July 2026 IPO Subscription Report analyses all IPOs that both opened and closed during July 2026, along with IPOs that opened in June 2026 and closed in July 2026.
IPOs that opened in July 2026 but closed in August 2026 have been excluded to maintain consistency in the analysis period.
Accordingly, this report covers a total of 32 IPOs.
The report includes subscription data for both Mainboard and SME IPOs, listing performance analysis, and IPO-wise subscription trends for all 32 issues covered during the month.
For upcoming and ongoing public issues, visit our regularly updated Latest IPO section. Investors looking for day-wise bidding trends can also explore our Daily IPO Subscription page for the latest subscription updates.
July 2026 IPO Subscription Data & Listing Performance.
| SL No | IPO Name | Mainboard/SME | Subscription | Categorywise Subscription | Gain/Loss (%) |
| 1 | Atharva Polyplast | BSE SME | 10.06 | QIB-3.58 |NII- 14.29 |RII- 11.30 | 15 |
| 2 | Adon Agro Commodities | BSE SME | 1.34 | QIB-22.47 |NII- 1.37 |RII- 0.84 | 11.79 |
| 3 | Astha Spintex | Mainboard | 3.3 | QIB-1.87 |NII- 6.03 |RII- 1.27 | -4.41 |
| 4 | Alpine Texworld | Mainboard | 0.88 | QIB-0.02 |NII- 0.79 |RII- 0.94 | 0 |
| 5 | SBI Funds Management | Mainboard | 34.16 | QIB-114.96 |NII- 20.33 |RII- 2.30 | 6.85 |
| 6 | Millworks Technologies | BSE SME | 193.21 | QIB-194.05 |NII- 159.26 |RII- 216.60 | 90 |
| 7 | Laser Power & Infra | Mainboard | 24.71 | QIB-53.61 |NII- 32.87 |RII- 4.70 | 16.82 |
| 8 | Devson Catalyst | BSE SME | 205.06 | QIB-168.56 |NII- 192.74 |RII- 244.03 | Empl-1.06 | 66.23 |
| 9 | Happy Steels | NSE SME | 72.43 | QIB-59.01 |NII- 113.95 |RII- 73.25 | 3.03 |
| 10 | Kusumgar | Mainboard | 84.73 | QIB-191.68 |NII- 110.38 |RII- 13.99 | Empl-5.66 | 35.8 |
| 11 | IC Electricals SME | NSE SME | 419.21 | QIB-241.75 |NII- 764.72 |RII- 372.51 | 67.68 |
| 12 | Knack Packaging | Mainboard | 69.11 | QIB-123.46 |NII- 127.45 |RII- 14.30 | 10.59 |
| 13 | Vinit Mobile | NSE SME | 1.58 | QIB-1.00 |NII- 0.93 |RII- 2.18 | -1.9 |
| 14 | Teja Engineering Industries | NSE SME | 1.06 | QIB/NII-1.92 |RII-0.32 | 90 |
| 15 | Seemax Resources | BSE SME | 3.48 | QIB-17.19 |NII- 3.79 |RII- 1.52 | -20 |
| 16 | Sampark India Logistics | BSE SME | 4.67 | QIB-1.55 |NII- 7.75 |RII- 4.65 | 5.95 |
| 17 | Kratikal Tech | BSE SME | 205.08 | QIB-145.82 |NII- 239.92 |RII- 218.48 | 42.22 |
| 18 | Manipal Health Enterprises | Mainboard | 2.65 | QIB-4.19 |NII- 0.89 |RII- 0.75 |Emp- 1.84 | 10.51 |
| 19 | Poojaa Precision Engineering | BSE SME | 259.42 | QIB-206.46 |NII- 342.50 |RII- 247.55 | 56.15 |
| 20 | Propshop Events and Exhibitions | NSE SME | 1.5 | QIB-1.29 |NII- 1.48 |RII- 1.68 | -20 |
| 21 | Advance Technoforge | BSE SME | 1.61 | QIBs+NIIs 0.53 | RII-2.68 | -1.05 |
| 22 | Silverstorm Parks and Resorts | BSE SME | 1.84 | QIB-1.81 |NII-2.62 |RII- 1.41 | -0.08 |
| 23 | Lohia Corp | Mainboard | 4.2 | QIB-4.42 |NII-5.40 |RII- 1.94 | 8.47 |
| 24 | Indo-MIM | Mainboard | 51.89 | QIB-143.94 |NII-40.84 |RII- 4.36 | 44.33 |
| 25 | Xtranet Technologies | Mainboard | 9.11 | QIB-5.44 |NII-20.97 |RII- 6.12 | 7.09 |
| 26 | Cube Highways Trust InvIT | Mainboard | 2.55 | Institutional 4.13 | RII- 0.64 | 1.97 |
