Expert insights on Mainboard and SME IPO trends.
The primary market kicks off 2026 with the Bharat Coking Coal Limited (BCCL) IPO, opening for public subscription on January 9, 2026. As India's leading producer of coking coal, the company is offering shares in a pocket-friendly price band of ₹21–₹23, with a strong 10% reservation for existing Coal India shareholders.
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Bengaluru-based media SaaS unicorn Amagi Media Labs has finalized its public offer details. The IPO will open on January 13, 2026, with a price band of ₹343 to ₹361 per share. The company aims to raise approximately ₹1,788.62 crore, valuing the firm at nearly ₹7,810 crore ($885 million) at the upper end of the price band.
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After shelving its previous plans in 2022 due to market volatility, BoAt is back in the IPO race with a trimmed issue size of ₹1,500 crore. The company, led by Aman Gupta and Sameer Mehta, is positioning itself as a mature, profitable hardware-tech player rather than a high-burn startup, having successfully posted a profit of ₹61 crore in FY25.
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The maiden public offer of Victory Electric Vehicles International Ltd is seeing steady momentum as it enters its second day of bidding. The company, a diversified manufacturer of electric two-wheelers and customized three-wheelers, is looking to raise ₹34.56 crore to fuel its expansion across 12 Indian states.
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Gabion Technologies India Limited, a leading provider of geotechnical engineering solutions like steel gabions and rockfall protection, concluded its bidding process today with record-breaking numbers. The ₹29.16 crore issue saw intense bidding across all categories, signaling a high-conviction "Blockbuster" listing scheduled for next week.
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West Bengal-based Yajur Fibres Limited is seeing a steady response for its ₹120.41 crore IPO, which is the largest SME issue opening this week. The company, a specialist in "cottonising" bast fibers like flax and hemp, is witnessing high interest from retail investors who have already pushed that segment past the 1.0x mark on the second day of bidding.
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Avana Electrosystems Limited, a specialist in customized control and relay panels for high-voltage power systems, has announced its entry into the public market via the NSE SME (Emerge) platform. The company aims to raise ₹35.22 crore to fund the establishment of a new integrated manufacturing facility and meet its growing working capital needs.
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Defrail Technologies Limited, an RDSO-approved manufacturer of rubber components for the automotive, railway, and defense sectors, has finalized its BSE SME listing plans. The company aims to raise ₹13.77 crore through an entirely fresh issue of shares to fund its capital expenditure and solar power initiatives at its Faridabad facilities.
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SBI Funds Management Limited, the asset management arm of the State Bank of India, has officially kicked off its IPO process for a H1 2026 debut. The company has appointed a powerhouse consortium of nine investment banks to manage the ₹11,000–₹12,500 crore public issue, which will see promoters SBI and Amundi divest a combined 10% stake.
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The NSE SME IPO of Bengaluru-based Avana Electrosystems Ltd, a manufacturer of specialized control and relay panels, has opened for bidding today, January 12, 2026. With a price band of ₹56–₹59, the issue has already seen a healthy response, particularly from retail investors, as the company looks to raise ₹35.22 crore.
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Bengaluru-based cloud-native SaaS unicorn Amagi Media Labs is set to launch its ₹1,789 crore initial public offering tomorrow, January 13, 2026. As a global leader in cloud-based broadcast and Connected TV (CTV) technology, the company has attracted significant attention, with anchor investor bidding taking place today, January 12.
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The fixed-price SME IPO of Narmadesh Brass Industries Ltd has opened for public subscription today, January 12, 2026. The company, a prominent player in Gujarat’s "Brass City," aims to raise ₹44.87 crore. On its first day, the issue saw moderate interest with a subscription of 49% (0.49x), while the Grey Market Premium (GMP) remains flat.
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The much-anticipated SME IPO of Indo SMC Limited, a leading manufacturer of electrical enclosure boxes and composite materials, is set to open for public bidding tomorrow, January 13, 2026. Backed by marquee investor Ashish Kacholia, the company aims to raise ₹91.95 crore to fund its aggressive expansion plans in the power infrastructure sector.
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Mehsana-based solar energy solutions provider, GRE Renew Enertech Ltd, is launching its ₹39.56 crore SME IPO tomorrow, January 13, 2026. The company, which operates on both CAPEX and RESCO models, has opened its anchor book today, drawing early interest from institutional investors.
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New Delhi-headquartered Armour Security (India) Limited, a provider of manned guarding and facility management services, has announced its ₹26.51 crore SME IPO. The issue is scheduled to open for subscription this Wednesday, January 14, 2026, as the company seeks to fund its nationwide expansion and working capital needs.
