May 2026 IPO Subscription Review lists the IPOs that opened and closed during the month.
This includes IPOs that opened in April but closed in May. However, it does not include IPOs that opened in May but closed in June. To keep the report clear, transparent, and consistent, the same methodology will be followed in forthcoming monthly reports.
This report excludes KISSHT IPO, as it was already considered in the April 2026 IPO Subscription Review.
In May 2026, a total of 16 IPOs opened and closed, of which 1 belonged to the Mainboard segment, while the remaining 15 IPOs belonged to the SME segment.
In this detailed report, we will analyse Mainboard and SME IPO demand, listing behaviour, and day-wise subscription trends across the IPOs that concluded during May 2026.
For detailed day-wise subscription analysis, refer to our dedicated IPO Subscription Status page. For all upcoming and live IPOs of 2026, check our latest IPO section. Both sections are updated regularly.
May 2026 IPO Subscription Data & Listing Performance.
| SL NO | IPO Name | Final Subscription | Mainboard/SME | Gain/Loss | Total Category Wise |
| 1 | Simca Advertising | 76.16 | NSE SME | -14.75 | QIB-32.74| NII-186.17 | RII-71 |
| 2 | Bagmane Prime Office REIT | 7.22 | Mainboard | 3.5 | Institutional Investors-8.16 |Other Investors-6.08 |
| 3 | Recode Studios | 217.89 | BSE SME | 34.87 | QIB-137.99 | NII-298.07 | RII-216.65 |
| 4 | Value 360 Communications | 1.19x | NSE SME | -20 | QIB-15.22 | NII-1.41 | RII-0.77 |
| 5 | Rajnandini Fashion India | 189.46 | BSE SME | 0 | QIB-122.04 | NII- 291.27 | RII- 168.63 |
| 6 | Yaashvi Jewellers Limited | 5.69 | BSE SME | 0 | Institutional 9.63 | RII- 1.76 |
| 7 | M R Maniveni Foods | 1.69 | BSE SME | -18.17 | QIB-1.00 | NII- 1.66 | RII- 2.09 |
| 8 | Q-Line Biotech | 95.31 | NSE SME | 31.78 | QIB-123.94 | NII- 146.33 | RII- 71.44 |
| 9 | Bio Medica Laboratories | 2.19 | NSE SME | -20 | QIB-15.94 | NII-1.41 | RII-2.92 |
| 10 | Autofurnish Limited | 1.26 | BSE SME | 4.88 | Institutional 1.35x| RII- 1.17x |
| 11 | Vegorama Punjabi Angithi | 32.75 | BSE SME | 53.38 | QIB-26.46 | NII-47.49 | RII-27.79 |
| 12 | Harikanta Overseas | 1.11 | BSE SME | -12.36 | QIB-21.33 | NII-0.73 | RII-0.66 |
| 13 | Teamtech Formwork | 6.56 | NSE SME | 19.05 | QIB-4.28 | NII-13.15 | RII-6.1 |
| 14 | NFP Sampoorna Foods | 1.54 | NSE SME | -0.91 | QIB-1.00 | NII-0.5 | RII-2.8 |
| 15 | Goldline Pharmaceutical | 781.85 | BSE SME | 38.95 | QIB-180.22 | NII-1227.90 | RII-881.15 |
| 16 | RFBL Flexi Pack | 20.45 | NSE SME | 5 | QIB-124.39 | NII-24.29 | RII-11.36 |
SME vs Mainboard IPO demand in May 2026
Mainboard IPO subscription and Listing Snapshot- May 2026
Mainboard IPO: 1
Avg Subscription: 7.22x
Listing Gain: 3.5%
Strongest demand: Institutional Investors
SME IPO Subscription & Listing Snapshot – May 2026
Total SME IPOs: 15
Average Subscription: 102.422x
Highest Subscription: 781.85x (Goldline Pharmaceutical)
Highest Listing Gain: 53.38% (Vegorama Punjabi Angithi)
Lowest Subscription: 1.11% (Harikanta Overseas)
Lowest Listing: -20% (Value 360 Communications)
NII investors showed the strongest participation overall, followed by QIBs and RIIs. Out of the 15 IPOs reviewed, NII led the subscription figures in 7 IPOs, QIBs in 6 IPOs, and RIIs in 2 IPOs.
SME IPOs attracted significantly stronger investor demand in May 2026, with average subscription reaching 102.42x compared to 7.22x for the lone Mainboard IPO.
IPO wise Subscription Status Trend: May 2026
1. Recode Studios Limited IPO Subscription Status
Recode Studios Limited IPO subscribed by 7.18x. D1|31.08x. D2|217.89x. D3 , categorywise: QIB-137.99 | NII-298.07 | RII-216.65
2. Value 360 Communications Limited IPO Subscription Status
Value 360 Communications Limited IPO Subscribed by 0.44x. D1|0.59x. D2|1.19x. D3, categorywise; QIB-15.22 | NII-1.41 | RII-0.77.