| 27 | Shree Balaji (Mala) Textiles | BSE SME | 186.34 | QIB-113.55 |NII-185.23 |RII- 228.24 | 90 |
| 28 | Metalic Technoforge | NSE Emerge | 6.17 | QIB-4.58 |NII-17.42 |RII- 6.99 | 12.99 |
| 29 | Gulf Lloyds (India) | BSE SME | 10.9 | QIB/NII-2.97 |RII-18.83 | 0 |
| 30 | Caliber Mining and Logistics | Mainboard | 97.16 | QIB-150.23 |NII- 183.73 |RII- 29.73 | 17.98 |
| 31 | Sotefin Bharat | BSE SME | 3.78 | QIB-2.82 |NII- 4.74 |RII- 3.78 | 9.63 |
| 32 | H.R. Hygiene Products | BSE SME | 6.26 | QIB-2.81 |NII- 8.99 |RII- 6.74 | 2.27 |
SME vs Mainboard IPO Demand in July 2026
Mainboard IPO Subscription and Listing Snapshot-July 2026
Total Mainboard IPOs: 12
Average Subscription: 32.04x
Highest subscription: 97.16x (Caliber Mining and Logistics)
Lowest subscription: 0.88x (Alpine Texworld)
Average Listing Gain/Loss: 13.00%
Highest listing gain: 44.33% (Indo-MIM)
Lowest listing gain: -4.41% (Astha Spintex)
Strongest demand: QIBs, followed by NIIs, while Retail Investors (RIIs) showed substantially lower participation.
SME IPO subscription and Listing Snapshot- July 2026
Total SME IPOs: 20
Average Subscription: 79.75x
Highest subscription: 419.21x (IC Electricals SME)
Lowest subscription: 1.06x (Teja Engineering Industries)
Average Listing Gain/Loss: 26.00%
Highest listing gain: 90% (Millworks Technologies, Teja Engineering Industries, and Shree Balaji (Mala) Textiles)
Lowest listing gain: -20% (Seemax Resources and Propshop Events and Exhibitions)
Strongest demand: NIIs attracted the strongest participation, followed by Retail Investors (RIIs), while QIB participation remained comparatively lower.
IPO-wise Subscription Trends: July 2026.
1. Knack Packaging Limited Subscription Status
Knack Packaging Limited IPO subscribed by 2.22x. D1|6.06x. D2 |69.11x. D3, categorywise: QIB-123.46 |NII- 127.45 |RII- 14.30.
2. Devson Catalyst Limited Subscription Status
Devson Catalyst Limited IPO subscribed by 7.50x. D1|27.35x. D2|205.06x. D3, categorywise: QIB-168.56 |NII- 192.74 |RII- 244.03 | Empl-1.06
3. Kusumgar Limited Subscription Status
Kusumgar Limited IPO subscribed by 1.99x. D1|7.88x. D2|84.73x. D3, categorywise: QIB-191.68 |NII- 110.38 |RII- 13.99 | Empl-5.66
4. IC Electricals Company Limited Subscription Status
IC Electricals Company Limited IPO subscribed by 6.57x. D1|61.30x. D2|419.21x. D3, categorywise: QIB-241.75 |NII- 764.72 |RII- 372.51
5. Aastha Spintex Limited Subscription Status
Aastha Spintex Limited IPO subscribed by 0.68x. D1| 1.11x. D2 |3.30x, categorywise subscription: QIB-1.87 |NII- 6.03 |RII- 1.27
6. Atharva Poly-Plast Limited Subscription Status
Atharva Poly-Plast Limited IPO subscribed by 1.44x. D1|2.24x. D2|10.06x. D3, categorywise: QIB-3.58 |NII- 14.29 |RII- 11.30.
7. Adon Agro Commodities Limited Subscription Status
Adon Agro Commodities Limited IPO subscribed by 0.46x. D1| 0.74x. D2|1.34x, categorywise: QIB-22.47 |NII- 1.37 |RII- 0.84
8. Kratikal Tech Limited Subscription Status
Kratikal Tech Limited IPO subscribed by 2.38x.D1|15.92x. D2| 205.08x. D3, categorywise: QIB-145.82 |NII- 239.92 |RII- 218.48.
9. Sampark India Logistics Limited Subscription Status
Sampark India Logistics Limited IPO subscribed by 1.14x. D1|2.31x. D2|4.67x. D3, categorywise: QIB-1.55 |NII- 7.75 |RII- 4.65.
