Mumbai, January 12, 2026 — The SME initial public offering of Avana Electrosystems Limited closed its first day of bidding on a firm note, garnering an overall subscription of 2.32 times as of 5:01 PM IST. The issue attracted bids for 99.18 lakh equity shares against the total issue size of 42.80 lakh shares, driven largely by strong retail participation and steady interest from non-institutional investors.
The positive response on Day 1 was complemented by a sharp uptick in the grey market premium (GMP), which rose to ₹15 per share, reflecting improving unofficial market sentiment ahead of the next bidding session.
Subscription Status After Day 1
As per data updated at the end of Day 1, the demand profile showed a clear skew towards individual investors, while the qualified institutional buyer segment was yet to participate.Category-wise Subscription Details (as of Jan 12, 2026, 17:01 IST)
| Category | Applications Received | Shares Bid For |
|---|---|---|
| Qualified Institutional Buyers (QIBs) | – | – |
| Non-Institutional Investors (NIIs) | 218 | 24,22,000 |
| Retail Individual Investors (IND) | 1,874 | 74,96,000 |
| Total | 2,092 | 99,18,000 |
Detailed NII Participation
Within the non-institutional investor segment, higher-value applications formed a significant portion of the demand.| NII Segment | Applications | Shares Bid For |
|---|---|---|
| Bids above ₹10 lakh | 74 | 14,74,000 |
| Bids between ₹2 lakh and ₹10 lakh | 144 | 9,48,000 |
Issue Size and Price Band
| Particulars | Details |
|---|---|
| Total Issue Size | 42,80,000 equity shares |
| Price Band | ₹56 to ₹59 per share |
| Total Shares Bid (Day 1) | 99,18,000 |
| Overall Subscription | 2.32x |
Grey Market Premium Trend
The grey market premium for Avana Electrosystems strengthened further on Day 1, indicating rising unofficial demand.Day-wise GMP Movement
| Date | IPO Price | GMP | Estimated Listing Price | Estimated Profit per Lot* |
|---|---|---|---|---|
| 12-Jan-2026 | ₹59 | ₹15 | ₹74 (25.42%) | ₹30,000 |
| 11-Jan-2026 | ₹59 | ₹14 | ₹73 (23.73%) | ₹28,000 |
| 10-Jan-2026 | ₹59 | ₹14 | ₹73 (23.73%) | ₹28,000 |
| 09-Jan-2026 | ₹59 | ₹8 | ₹67 (13.56%) | ₹16,000 |
| 08-Jan-2026 | ₹59 | ₹8 | ₹67 (13.56%) | ₹16,000 |
| 07-Jan-2026 | ₹59 | ₹4.5 | ₹63.5 (7.63%) | ₹9,000 |
| 06-Jan-2026 | ₹59 | ₹0 | ₹59 | ₹0 |
Disclaimer: Grey market premium is an unofficial indicator and is not regulated. It should not be construed as investment advice or a guarantee of listing performance.
IPO at a Glance
| Particulars | Details |
|---|---|
| IPO Segment | SME |
| Issue Opening Date | January 12, 2026 |
| Price Band | ₹56–₹59 |
| Subscription (Day 1 Close) | 2.32x |
| Key Demand Driver | Retail investors |
| GMP Trend | Rising |
About the Company
Avana Electrosystems Limited is engaged in the manufacturing of electrical and electronic equipment, including control panels, switchgear products, and power distribution solutions. Based in Bengaluru, the company caters to industrial and infrastructure-focused clients and has built capabilities across design, manufacturing, and project execution. The IPO comprises a combination of a fresh issue of equity shares and an offer for sale by promoters, aimed at supporting business growth and operational requirements.If required, I can also prepare a Day 2 live subscription update, a closing-day preview, or a listing expectations article in the same newsroom format.
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.