3. Bagmane Prime Office REIT IPO Subscription Status
Bagmane Prime Office REIT IPO subscribed by 0.05x. D1|0.43x. D2|7.22x. D3, categorywise: Institutional Investors-8.16 |Other Investors-6.08
4. Simca Advertising Limited IPO Subscription Status
Simca Advertising Limited IPO Subscribed by 0.61x. D1|3.96x. D2|76.16x. D3, categorywise:QIB-32.74| NII-186.17 | RII-71
5. RFBL Flexi Pack Limited IPO Subscription Status
RFBL Flexi Pack Limited IPO subscribed by 1.18x. D1|1.57x. D2| 20.45x. D3, categorywise: QIB-124.39 | NII-24.29 | RII-11.36
6. Goldline Pharmaceutical Limited IPO Subscription Status
Goldline Pharmaceutical Limited IPO subscribed by 20.79x. D1|93.19x. D2|781.85x. D3, categorywise: QIB-180.22 | NII-1227.90 | RII-881.15
7. TeamTech Formwork Solutions Limited IPO Subscription Status
TeamTech Formwork Solutions Limited IPO subscribed by 0.49x.D1|0.69x. D2|6.56x. D3, categorywise subscription details: QIB-4.28 | NII-13.15 | RII-6.1
8. Harikanta Overseas Limited IPO Subscription Status
Harikanta Overseas Limited IPO subscribed by 0.09x. D1|0.12x. D2|0.30x. D3 | 0.56x. D4 |0.66x. D5|1.11x. D6, categorywise: QIB-21.33 | NII-0.73 | RII-0.66
9. Vegorama Punjabi Angithi Limited IPO Subscription Status
Vegorama Punjabi Angithi Limited IPO subscribed by 1.35x. D1|4.21x. D2|32.75x. D3, categorywise subscription details: QIB-26.46 | NII-47.49 | RII-27.79
10. Autofurnish Limited IPO Subscription Status
Autofurnish Limited IPO subscribed by 1.26x and categorywise: Institutional 1.35x| RII- 1.17x
11. M R Maniveni Foods Limited IPO Subscription Status
M R Maniveni Foods Limited IPO subscribed by 1.01x. D1|1.36x. D2|1.69x. D3, categorywise: QIB-1.00 | NII- 1.66 | RII- 2.09
12. NFP Sampoorna Foods Limited IPO Subscription Status
NFP Sampoorna Foods Limited IPO subscribed by 0.42x. D1|1.01x. D2|1.54x. D3, categorywise: QIB-1.00 | NII-0.5 | RII-2.8
13. Bio Medica Laboratories Limited IPO Subscription Status
Bio Medica Laboratories Limited IPO subscribed by 0.68x. D1|1.00x. D2|2.19x. D3, categorywise: QIB-15.94 | NII-1.41 | RII-2.92
14. Q-Line Biotech Limited IPO Subscription Status
Q-Line Biotech Limited IPO subscribed by 3.82x. D1|9.17x. D2|95.31x. D3, categorywise: QIB-123.94 | NII- 146.33 | RII- 71.44
15. Yaashvi Jewellers Limited IPO Subscription Status
Yaashvi Jewellers Limited IPO subscribed by 0.078x. D1|0.83x. D2|5.69x. D3, categorywise: Institutional 9.63 | RII- 1.76
16. Rajnandini Fashion India Limited IPO Subscription Status
Rajnandini Fashion India Limited IPO subscribed by 1.58x. D1|6.55x. D2|189.46x, categorywise: QIB-122.04 | NII- 291.27 | RII- 168.63
Key Insights from IPO Subscription & Listing Review of May 2026
SME IPOs saw much stronger demand than the Mainboard segment, with average subscription reaching 102.42x compared to 7.22x for the lone Mainboard IPO.
Investor interest varied widely across SME IPOs, ranging from 781.85x subscription for Goldline Pharmaceutical to 1.11x for Harikanta Overseas.
NII investors were the most active category, leading subscriptions in 7 SME IPOs, followed by QIBs in 6 and RIIs in 2.
Important IPO Resources:
3. GMPs of Upcoming and Live IPOs
4. IPO Glossary of 100+Important IPO terms
5. April 2026 IPO Subscription Review: 8 IPOs Data, Demand Patterns & Key Trends
6. GMP vs Listing Gains May 2026 IPOs
FAQs on May 2026 IPO Subscription Review
1. How many IPOs were subscribed in May 2026?
A total of 16 IPOs opened and closed in May 2026, including 1 Mainboard IPO and 15 SME IPOs.
2. Which segment saw higher IPO subscription in May 2026 – SME or Mainboard?
The SME segment recorded significantly higher demand, with an average subscription of 102.42x compared to 7.22x for the Mainboard segment.
3. Which investor category dominated IPO subscriptions in SME Segment in May 2026?
NII investors showed the strongest participation, leading subscriptions in 7 of the 15 SME IPOs analysed.
4. Does higher IPO subscription guarantee strong listing gains?
No. The May 2026 data shows that higher subscription did not always translate into higher listing gains. For example, Rajnandini Fashion India was subscribed 189.46x but listed flat, while Simca Advertising was subscribed 76.16x and delivered a negative listing return of 14.75%. At the same time, Vegorama Punjabi Angithi generated the highest listing gain of 53.38% despite being subscribed 32.75x. This suggests that subscription demand alone cannot reliably predict listing performance.
