Sep 2026, driven by retail participation at 0.02x while QIB allotment commitment stands at 1.0x.

As of 28 Sep 2026, bidding records indicate overall subscription at 0.02x the offered shares. Retail investor applications reached 0.02x, while institutional QIB participation stands at 1.0x allocation. Non-institutional bidding categories registered 0.00x subscription on the first day of bidding.

Regarding informal secondary indicators, no grey market premium (GMP) is recorded for this issue in our database as of 28 Sep 2026. Investors tracking SME market developments can view live issuance trends on the IPO calendar.

Business Overview and Operating Presence

Incorporated on June 15, 2021, Pind Hospitality Limited operates in the hospitality industry, managing restaurants and hotel properties. The company operates primarily in Pune, Maharashtra, and adjacent geographic regions.

The company maintains a significant focus on cloud delivery and digital ordering channels. Per RHP disclosures, Pind Hospitality has fulfilled over 5 lakh orders to date and is recognized as a long-standing restaurant partner on major third-party food delivery platforms in Pune. Order volumes placed via delivery platforms reached 2.18 lakh in the six months ending September 30, 2024, compared to 4.23 lakh orders in FY24, 4.43 lakh in FY23, and 0.96 lakh in FY22.

The operational infrastructure relies on local and organized supply chain vendors for perishable goods, including dairy, vegetables, and meat, adhering to FSSAI quality standards. As of March 31, 2026, the company employed 135 full-time personnel across central functions, administration, and restaurant outlets. Promoters Nimish Parveen Malhotra, Chirag Parveen Malhotra, and Anita Malhotra held an 84.72% equity stake prior to the issue, which will adjust to 59.30% post-listing.

For broader market perspective on emerging issuers and sector trends, investors can reference the Unlisted shares screener. As tracked by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002, evaluating regional delivery density provides key context for expanding hospitality models.

Objects of the Issue: Allocation of Capital

Gross proceeds from the fresh issue will be deployed across specific capital projects and corporate balance sheet uses after deducting issue expenses.

• Setting up Lonavala Hotel Project (Haveli Project): ₹12.70 Cr (₹1,269.81 lakh) is allocated toward capital expenditure for constructing a hotel-cum-banquet hall facility in Lonavala, Maharashtra.
• General Corporate Purposes: Remaining net proceeds will support general corporate operational requirements, subject to SEBI SME norms capping general corporate usage at 15% of gross issue proceeds.

Financial Summary and Listed Peer Comparison

Pind Hospitality Limited has reported steady operational growth across the preceding three fiscal years per restated financial statements.

The financial trend chart highlights total income growing from ₹20.87 Cr in FY24 to ₹23.17 Cr in FY25 and ₹24.91 Cr in FY26, alongside PAT reaching ₹2.27 Cr in FY26.

For the fiscal year ended March 31, 2026, total income reached ₹24.91 Cr, compared to ₹23.17 Cr in FY25 and ₹20.87 Cr in FY24. Operational earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at ₹3.95 Cr in FY26 (16.14% EBITDA margin), up from ₹3.69 Cr in FY25 and ₹3.10 Cr in FY24. Restated profit after tax (PAT) was recorded at ₹2.27 Cr for FY26 (9.30% PAT margin), against ₹2.56 Cr in FY25 and ₹2.21 Cr in FY24.

Net worth expanded to ₹14.52 Cr as of March 31, 2026, up from ₹12.25 Cr in FY25. Total borrowings stood at ₹12.74 Cr as of 31 March 2026, resulting in a debt-to-equity ratio of 0.88x. Return metrics for FY26 show Return on Equity (ROE) at 15.65% and Return on Capital Employed (ROCE) at 15.83%.

Peer comparison figures based on audited FY26 consolidated statements show Speciality Restaurants Ltd trading at a P/E of 31.70x and Vikram Kamats Hospitality Ltd at 351.44x. Market participants reviewing issue metrics may also explore analysis of previous offerings such as the SRIT India IPO: Price Band, Dates, Financials and Business Overview and the Shah Investor's Home IPO: Dates, Price Band, Financials and Key Details.

Key Risk Factors to Consider

Potential applicants should evaluate internal and external risks detailed in the Red Herring Prospectus prior to bidding:

• Dependence on Third-Party Aggregators: Online delivery channels generated 78.38% (₹19.16 Cr) of operational revenue in FY26, 85.19% (₹19.29 Cr) in FY25, and 86.40% (₹17.95 Cr) in FY24. Any modification in commission terms or partner relationships could adversely affect margins.
• Leasehold Real Estate Exposure: All current restaurant premises and operational facilities are leased. Failure to renew leases on favorable commercial terms poses operational continuity risks.
• Geographic Concentration: Operations and revenues are concentrated entirely in Pune and surrounding Maharashtra regions, making performance vulnerable to local economic or regulatory shifts.
• Tax Proceedings and Prior Compliance Filings: The company, promoter group, and partnership firm are involved in ongoing tax proceedings. Prior fiscal periods recorded delayed filings for GST, ESIC, and PF returns, incurring statutory interest and late fees.
• Cash Flow Variances: The company recorded negative cash flows from investing and financing activities during certain historical fiscal periods.

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Frequently Asked Questions

What are the open and close dates for the Pind Hospitality IPO?

The Pind Hospitality IPO opens for bidding on 28 Sep 2026 and closes on 30 Sep 2026. The allotment status is scheduled for finalisation on 01 Oct 2026, with listing expected on BSE SME on 06 Oct 2026.

What is the price band and minimum order lot size?

The price band is fixed at ₹93 to ₹99 per equity share. The lot size is 1,200 equity shares, with a minimum retail order requirement of 2,400 shares (2 lots) amounting to ₹2,37,600 at the top of the price band.

What is the total issue size and fresh issue component?

The issue size totals ₹17.82 Cr (17,08,800 equity shares), consisting entirely of a fresh issue of ₹16.92 Cr alongside market maker reservation portions on BSE SME.

How does Pind Hospitality plan to utilize the IPO proceeds?

Net proceeds of ₹12.70 Cr will fund capital expenditure for constructing a hotel-cum-banquet hall facility (Haveli Project) in Lonavala, Maharashtra, with the balance assigned to general corporate requirements.

Is the Pind Hospitality IPO suitable for retail investors?

We do not provide investment advice, ratings, or application recommendations. Investors should independently review the Red Herring Prospectus, evaluate their risk tolerance, and consult an SEBI-registered financial advisor.

Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.