Faridabad, January 13, 2026: The initial public offering of Defrail Technologies Limited witnessed a sharp build-up in demand on Day 3 of bidding, with overall subscription reaching 15.44 times by 10:14 AM IST on Tuesday, driven by strong participation from Retail Individual Investors and Non Institutional Investors. The SME issue remains open for subscription till later today.
The ₹14 crore IPO, priced in the range of ₹70 to ₹74 per share, opened on January 9 and is scheduled to list on the BSE SME platform on January 16, 2026.
Day 3 Subscription Status (As of 10:14 AM IST)
| Category | Shares Reserved | Shares Bid | Subscription (Times) |
|---|---|---|---|
| Qualified Institutional Buyers (QIBs) | 3,55,200 | 4,800 | 0.01 |
| Non Institutional Investors (NII) | 3,63,200 | 56,28,800 | 15.50 |
| Retail Individual Investors (RII) | 6,24,000 | 1,50,97,600 | 24.19 |
| Total | 13,42,400 | 2,07,31,200 | 15.44 |
Retail Investors Lead Demand on Final Day
Retail participation continued to dominate the book, with the category subscribed 24.19 times. Retail investors placed bids for 1,50,97,600 shares against an allocation of 6,24,000 shares, underscoring aggressive demand as the issue entered its closing hours.NII Segment Shows Broad-Based Strength
The Non Institutional Investor segment recorded subscription of 15.50 times, supported by strong interest across both ticket sizes.- High-value NIIs subscribed 21.12 times, bidding for 37,50,400 shares against 1,77,600 shares reserved.
- Lower-value NIIs subscribed 20.60 times, with bids for 18,78,400 shares against an allocation of 91,200 shares.
Early Institutional Entry Seen
The QIB category saw its first bid on Day 3, with 4,800 shares bid through one application, translating into 0.01 times subscription. Institutional participation in SME IPOs typically remains limited, with most demand concentrated in retail and NII segments.Price-Wise Demand Remains Firm Near Upper Band
Price-level data from the BSE indicated robust demand across the price band, with volumes remaining strong even at the cut-off price.| Bid Price (₹) | Shares Bid |
|---|---|
| 70.00 | 2,05,36,000 |
| 71.00 | 2,04,62,400 |
| 72.00 | 2,04,52,800 |
| 73.00 | 2,03,95,200 |
| 74.00 | 2,03,79,200 |
Grey Market Premium Holds Steady
The grey market premium for the IPO remained unchanged at ₹8, reflecting stable sentiment alongside rising subscription levels.| Date | IPO Price (₹) | GMP (₹) | Overall Subscription | Estimated Listing Price |
|---|---|---|---|---|
| 13 Jan 2026 | 74.00 | 8 | 11.64x | ₹82 |
| 12 Jan 2026 | 74.00 | 8 | 11.64x | ₹82 |
| 11 Jan 2026 | 74.00 | 6 | 0.80x | ₹80 |
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 |
| Proposed Listing | 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 caters to automotive, railway, and defence sectors through a B2B business model and operates manufacturing facilities in Faridabad, Haryana.With several hours of bidding still remaining on Day 3, market participants will closely track whether retail and NII momentum sustains and whether institutional participation increases before the Defrail Technologies SME IPO closes later today.
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