Defrail Technologies IPO Day 2 Subscription to Open Shortly; Retail Interest Sets Early Tone

Faridabad, January 10, 2026: Subscription for Day 2 of the Defrail Technologies Limited IPO is set to begin in a few hours today, with investors closely tracking whether demand broadens beyond the retail segment after a steady opening day response.
The ₹14 crore SME IPO, which opened on January 9 and will close on January 13, had ended its first day with an overall subscription of 0.74 times, supported primarily by retail participation. The issue is scheduled to list on the BSE SME platform on January 16, 2026.

Day 1 Recap: Retail Leads, Others Await Turn​

By the end of Day 1 bidding, Retail Individual Investors had subscribed their portion 1.22 times, emerging as the strongest participating category. In contrast, Non-Institutional Investors subscribed 0.65 times, while the Qualified Institutional Buyers segment saw no bids on the opening day, a pattern commonly observed in SME offerings where institutional interest builds closer to the issue close.
A total of 251 applications were received on Day 1, with bids aggregating 9,96,800 equity shares against the issue size of 13,42,400 shares.

Price-Wise Demand Indicates Upper-Band Preference​

Price-level bidding on Day 1 showed demand spread across the band, with bids clustered closer to the upper end, indicating competitive investor positioning ahead of subsequent sessions.
The trend suggests investors are willing to bid near the cut-off price as the book-building process progresses.

Anchor Investors Provide Early Institutional Support​

Ahead of the IPO opening, Defrail Technologies completed its anchor investor allocation on January 8, 2026, raising ₹3.84 crore at the upper end of the price band.
The company allotted 5,18,400 equity shares at ₹74 per share, reflecting a share premium of ₹64 over the face value of ₹10. The anchor book was subscribed by a mix of domestic and global funds, offering early institutional validation to the issue.
Anchor participation at the top end of the band is generally viewed as a constructive signal for SME issues, particularly as public market investors assess subscription momentum in the early days.

IPO Details at a Glance​

About the Company​

Defrail Technologies Limited is engaged in the manufacturing of engineered rubber components, including rubber hoses and assemblies, rubber profiles and beadings, and rubber moulded parts. The company serves automotive, railway, and defence sectors through a B2B business model and operates manufacturing facilities in Faridabad, Haryana.