March 2026 saw 17 IPOs opened and closed for subscription. This included 9 mainboard IPOs and 8 SME IPOs.
Track day-wise IPO subscription data on our latest IPO subscription page.
For details on latest, upcoming, and closed IPOs, visit our regularly latest IPO section.
Check detailed analysis below.
March 2026 IPO Subscription Data & Listing Performance (All 17 IPOs).
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SME vs Mainboard IPO demand
Mainboard IPO subscription and listing March 2026
Total Mainboard IPOs: 9
Avg subscription: 1.87x
Highest subscription: 6.25x (Raajmarg Infra InvIT IPO)
Highest listing gain: 13.54 % (Sedemac Mechatronics)
Lowest subscription: 0.57x (Central Mine Planning & Design Institute Limited (CMPDIL))
Lowest listing gain: -14.7% (Innovision Limited)
Strongest demand from: QIB/NII
In March 2026, mainboard IPO subscriptions were primarily driven by QIBs, followed by NIIs.
QIB participation dominated in 5 out of 9 IPOs, while NIIs led in the remaining 4.
RII participation did not lead in any of the IPOs. Check how the valuation of the IPOs relate with listing performance in our IPO Valuation vs Listing Performance Study
March 2026 shows a sharp divergence: Mainboard at 1.87x vs SME at 38.61x, signaling concentrated demand in SME IPOs.
SME IPO subscription and listing March 2026
Total SME IPOs: 8
Avg subscription: 38.61x
Highest subscription: 180.33x (Highness Microelectronics)
Highest listing gain: 39.09 % (Apsis Aerocom Limited), subscription 120.24x
Lowest subscription: 1.05x (Vivid Electromech)
Lowest listing gain: 0%
Strongest demand from: NIIs /RIIs/QIBs
In the SME segment, NIIs led in 3 IPOs, Retail Investors (RII) led in 3 IPOs, QIBs led in only 2 IPOs
Investors seeking to find out how IPO subscription and listing performed in February 2026, may check our February 2026 IPO Subscription Review: 22 IPOs Data, Demand Patterns & Key Trends report.
IPO wise Subscription Status Trend: March 2026
1. Sedemac Mechatronics Limited IPO Subscription Status
Sedemac Mechatronics Limited IPO subscribed by 0.26x. D1|0.45x. D2|1.66x. D3, categorywise: QIB-4.98 |NIIs-0.71 |RII-0.16
2. Elfin Agro India Limited IPO Subscription Status
Elfin Agro India Limited IPO subscribed by 1.35x, categorywise: QIB-NA |NIIs-2.12 |RII-0.59
3. Srinibas Pradhan Constructions Limited (SPCL) IPO Subscription Status
Srinibas Pradhan Constructions Limited (SPCL) subscribed by 0.08x. D1|1.00x. D2| 1.13x. D3
4. Rajputana Stainless IPO Subscription Status
Rajputana Stainless Limited subscribed by. 0.23x. D1|0.27x. D2|0.64x. D3, Category wise, QIB-1.70 |NIIs-1.30 |RII-0.18
5. Innovision Limited IPO subscription status
Innovision Limited subscribed by 0.02x. D1|0.10x. D2|2.39x. D3, Categorywise, QIB-2.09 |NIIs-6.21 |RII-0.39
6. Raajmarg Infra InvIT IPO Subscription Status
Raajmarg Infra InvIT IPO subscribed by 0.03x. D1|0.25x. D2|6.25x. D3, Institutional Investors-7.54|Other Investors-4.71
7. Novus Loyalty Limited IPO Subscription Status
Novus Loyalty Limited IPO subscribed by 0.77x. D1|0.89x. D2| 1.51x. D3, categorywise, QIB-1.38 |NIIs-1.12 |RII-1.82
8. Apsis Aerocom Limited IPO Subscription Status
Apsis Aerocom Limited IPO subscribed by 3.13x. D1|14.47x. D2|120.24x. D3
9. GSP Crop Science Limited IPO Subscription Status
GSP Crop Science Limited IPO subscribed by 0.41x. D1|0.87x. D2 | 1.46x. D3, Categorywise, QIB-2.43 |NIIs-2.85 |RII-0.33
10. Tipco Engineering India Limited IPO Subscription Status
Tipco Engineering India Limited IPO subscribed by 0.23x. D1|0.44x. D2 |1.56x. D3, categorywise subscription QIB-3.20 |NIIs-1.52 |RII-0.66
11. Central Mine Planning & Design Institute Limited (CMPDIL) IPO Subscription Status
Central Mine Planning & Design Institute Limited (CMPDIL) IPO subscribed by 0.04x. D1| 0.07x. D2| 0.57x. D3, categorywise subscription, QIB-1.72 |NIIs-0.29 |RII-0.22
