Faridabad, January 19, 2026: Shares of Defrail Technologies Limited are set to make their stock market debut on the BSE SME platform later today, with market attention firmly on the grey market premium, which is indicating healthy interest ahead of listing.
In the unofficial market, the stock is currently commanding a grey market premium of ₹17 per share, implying a potential listing price of around ₹91, translating into an indicative upside of nearly 23 percent over the IPO issue price of ₹74. The GMP has remained stable over the past few sessions, reflecting sustained sentiment as the listing approaches.
Defrail Technologies IPO GMP Trend Ahead of Listing
| Date | IPO Price (₹) | GMP (₹) | Subscription | Estimated Listing Price |
|---|---|---|---|---|
| 19 Jan 2026 (Listing) | 74.00 | 17 | 105.54x | ₹91 |
| 18 Jan 2026 | 74.00 | 17 | 105.54x | ₹91 |
| 17 Jan 2026 | 74.00 | 17 | 105.54x | ₹91 |
| 16 Jan 2026 | 74.00 | 10 | 105.54x | ₹84 |
| 14 Jan 2026 (Allotment) | 74.00 | 10 | 105.54x | ₹84 |
| 13 Jan 2026 (Close) | 74.00 | 8 | 105.54x | ₹82 |
GMP Disclaimer
The GMP prices shown above are only indicative of grey market trends. Grey market transactions are unofficial and unregulated. These figures should not be construed as a recommendation to trade or invest, and actual listing prices may differ.IPO Overview and Subscription Response
The ₹14 crore SME IPO of Defrail Technologies was open for subscription between January 9 and January 13, 2026, and received an overwhelming response from investors. The issue was subscribed over 105 times, led by exceptionally strong demand in the non institutional investor segment, while retail participation was also robust.The IPO was a pure fresh issue of 18.6 lakh equity shares, with no offer-for-sale component. Shares were offered at a price of ₹74 per share, valuing the company at approximately ₹52 crore at the time of issue.
Ahead of the public offer, the company had raised about ₹3.84 crore from anchor investors, providing early institutional validation to the issue.
Business Profile
Defrail Technologies is engaged in the manufacturing of rubber parts and engineered components, including hoses, rubber profiles, moulded rubber parts, and assemblies. The company primarily supplies to the automotive, railways, and defence sectors, operating under a predominantly B2B business model.The company is an approved vendor with Indian Railways, supported by its RDSO approval, and also caters to other government-linked clients. It operates two manufacturing facilities in Faridabad, Haryana, and employs close to 300 personnel.
Following a consolidation of legacy businesses in 2024, Defrail Technologies operates in its current structure after incorporation in 2023. For the six months ended September 2025, the company reported total income of about ₹39 crore and a profit after tax of approximately ₹1.5 crore, reflecting a growing scale of operations.
Listing Day Focus
With strong subscription figures and a firm grey market premium heading into listing, investor focus will now shift to opening price discovery and trading volumes once the stock lists on the BSE SME platform later today. Market participants will closely watch how demand translates into on-market performance amid continued interest in SME IPOs.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.