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The SME IPO of Faridabad-based rubber component manufacturer, Defrail Technologies Ltd, is seeing steady demand as it reaches its final bidding day today, January 12, 2026. With a price band of ₹70–₹74, the issue has been oversubscribed, primarily driven by retail investors.
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The book-built SME IPO of Ahmedabad-based technical textile manufacturer Aritas Vinyl Limited is currently open for public bidding. As of today, Monday, January 19, 2026, the issue has seen a moderate response from investors, with the Grey Market Premium (GMP) currently trading at ₹0, suggesting a cautious market outlook ahead of its closing tomorrow.
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Hyderabad-based Digilogic Systems Limited, a specialist in automated test equipment for the defence and aerospace sectors, is launching its ₹81 crore SME IPO. The anchor portion of the issue opens today, January 19, 2026, with the public subscription period set to run from tomorrow, January 20, until January 22.
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Hannah Joseph Hospital Limited, a specialized multi-specialty hospital in Madurai focused on Neurosciences and Trauma care, is launching its ₹42 crore SME IPO. The anchor investor bidding window has opened today, January 21, 2026, ahead of the public issue which opens for bidding tomorrow, Thursday.
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Shadowfax Technologies IPO: Flipkart-Backed Logistics Giant Sets Price Band at ₹118–₹124; Anchor Bidding Opens Today
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Precision engineering specialist Shayona Engineering Limited is all set to launch its ₹14.86 crore SME IPO tomorrow, January 22, 2026. The company, known for its expertise in heavy fabrication and advanced piping solutions, has seen its grey market premium (GMP) remain steady ahead of the bidding window.
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Ahmedabad-based Accretion Nutraveda Limited, a specialized manufacturer of Ayurvedic and nutraceutical products, is set to launch its ₹24.77 crore SME IPO on Tuesday, January 27, 2026. Operating as a Contract Development and Manufacturing Organization (CDMO), the company is seeking funds to automate its current facilities and set up a new manufacturing unit to meet growing global demand.
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NFP Sampoorna Foods Limited, a growing player in the processing and distribution of premium dry fruits like cashews, almonds, and makhana, has announced its ₹24.53 crore SME IPO. The public subscription period is scheduled to begin on Tuesday, January 27, 2026, on the NSE SME platform.
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Madurai-based Hannah Joseph Hospital Limited, a specialist in Neurosciences and Trauma care, sees its ₹42 crore SME IPO enter its final day of bidding today, Tuesday, January 27, 2026. While institutional interest has remained steady, retail participation has been cautious as the hospital eyes major expansion into the radiation oncology sector.
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Mumbai-based CKK Retail Mart Limited, a prominent distributor of packaged agro-commodities and carbonated beverages, has announced its ₹88.02 crore SME IPO. The company, which recently expanded into branded juices with "FruitzzzUp," is scheduled to open its public subscription window this coming Friday, January 30, 2026.
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Ahmedabad-based Accretion Nutraveda Limited, a specialized manufacturer of Ayurvedic and nutraceutical formulations, has opened its ₹24.77 crore SME IPO today, Tuesday, January 27, 2026. The company, which operates a WHO-GMP certified facility, is offering shares in the price band of ₹122 to ₹129 to fund its next phase of manufacturing automation and global expansion.
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Vadodara-based Shayona Engineering Limited, a diversified provider of precision engineering and piping solutions, sees its ₹14.86 crore SME IPO enter its final hours of bidding today, Tuesday, January 27, 2026. While the overall demand has been moderate, the issue has seen a strong pull from institutional buyers as it prepares for its debut on the BSE SME platform.
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Greater Noida-based Msafe Equipments Limited, a specialized manufacturer and rental provider of scaffolding and height-safety solutions, is seeing robust demand on the second day of its ₹66.42 crore SME IPO. Backed by a 48% revenue growth in FY25, the issue is currently oversubscribed as investors eye the booming infrastructure safety market.
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Rajasthan-based Kanishk Aluminium India Limited, a manufacturer of aluminum profiles and the brand "Baari by Kanishk," is in the second day of its public offering. The ₹29.20 crore SME IPO is a fixed-price issue aiming to strengthen the company’s financials by significantly reducing its debt.
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New Delhi-based Brandman Retail Limited, a key distributor for global giants like New Balance, On, and Salomon, has announced its ₹86.09 crore SME IPO. The company, which operates a high-growth "asset-light" retail model across 19 stores in North India, will open its bidding window tomorrow, Wednesday, February 4, 2026.