12. Speciality Medicines Limited IPO Subscription Status
Speciality Medicines Limited IPO subscribed by 0.78x. D1|0.94x. D2|2.19x. D3, categorywise, QIB-96.24 |NIIs-1.77 |RII-0.85
13. Sai Parenteral's Limited IPO Subscription Status
Sai Parenteral's Limited IPO subscribed by 0.04x. D1|0.29x. D2| 0.63x. D3, categorywise subscription details, QIB-1.08 |NIIs-1.34 |RII-0.08
14. Amir Chand Jagdish Kumar (Exports) Limited IPO Subscription Status
Amir Chand Jagdish Kumar (Exports) Limited IPO subscribed by 1.00x. D1|1.24x. D2|2.63x. D3, categorywise, QIB-0.95 |NIIs-10.38 |RII-1.04
15. Highness Microelectronics Limited IPO Subscription Status
Highness Microelectronics Limited IPO subscribed by 1.26x. D1|8.13x. D2|180.33x. D3, categorywise, QIB-81.95 |NIIs-268.13 |RII-185.11
16. Vivid Electromech Limited IPO Subscription Status
Vivid Electromech Limited IPO subscribed by 0.47x. D1|0.63x. D2|1.05x. D3, categorywise subscription: QIB-0.00 |NIIs-0.63 |RII-1.47
17. Powerica Limited IPO Subscription Status
Powerica Limited IPO subscribed by 0.01x. D1|0.02x. D2| 0.63x. D3, categorywise, QIB-1.70 |NIIs-0.41 |RII-0.12|EMP-0.90
Key Insights from IPO Subscription Review Data of March 2026
1. Institutions Drove Mainboard IPO Demand
Mainboard IPOs remained weakly subscribed (1.87x avg), with demand led by QIBs & NIIs, while retail stayed largely absent—showing a selective, cautious market.
2. SME IPOs Saw Massive but Uneven Demand
SMEs recorded very high subscriptions (38.61x avg), but with huge variation (1.05x to 180x+), indicating strong but highly selective liquidity.
3. Subscription ≠ Listing GainsHigh subscription didn’t guarantee returns—listing gains ranged from +39% to -14.7%, proving valuation matters more than hype.
Important IPO Resources:
- IPO GMP Today: See latest grey market premium updates and expected listing gains
- IPO Allotment Status: Check allotment results for ongoing and recently closed IPOs
- IPO Analytics: Deep-dive into IPO subscription trends, SME vs mainboard demand, and listing performance
- IPO Glossary: Understand IPO terms like QIB, NII, RII, GMP, and more
FAQ on March 2026 IPO Subscription Review
1. How many IPOs were subscribed in March 2026?
A total of 17 IPOs opened and closed for subscription in March 2026. The detailed breakdown of each IPO is provided in the table above.
2. Which segment saw higher IPO subscription in March 2026 – SME or Mainboard?
The SME segment significantly outperformed the mainboard segment in terms of subscription demand.
- SME IPOs: Average subscription of 38.61x
- Mainboard IPOs: Average subscription of 1.87x
This highlights the continued dominance of SME IPOs in attracting speculative and high-volume participation.
3. Which investor category dominated SME IPO subscriptions in March 2026?
NIIs (Non-Institutional Investors) and RIIs were the dominant category in SME IPOs during March 2026, contributing the highest subscription levels across most issues.
4. Who drove subscription demand in mainboard IPOs during March 2026?
QIBs (Qualified Institutional Buyers) led subscription demand in the mainboard segment, dominating 5 out of 9 IPOs, while NIIs led in 4 IPOs.
Retail investors (RIIs) did not lead subscriptions in any mainboard IPO during this period.
5. Does higher IPO subscription guarantee better listing gains?
No, higher subscription does not guarantee strong listing gains. March 2026 clearly demonstrated this disconnect:
- In the mainboard segment:
- Raajmarg Infra InvIT IPO → 6.25x subscription, 7% listing gain
- Sedemac Mechatronics Limited → 1.66x subscription, 13.54% listing gain
- In the SME segment:
- Highness Microelectronics Limited → 180.33x subscription, 4.17% gain
- Apsis Aerocom Limited → 120.24x subscription, 39%+ gain
This shows that IPO pricing, fundamentals, and market sentiment matter more than raw subscription numbers.
