Pind Hospitality IPO: Allotment Status, GMP, Listing Date and Review
Pune-based operator of six Punjabi restaurants run with partner Pind Punjab, offering dine-in, delivery and catering, now building a hotel and banquet property in Lonavala.
A small restaurant chain with flat profit, priced at about 26 times post-issue earnings, using most of the IPO money for a new hotel project.
Our own view, not investment advice.
Subscription by category
Final subscription, 30 Sep 2026, 5:54 PM
Key numbers
FY26, restated
| Revenue | ₹24.91 cr |
| Net profit | ₹2.27 cr |
| EBITDA margin | 16.1% |
| Restaurants | 6, in Pune |
| Debt to equity | 0.88 |
| P/E post-issue | 26.1x |
IPO timeline
Allotment was finalised on 1 Oct. Refunds and demat credits go out on 5 Oct, and shares list on Tuesday 6 Oct.
Pind Hospitality runs six Punjabi restaurants in Pune and now wants to build a hotel and banquet property in Lonavala. Its ₹17.82 crore SME issue was subscribed 2.71 times, carried by retail investors at 4.31 times.
Allotment is done and shares list on BSE SME on 6 October. The grey market premium is only about ₹1.
Pind Hospitality IPO at a glance
| Detail | Pind Hospitality IPO |
|---|---|
| Issue size | ₹17.82 crore (18,00,000 shares, entirely fresh issue) |
| Issue price | ₹99 per share (face value ₹10) |
| Lot size | 1,200 shares |
| Individual investor minimum | 2 lots, 2,400 shares (₹2,37,600) |
| Quota | NII 49.51%, Retail 49.44%, QIB 1.05% |
| Anchor round | None |
| Bidding dates | 28 Sep to 30 Sep 2026 |
| Allotment | 1 Oct 2026 |
| Refund and demat credit | 5 Oct 2026 |
| Listing | 6 Oct 2026 on BSE SME |
| Market cap | About ₹59.39 crore post-issue |
| Promoter holding | 84.72% before, 59.30% after |
| Lead manager | Fedex Securities |
| Registrar | Bigshare Services |
| Market maker | Bhansali Value Creations |
Retail was subscribed 4.31 times, so roughly one in four retail applicants will have received the minimum two lots.
What Pind Hospitality actually does
Pind Hospitality Ltd was incorporated on 15 June 2021 and is promoted by Nimish Parveen Malhotra, Chirag Parveen Malhotra and Anita Malhotra. It operates six restaurants in Pune in partnership with the Pind Punjab brand, serving customers through dine-in, third-party delivery apps, its own mobile app and outdoor catering. It had 135 employees in March 2026.
About ₹12.70 crore of the IPO money will go to the ‘Haveli Project’, a hotel-cum-banquet property in Lonavala, a popular weekend destination near Pune and Mumbai.
The numbers behind the business
Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 20.87 | 23.17 | 24.91 |
| EBITDA | 3.1 | 3.69 | 3.95 |
| Net profit | 2.21 | 2.56 | 2.27 |
| Net worth | 9.69 | 12.25 | 14.52 |
| Total assets | 26.04 | 28.33 | 37.72 |
What these numbers tell us, in plain language:
- Revenue is growing slowly. Revenue rose from ₹20.9 crore in FY24 to ₹23.2 crore in FY25 and ₹24.9 crore in FY26.
- Profit slipped in FY26. Net profit fell from ₹2.56 crore to ₹2.27 crore, even though EBITDA edged up, suggesting higher depreciation or interest.
- Debt appeared. The company had borrowings of ₹12.7 crore at the end of FY26, likely linked to the new project, with debt to equity of 0.88.
- The valuation is rich. Post-issue P/E is about 26x and price to book about 4.3x for a small, flat-profit restaurant business.
How the subscription ended
| Category | Final (30 Sep) |
|---|---|
| bNII | 1.30x |
| sNII | 0.86x |
| Retail | 4.31x |
| Total | 2.71x |
There was no anchor book. By the close on 30 September, big HNIs had bid 1.30 times, small HNIs 0.86 times and retail 4.31 times, for 2.71 times overall.
The GMP story so far
The grey market premium was about ₹1 on 4 October, pointing to a listing near the ₹99 issue price.
How to check Pind Hospitality IPO allotment status
- Go to the Bigshare Services IPO allotment page, or the BSE allotment status page.
- Select Pind Hospitality from the list of issues.
- Enter your PAN, application number or DP/Client ID.
- Submit to see how many shares you were allotted.
The basis of allotment was finalised on 1 October 2026. Refunds and share credits to demat accounts are scheduled for 5 October, and shares list on BSE SME on 6 October.
The listing outlook
A flat listing around ₹99 to ₹100 looks likely given the GMP.
What to weigh before you apply
A move into hotels
Running restaurants and running a hotel-cum-banquet are different businesses, with different capital needs and occupancy risks. The Lonavala project is the company’s biggest bet so far.
Paying a premium for a small chain
At about 26 times earnings, the price assumes growth that the last three years of numbers do not yet show.
Strengths and risks
Strengths
- Six established restaurants in Pune with a known Punjabi brand partner
- Multiple revenue channels: dine-in, delivery, own app and catering
- Healthy EBITDA margin of about 16%
- Retail subscribed 4.31 times
- Entirely fresh issue; no promoter is selling
Risks
- Post-issue P/E of about 26x and P/B of about 4.3x
- FY26 profit fell 11%
- Most IPO money goes to a new hotel and banquet project
- Concentrated in a single city
- GMP of only about ₹1
Scouter verdict: A small, steady restaurant operator stepping into hotels, priced well ahead of its earnings. We see little near-term upside at this price. This is our own view, not investment advice.
Your chances of getting an allotment
- Retail investors bid 4.31 times their quota of about 704 lots. Each successful applicant gets two lots, so roughly one in four retail applicants will have received shares.
- Small HNIs bid 0.86 times, so all valid sNII applications should have been allotted.
What to watch from here
- Listing price on 6 October against ₹99
- Progress and cost of the Lonavala Haveli project
- Same-outlet sales growth in Pune
Pind Hospitality IPO: frequently asked questions
Allotment was finalised on 1 October 2026. You can check it on the Bigshare Services website or the BSE allotment page using your PAN or application number.
Shares list on BSE SME on Tuesday, 6 October 2026.
The grey market premium was about ₹1 on 4 October 2026. GMP is unofficial and can change quickly.
It was subscribed 2.71 times overall, with retail at 4.31x and NII at about 1.15x.
Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 4 October 2026.
On this page
Key valuation
| P/E (pre-issue) | 18.3x |
| P/E (post-issue) | 26.1x |
| P/B | 4.3x |
| ROE | 15.7% |
| EBITDA margin | 16.1% |
| Debt to equity | 0.88 |
| Anchor money | Nil |
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