IPO Overview
Incorporated on 15 June 2021, Pind Hospitality Limited operates under the “Pind Punjab” brand — a Pune-based restaurant business focused on North Indian and Punjabi cuisine, serving customers through dine-in, takeaway, food delivery, and catering channels. The company, along with its partnership firm, operates five restaurants and a food counter at an IT park in Pune, with outlets positioned across high-street locations, residential clusters, and corporate areas. Its menu includes more than 200 dishes covering vegetarian and non-vegetarian Punjabi offerings, thalis, value-based meal combos, as well as Chinese and Thai cuisine. Digital delivery forms a significant part of its revenue, with orders through third-party food delivery platforms reaching 4.31 lakh in FY2026.
The IPO is priced in a band of ₹93 to ₹99 per share and is sized at ₹17.82 crore. The IPO is entirely a fresh issue with no offer for sale (OFS), meaning all proceeds are intended for the company. The IPO opens on 28 September 2026 and closes on 30 September 2026, with listing scheduled on BSE SME around 6 October 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 28 September 2026 |
| IPO Close Date | 30 September 2026 |
| Allotment Date | 01 October 2026 (Expected) |
| Refund Initiation | 05 October 2026 |
| Credit to Demat | 05 October 2026 |
| Listing Date | 06 October 2026 (Tentative) |
| Price Band | ₹93 – ₹99 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹1,18,800 (1 lot = 1,200 shares) |
| Minimum Investment (HNI) | ₹2,37,600 (2 lots = 2,400 shares) |
| Issue Size | ₹17.82 crore |
| Fresh Issue | 18,00,000 shares (₹17.82 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue and all IPO proceeds will flow directly to the company for business use.
Objects of the Issue (Fund Utilization)
The company proposes to deploy ₹12.70 crore towards capital expenditure for establishing a hotel-cum-banquet hall in Lonavala, Maharashtra, known as the Haveli Project. The remaining proceeds will be used for general corporate purposes and issue-related requirements.
- Capital expenditure for the Haveli Project (hotel-cum-banquet hall in Lonavala) — ₹12.70 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Fedex Securities Pvt. Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
Promoters & Management
The promoters of the company are Nimish Parveen Malhotra, Chirag Parveen Malhotra, and Anita Malhotra. Promoter holding will decline from 84.72% before the issue to 59.30% after the IPO. The post-issue market capitalisation at the upper price band is approximately ₹59.39 crore.
Company Details
Pind Hospitality Limited operates the “Pind Punjab” restaurant chain in Pune, offering a full-service dining experience centred around North Indian and Punjabi cuisine. The company runs its operations through both a limited company structure and a partnership firm, together managing multiple outlets across prime locations in Pune.
Sectors Served:
- Food & Beverage (Dine-in)
- Online Food Delivery (Zomato, Swiggy, and other third-party platforms)
- Corporate Catering & Outdoor Catering
- Hotel & Banquet Services (upcoming — Lonavala Haveli Project)
Key Offerings:
- 200+ dish menu including vegetarian and non-vegetarian Punjabi food, thalis, meal combos, Chinese, and Thai cuisine
- Dine-in, takeaway, delivery, and catering channels
- Value-based meal combos such as paneer tikka masala and dal makhani combos
Operational Highlights:
- Five restaurants and a food counter at an IT park in Pune, with outlets positioned across high-street locations, residential clusters, and corporate areas.
- Revenue from outdoor catering increased significantly to ₹528.61 lakh in FY2026 from ₹125.37 lakh in FY2025 and ₹64.38 lakh in FY2024.
- As of 31 March 2026, the company had 135 employees.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹23.17 | ₹2.56 |
| FY26 | ₹24.91 | ₹2.27 |
Key Financial Metrics
- Revenue increased by 8% and PAT dropped by 11% between FY2025 and FY2026.
- IPO Valuation P/E: ~18.3x
- Post-issue market cap: ~₹59.39 crore at upper price band
- Entire IPO is a fresh issue — zero promoter exit
Company Strengths
- Established brand identity under “Pind Punjab” with strong recall in Pune’s dine-in and delivery market
- Diversified revenue channels — dine-in, delivery, takeaway, and fast-growing outdoor catering segment
- Attractive offerings at competitive prices based on constant menu innovation and customer focus, along with strong online presence and strategic locations
- Outdoor catering revenue growing rapidly — more than 4x growth from FY2024 to FY2026
- Entire IPO is a fresh issue — all proceeds directed towards business expansion via the Haveli Project in Lonavala
- Expansion into the hotel and banquet segment through the Lonavala Haveli Project diversifies the business model beyond pure restaurant operations
Key Risks & Challenges
- PAT declined 11% in FY2026 despite revenue growth — indicating rising costs and margin pressure
- Any adverse development in relation to the company’s relationship with, or performance of, third-party food delivery apps may adversely affect business, results of operations, and financial condition
- High geographic concentration — all current operations are in Pune, with no pan-India presence
- The Haveli Project in Lonavala is a completely new business segment (hotel + banquet), which carries execution risk and higher capital requirements
- Very young company — incorporated in June 2021, with less than 5 years of operating history
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME platform
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