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Ahmedabad-based Biopol Chemicals Limited, a manufacturer and distributor of high-demand speciality chemicals for textiles and home care, is launching its ₹31.26 crore SME IPO. The public subscription period is scheduled to open this Friday, February 6, 2026, on the NSE SME platform.
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New Delhi-based Grover Jewells Limited, a major player in the wholesale gold jewellery and casting segment, is preparing to launch its ₹33.83 crore SME IPO this Wednesday. With a price band of ₹83–₹88, the company aims to fuel its B2B expansion across India and international markets like Australia and the UAE.
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Global AI giant Fractal Analytics Limited has officially announced its price band and timeline for its ₹2,834 crore initial public offering. Backed by TPG and Apax Partners, the company is seeking a valuation of approximately ₹15,474 crore as it gears up to become the first major AI-focused firm to list on the Indian bourses.
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Alphabet-backed Aye Finance Limited, an NBFC focused on the micro-enterprise (MSME) sector, sees its ₹1,010 crore IPO enter its final subscription day. While the company boasts a massive reach across 18 states, concerns over high employee attrition and rising NPAs have led to a cautious response from the market.
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Ahmedabad-based Biopol Chemicals Limited, a manufacturer of silicone-based speciality chemicals, enters the second day of its public bidding with a cautious response from investors. The ₹31.26 crore NSE SME issue, priced between ₹102 and ₹108, is primarily being raised to fund industrial land acquisition in Gujarat and reduce existing company debt.
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Delhi-based Marushika Technology Limited, an integrated provider of IT, telecom infrastructure, and specialized defense auto-tech solutions, has finalized its ₹26.97 crore SME IPO. The company, which serves high-profile clients like Bharat Electronics (BEL) and the National Security Guard (NSG), is set to open its bidding process this Thursday at a price band of ₹111–₹117.
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Noida-based PAN HR Solutions Limited, a comprehensive provider of staffing and workforce management solutions, has achieved full subscription on the second day of its ₹17.04 crore SME IPO. While institutional investors have shown strong interest, retail participation remains cautious as the issue approaches its final day of bidding.
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Global AI powerhouse Fractal Analytics Limited enters the final day of its public offering today, February 11, 2026. While the issue received massive backing from anchor investors like SBI MF and Goldman Sachs, retail and HNI demand has been measured as investors weigh high valuations against the company's "pure-play AI" moat.
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New Delhi-based NFP Sampoorna Foods Limited, a specialized processor and distributor of premium dry fruits and makhana, is officially listing on the NSE SME platform today. Following a successful subscription window earlier this month, the company enters the secondary market with a focus on using its ₹24.53 crore proceeds to scale its "B2C" healthy snacking brand.
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New Delhi-based Gaudium IVF & Women Health Limited, a pioneer in Assisted Reproductive Technology (ART), is set to make stock market history as the first specialized fertility services provider to list in India. The ₹165 crore IPO will officially open for public subscription this Friday, following the Anchor Investor bidding process which is taking place today, February 18.
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Mumbai-based Clean Max Enviro Energy Solutions, India’s largest renewable energy provider for the commercial and industrial (C&I) sector, has announced its ₹3,100 crore mainboard IPO. Following a successful pre-IPO funding round from Temasek and Bain Capital, the company is set to hit the market next Monday, targeting a valuation of over ₹12,300 crore.
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Latur-based Yashhtej Industries (India) Limited, a rising player in the soybean processing and agro-commodity sector, has launched its ₹88.88 crore SME IPO today. The company, which specializes in soybean crude oil and de-oiled cake (DOC), is offering shares at a fixed price of ₹110 to fund major capital expenditures and diversify into solar energy.
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PNGS Reva Diamond Jewellery Limited, a high-margin spin-off from the legendary P.N. Gadgil & Sons group, has finalized the details for its ₹380 crore Mainboard IPO. The issue, which is entirely a fresh sale of shares, aims to fund a massive expansion—transitioning from its current "shop-in-shop" model to a dominant standalone retail presence in the affordable luxury diamond segment.
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Faridabad-based Mobilise App Lab Limited, a specialized SaaS (Software as a Service) provider, has announced its ₹20.10 crore SME IPO. The company, which provides cloud-based ERP solutions for sectors like healthcare and education, is set to open its doors to public investors next Monday with a price band of ₹75 to ₹80.
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Kolkata-based Manilam Industries India Limited, a leading manufacturer of decorative laminates and plywood, is set to launch its ₹39.95 crore NSE SME IPO this Friday. With a massive portfolio of 1,000+ designs and established experience centers in major metros, the company aims to use the fresh capital to settle debts and significantly expand its working capital for a nationwide B2C brand offensive.