10. Seemax Resources Limited Subscription Status
Seemax Resources Limited IPO subscribed by 2.88x.D1|3.15x. D2|3.48x. D3, categorywise: QIB-17.19 |NII- 3.79 |RII- 1.52.
11. Teja Engineering Industries Limited Subscription Status
Teja Engineering Industries Limited IPO subscribed by 0.06x.D1|0.35x. D2|1.06x. D3, categorywise: QIB/NII-1.92 |RII-0.32.
12. Vinit Mobile Limited Subscription Status
Vinit Mobile Limited IPO subscribed by 0.06x. D1|0.46x. D2|1.58x. D3, categorywise: QIB-1.00 |NII- 0.93 |RII- 2.18.
13. Happy Steels Limited Subscription Status
Happy Steels Limited IPO subscribed by 0.54x. D1|2.95x. D2| 72.43x. D3, categorywise: QIB-59.01 |NII- 113.95 |RII- 73.25
14. Laser Power & Infra Limited Subscription Status
Laser Power & Infra Limited IPO subscribed by 0.11x. D1|0.80x. D2 |24.71x. D3, categorywise: QIB-53.61 |NII- 32.87 |RII- 4.70
15. Millworks Technologies Limited Subscription Status
Millworks Technologies Limited IPO subscribed by 9.22x. D1|44.60x. D2 |193.21x. D3, categorywise: QIB-194.05 |NII- 159.26 |RII- 216.60
16. SBI Funds Management Limited Subscription Status
SBI Funds Management Limited IPO subscribed by 0.44x. D1|1.90x. D2|34.16x. D3, categorywise: QIB-114.96 |NII- 20.33 |RII- 2.30
17. Alpine Texworld Limited Subscription Status
Alpine Texworld Limited IPO subscribed by 0.18x. D1|0.51x. D2|0.88x. D3, categorywise: QIB-0.02 |NII- 0.79 |RII- 0.94
18. Sotefin Bharat Limited Subscription Status
Sotefin Bharat Limited IPO subscribed by 0.19x. D1| 0.81x. D2|3.78x. D3, categorywise: QIB-2.82 |NII- 4.74 |RII- 3.78
19. Caliber Mining and Logistics Limited Subscription Status
Caliber Mining and Logistics Limited IPO subscribed by 0.79x. D1|16.15x. D2|97.16x. D3, categorywise: QIB-150.23 |NII- 183.73 |RII- 29.73
20. Gulf Lloyds (India) Limited Subscription Status
Gulf Lloyds (India) Limited IPO subscribed by 4.63x. D1|8.325x. D2|10.90x. D3, categorywise: QIB/NII-2.97 |RII-18.83
21. Cube Highways Trust Subscription Status
Cube Highways Trust InvIT IPO subscribed by 0.02x. D1|0.05x. D2|2.55x. D3, categorywise: Institutional 4.13 | RII- 0.64
22. Shree Balaji (Mala) Textiles Limited Subscription Status
Shree Balaji (Mala) Textiles Limited IPO subscribed by 2.83x. D1|19.14x. D2|186.34x. D3, categorywise: QIB-113.55 |NII-185.23 |RII- 228.24
23. Metalic Technoforge Limited Subscription Status
Metalic Technoforge Limited IPO subscribed by 0.33x. D1|0.86x. D2|7.95x. D3, categorywise subscription: QIB-4.58 |NII-17.42 |RII- 6.99
24. Xtranet Technologies Limited Subscription Status
Xtranet Technologies Limited IPO subscribed by 0.70x. D1|1.31x. D2|9.11x. D3, categorywise: QIB-5.44 |NII-20.97 |RII- 6.12
25. Indo-MIM Limited Subscription Status
Indo-MIM Limited IPO subscribed by 0.78x. D1|2.24x. D2| 51.89x. D3, categorywise: QIB-143.94 |NII-40.84 |RII- 4.36
26. Lohia Corp Limited Subscription Status
Lohia Corp Limited IPO subscribed by 0.12x. D1|0.23x. D2|4.20x. D3, categorywise: QIB-4.42 |NII-5.40 |RII- 1.94
27. Silverstorm Parks and Resorts Limited Subscription Status
Silverstorm Parks and Resorts Limited IPO subscribed by 0.34x. D1|0.96x. D2|1.84x. D3, categorywise: QIB-1.81 |NII-2.62 |RII- 1.41
28. Poojaa Precision Engineering Limited Subscription Status
Poojaa Precision Engineering Limited IPO subscribed by 7.93x. D1|59.03x. D2|259.42x. D3, categorywise: QIB-206.46x|NII- 342.50x |RII- 247.55x
29. Manipal Health Enterprises Limited Subscription Status
Manipal Health Enterprises Limited IPO subscribed by 0.12x. D1|0.40x. D2|2.65x. D3, categorywise: QIB-4.19x|NII- 0.89x |RII- 0.75x|Emp- 1.84x
30. Propshop Events and Exhibitions Limited Subscription Status
Propshop Events and Exhibitions Limited IPO subscribed by 0.03x. D1|0.37x. D2|1.50x. D3 categorywise: QIB-1.29x|NII- 1.48x |RII- 1.68x
31. Advance Technoforge Limited Subscription Status
