The April 2026 IPO subscription trend reflected mixed investor participation across the Indian primary market.
During the month, a total of 8 IPOs opened and closed, including 3 Mainboard IPOs and 5 SME IPOs.
SME IPOs continued to witness stronger investor participation compared to Mainboard IPOs during the month.
For detailed IPO subscription data, visit our daily IPO subscription page, and for information on current and upcoming public issues, explore our Latest & Upcoming IPO Calendar 2026.
April 2026 IPO Subscription Data & Listing Performance (All 8 IPOs).
| SL NO | IPO NAME | FINAL SUBSCRIPTION | Segment | Gain/Loss (%) | Total Category Wise |
| 1 | Kissht IPO | 6.67 | Mainboard | 11.11 | QIB-16.06 | NII-5.74 | RII-1.74 |
| 2 | Amba Auto Sales & Services | 1.18 | NSE SME | -0.37 | QIB-1.75 | NII-1.57 | RII-0.71 |
| 3 | Adisoft Technologies | 72.09 | NSE SME | 19.19 | QIB-98.23 |NIIs-120.51 |RII-47.27 |
| 4 | Citius TransNet InvIT | 10.42 | Mainboard | 4.6 | Institutional Investors-14.67 |Other Investors-5.32 |
| 5 | Mehul Telecom | 41.81 | BSE SME | 10.2 | QIB-32.50 |NIIs-58.75 |RII-37.41 |
| 6 | Om Power Transmission | 2.37 | Mainboard | 6.29 | QIB-2.57 |NIIs-5.09 |RII-1.10 |
| 7 | Safety Controls & Devices | 1.26 | BSE SME | 3.75 | QIB-1.31 |NIIs-2.07 |RII-0.76 |
| 8 | Emiac Technologies | 3.06 | BSE SME | 10 | QIB-1.02 |NIIs-3.91 |RII-3.74 |
SME vs Mainboard IPO demand in April 2026
Mainboard IPO subscription and Listing Snapshot- April 2026
Total mainboard IPOs: 3
Avg subscription: 6.49x
Highest subscription: 10.42x (Citius TransNet InvIT)
Highest listing gain: 11.11% (Kissht IPO)
Lowest subscription: 2.37x (Om Power Transmission)
Lowest listing gain : 4.6% (Citius TransNet InvIT)
Strongest demand from: QIB/NII
In April 2026, mainboard IPO subscriptions were primarily driven by QIBs, followed by NIIs. RII participation did not lead in any of the IPOs .
SME IPO Subscription & Listing Snapshot – April 2026
Total SME IPOs: 5•
Average Subscription: 23.88x•
Highest Subscription: 72.09x — Adisoft Technologies• Highest Listing Gain: 19.19% — Adisoft Technologies• Lowest Subscription: 1.18x — Amba Auto Sales & Services•
Lowest Listing Performance: -0.37%
Investor participation was strongest from the NII segment, which led demand in 4 out of 5 SME IPOs. QIBs dominated in 1 IPO, while RIIs did not lead subscription in any SME issue during the month.
Overall, April 2026 reflected selective participation in the SME IPO market, with investor interest concentrated in a few high-demand offerings.
IPO wise Subscription Status Trend: April 2026
1. Emiac Technologies Limited IPO Subscription Status*
Emiac Technologies Limited IPO subscribed by 0.11x. D1|0.20x. D2 | 0.30x. D3|0.40x. D4|0.87x. D5|1.55x. D6| 3.06x. D7, categorywise: QIB-1.02 |NIIs-3.91 |RII-3.74
2. Safety Controls & Devices Limited IPO Subscription Status
Safety Controls & Devices Limited IPO subscribed by 0.18x. D1|0.84x. D2|1.26x. D3, categorywise: QIB-1.31 |NIIs-2.07 |RII-0.76
3. Om Power Transmission Limited IPO Subscription Status
Om Power Transmission Limited IPO subscribed by 0.34x. D1|0.58x. D2|2.37x. D3, categorywise subscription: QIB-2.57 |NIIs-5.09 |RII-1.10
4. Mehul Telecom Limited IPO Subscription Status
Mehul Telecom Limited IPO Subscribed by 3.38x. D1|9.27x. D2|41.81x. D3, categorywise subscription: Institutional Investors-14.67 |Other Investors-5.32
5. Citius TransNet Investment Trust IPO Subscription Status
Citius TransNet Investment Trust IPO subscribed by 0.03x. D1|0.33x. D2|10.42x. D3 categorywise subscription:Institutional Investors-14.67 |Other Investors-5.32
6. Adisoft Technologies Limited IPO Subscription Status
Adisoft Technologies Limited IPO subscribed by 1.85x. D1|3.16x. D2 |72.09x. D3, Categorywise subscription; QIB-98.23 |NIIs-120.51 |RII-47.27
7. Amba Auto Sales and Services Limited IPO Subscription Status
Amba Auto Sales and Services Limited IPO subscribed by 0.14x. D1|0.47x. D2| 1.18x. D3, categorywise subscription: QIB-1.75 | NII-1.57 | RII-0.71
8. OnEMI Technology Solutions Limited Kissht IPO Subscription Status
OnEMI Technology Solutions Limited Kissht IPO subscribed by 0.16x. D1| 0.43x. D2|6.67x D3, categorywise: QIB-16.06 | NII-5.74 | RII-1.74
Key Insights from IPO Subscription & Listing Review – April 2026
SME IPOs Attracted Much Stronger Investor Demand
SME IPOs recorded an average subscription of 23.88x compared to 6.49x for mainboard IPOs, reflecting stronger liquidity and speculative interest in the SME segment during April 2026.
QIBs & NIIs Dominated IPO Participation
Institutional and high-net-worth investors remained the key drivers of IPO demand. QIBs led participation in mainboard IPOs, while NIIs dominated 4 out of 5 SME IPOs. Retail investors did not lead subscription in any IPO during the month.
SME IPO Demand Was Highly Selective
While Adisoft Technologies attracted massive demand with a 72.09x subscription and the highest listing gain of 19.19%, some IPOs received weak subscriptions and muted listing performance. This indicates investors were highly selective despite strong overall SME activity.
Listing Gains Remained Moderate Across Segments
Mainboard IPO listing gains ranged from 4.6% to 11.11%, while SME IPO performance varied from -0.37% to 19.19%. The data suggests that strong subscription alone was not enough to guarantee extraordinary listing returns.
Important Links:
2. IPO glossary
4. March 2026 IPO Subscription Review
5. GMP vs Listing Gains April 2026 IPOs
6. April 2026 IPO Review – 12 Listings, 26.49x Average Subscription & Market Performance
FAQs: April 2026 IPO Subscription Review
1. How many IPOs were subscribed in April 2026?
A total of 8 IPOs opened and closed for subscription in April 2026, including 3 mainboard IPOs and 5 SME IPOs.
2. Which segment saw higher IPO subscription in April 2026 – SME or Mainboard?
The SME IPO segment continued to dominate subscription demand in April 2026 with 23.88x average subscription while mainboard saw only 6.49x avg subscription.
3. Which investor category dominated IPO subscriptions in April 2026?
In the SME segment, NIIs while in the mainboard segment, QIBs played a comparatively larger role.
4. Does higher IPO subscription guarantee strong listing gains?
No, high IPO subscription does not always guarantee strong listing gains.
For example, the Citius TransNet InvIT IPO received the highest subscription in the mainboard category at 10.42x, but it listed at only a 4.6% premium to its issue price, making it the lowest listing gain among all mainboard IPOs during the period.
