Faridabad, January 12, 2026: The initial public offering of Defrail Technologies Limited witnessed a sharp surge in demand on Day 2 of bidding, with overall subscription climbing to 10.90 times by 5:00 PM IST on Monday, driven overwhelmingly by retail and non institutional investors.
The ₹14 crore SME IPO, which opened on January 9 and remains open for subscription until January 13, 2026, saw heavy inflows during the second session, marking a decisive turnaround from the muted response seen on the opening day.
Day 2 Subscription Status (As of 5:00 PM IST)
| Category | Shares Reserved | Shares Bid | Subscription (Times) |
|---|---|---|---|
| Qualified Institutional Buyers (QIBs) | 3,55,200 | - | 0.00 |
| Non Institutional Investors (NII) | 3,63,200 | 33,47,200 | 9.22 |
| Retail Individual Investors (RII) | 6,24,000 | 1,12,80,000 | 18.08 |
| Total | 13,42,400 | 1,46,27,200 | 10.90 |
Retail Investors Drive Momentum
Retail participation emerged as the dominant force on Day 2, with the category subscribed 18.08 times. Retail investors bid for 1,12,80,000 shares against an allocation of 6,24,000 shares, reflecting aggressive participation through the session.Strong Broad-Based NII Demand
The Non Institutional Investor segment also saw significant traction, closing Day 2 at 9.22 times subscription.- High-value NIIs subscribed 11.60 times, bidding for 20,60,800 shares against 1,77,600 shares reserved.
- Lower-value NIIs subscribed 14.11 times, with bids for 12,86,400 shares against 91,200 shares reserved.
Institutional Participation Still Awaited
The Qualified Institutional Buyers portion remained unsubscribed at the end of Day 2. In SME IPOs, institutional participation is often limited or deferred until the final session, keeping the focus on retail and non institutional flows.Price-Wise Demand Shows Cut-Off Comfort
BSE price-band data showed demand evenly distributed across the band, with strong volumes sustained even at the cut-off price.| Bid Price (₹) | Shares Bid |
|---|---|
| 70.00 | 1,46,27,200 |
| 71.00 | 1,45,53,600 |
| 72.00 | 1,45,44,000 |
| 73.00 | 1,44,89,600 |
| 74.00 | 1,44,76,800 |
Grey Market Premium Trends Strengthen on Day 2
The grey market premium for the IPO firmed up alongside the sharp rise in subscriptions.| Date | IPO Price (₹) | GMP (₹) | Overall Subscription | Estimated Listing Price |
|---|---|---|---|---|
| 12 Jan 2026 | 74.00 | 8 | 11.64x | ₹82 |
| 11 Jan 2026 | 74.00 | 6 | 0.80x | ₹80 |
| 10 Jan 2026 | 74.00 | 6 | 0.80x | ₹80 |
Note: Grey market premium (GMP) figures are informational indicators based on informal, off-market activity. The publisher does not participate in or recommend grey market or sub-to-sub (sub2) trading. GMP is unofficial, unregulated, and subject to rapid change.
IPO Details
| Particulars | Details |
|---|---|
| Issue Period | January 9 to January 13, 2026 |
| Price Band | ₹70 to ₹74 per share |
| Issue Size | ₹14 crore |
| Market Lot | 1,600 shares |
| Minimum Retail Application | 3,200 shares |
| Listing Date | January 16, 2026 |
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 supplies to automotive, railway, and defence sectors under a B2B model and operates manufacturing facilities in Faridabad, Haryana.As the IPO enters its final day of subscription on Tuesday, market attention will remain on whether the strong Day 2 momentum translates into further oversubscription before bidding closes.
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.