Advance Technoforge Limited IPO subscribed by 0.25x. D1|0.49x. D2|1.6x. D3, categorywise: QIBs+NIIs 0.53x| RII-2.68x
32. H.R. Hygiene Products Limited Subscription Status
H.R. Hygiene Products Limited IPO subscribed by 1.33x. D1|1.72x. D2|6.26x. D3, categorywise: QIB-2.81x|NII- 8.99x |RII- 6.74x
IPO Subscription vs Listing Gain Correlation – July 2026
IPO Segment | IPOs Analysed | Correlation (r) |
All IPOs | 32 | 0.7 |
Mainboard IPOs | 12 | 0.65 |
SME IPOs | 20 | 0.69 |
The correlation between final IPO subscription and listing-day returns was approximately 0.70 across all 32 IPOs analysed during July 2026. The correlation stood at approximately 0.69 for SME IPOs and 0.65 for Mainboard IPOs.
These figures indicate a positive relationship between subscription demand and listing-day performance during the month, with more heavily subscribed IPOs generally tending to deliver stronger listing returns. However, correlation does not imply that higher subscription guarantees higher listing gains, and individual IPO outcomes varied considerably.
Key Insights from IPO Subscription & Listing Review of July 2026
SME IPOs witnessed significantly stronger demand than Mainboard issues, with average subscriptions of 79.75x and 32.04x, respectively. IC Electricals SME (419.21x) was the most subscribed IPO of the month.
SME IPOs delivered an average listing gain of 26.00%, compared with 13.00% for Mainboard IPOs. The relationship between subscription and listing performance was also positive within both segments, with a correlation of approximately 0.69 for SME IPOs and 0.65 for Mainboard IPOs.
Investor participation differed across the two segments. QIBs recorded the strongest participation in Mainboard IPOs, followed by NIIs, while NIIs led SME IPO demand, followed by Retail Investors (RIIs).
SME IPOs also displayed substantially greater listing volatility, producing both the month's highest listing gains of 90% and the steepest listing losses of -20%.
FAQs on July 2026 IPO Subscription Review
1. How many IPOs were subscribed in July 2026?
A total of 32 IPOs were covered in July 2026, comprising 12 Mainboard IPOs and 20 SME IPOs.
2. Which segment saw higher IPO subscription in July 2026 – SME or Mainboard?
The SME segment attracted significantly stronger investor demand, recording an average subscription of 79.75x, compared with 32.04x for Mainboard IPOs.
3. Which investor category dominated IPO subscriptions in July 2026?
Investor participation differed between the two segments. QIBs recorded the strongest participation in Mainboard IPOs, followed by NIIs, while NIIs attracted the strongest participation in SME IPOs, followed by Retail Investors (RIIs).
4. Did low IPO subscription lead to poor listing performance in July 2026?
No. July 2026 showed sharply different listing outcomes even among IPOs with relatively low subscription levels. Seemax Resources, subscribed 3.48x, and Propshop Events and Exhibitions, subscribed 1.50x, both listed at a 20% discount. In contrast, Adon Agro Commodities, subscribed just 1.34x, delivered an 11.79% listing gain, while Teja Engineering Industries, with only 1.06x subscription, listed at a remarkable 90% premium.
The wide range of outcomes — from -20% to +90% — shows that low subscription alone was not a reliable indicator of listing-day performance in July 2026.
Important IPO Related Resources
- Latest SME & Mainboard IPOs
- IPO Market Analytics
- IPO Allotment Status – How to Check Allotment Status of IPO Shares
- Latest IPO Subscription Status Today
- IPO Glossary: 100+ Important Terms Every Investor Should Know
- June 2026 IPO Subscription Review: 25 IPOs Data, Demand Patterns & Key Trends
- July 2026 IPO Review: 33 IPOs, ₹21140.52 Cr Raised & 56.37x Average Subscription
