February 2026 saw 22 IPOs open and close for subscription, with most of them coming from the SME segment. At MrMoneyFrugal, we have compiled the final subscription data along with category-wise participation from QIBs, HNIs, and retail investors.
This analysis goes beyond the numbers to examine whether high subscription actually translates into strong listing gains, along with other key patterns that every investor should understand.
The study is based on carefully reviewed data across all IPOs during the month.
For upcoming and live IPOs, you can explore our dedicated IPO section, and for day-wise subscription updates, refer to our IPO subscription page.
Below is a complete breakdown of all IPOs that opened and closed in February, followed by key insights based on actual market performance.
February 2026 IPO Subscription Data & Listing Performance (All 22 IPOs)
| SL No | IPO Name | Mainboard/SME | Final Subscription | Listing Gain % | Total Category Wise |
| 1 | Yaap Digital | NSE SME | 4.02x | -12.4 | QIB-8.29 |NIIs-3.99 |RII-1.61 |
| 2 | PNGS Reva Diamond Jewellery | Mainboard | 0.70x | -2.8 | QIB-0.88 |NIIs-0.64 |RII-0.27 |
| 3 | Mobilise App Lab | NSE SME | 93.11x | -19.9 | QIB-49.16 |NIIs-130.32 |RII-96.52 |
| 4 | Shree Ram Twistex | Mainboard | 32.31x | -34.6 | QIB-0.35|NIIs-42.37|RII-19.82 |
| 5 | Kiaasa Retail | BSE SME | 1.99x | -3.1 | QIB-14.98|NIIs-1.14|RII-2.43 |
| 6 | Accord Transformer & Switchgear | BSE SME | 332.11x | 8.7 | QIB-153.01|NIIs-447.16|RII-367.59 |
| 7 | Clean Max Enviro Energy | Mainboard | 0.81x | -8.8 | QIB-2.51|NIIs-0.39|RII-0.04 |
| 8 | Manilam Industries | NSE SME | 5.89x | -20 | QIB – 2.24| NIIs – 9.49| RII – 5.88 |
| 9 | Gaudium IVF | Mainboard | 5.66x | 5.06 | QIB-0.93|NIIs-11.44|RII-5.88 |
| 10 | Yashhtej Industries (India) | BSE SME | 1.37× | -20 | QIB-0 |NIIs-0.45 |RII-2.35 |
| 11 | Fractal Industries | BSE SME | 5.13x | 6.02 | QIB-5.95|NIIs-6.12|RII-4.09 |
| 12 | Marushika Technology | NSE SME | 16.74x | 2.56 | QIB-2.92|NIIs-41|RII-16.51 |
| 13 | Aye Finance | Mainboard | 0.64x | 0 | QIB-0.95|NIIs-0.04|RII-0.60 |
| 14 | Fractal Analytics | Mainboard | 1.13x | -2.7 | QIB-1.54|NIIs-0.64|RII-0.77 |
| 15 | PAN HR Solution | BSE SME | 9.51x | 0.45 | QIB-6.57|NIIs-11.25|RII-9.40 |
| 16 | Biopol Chemicals | NSE SME | 21.22x | 2.78 | QIB – 21.05| NIIs – 21.63| RII – 20.80 |
| 17 | Brandman Retail | NSE SME | 106.54x | 3.98 | QIB – 85.24| NIIs – 202.98 | RII – 93.12 |
| 18 | Grover Jewells | NSE SME | 17.88x | 9.09 | QIB – 11.32| NIIs – 28.03| RII – 15.74 |
| 19 | C K K Retail Mart | NSE SME | 1.6x | 0 | QIB – 0.00| NIIs – 1.43| RII – 2.12 |
| 20 | Acetech E-Commerce | NSE SME | 1.12x | 0 | QIB – 1.00 | NIIs – 1.57| RII – 1.16 |
| 21 | Striders Impex | NSE SME | 1.31x | -2.8 | QIB – 2.03| NIIs – 1.70| RII – 0.78 |
| 22 | Omnitech Engineering | Mainboard | 0.64x | -11 | QIB-1.99 |NIIs-0.18 |RII-0.07 |
Segment-wise IPO Subscription Snapshot
SME IPOs
- Total SME IPOs: 15
- Avg subscription: 44.155x
- Highest subscription: 332.11x (Accord Transformer & Switchgear)
- Highest listing gain: 9.09 % (Grover Jewells), subscription 17.88x
- Lowest subscription: 1.12x (Acetech E-Commerce)
- Lowest listing gain: -20% (Manilam Industries & Yashhtej Industries (India) )
- Strongest demand from: NIIs / QIBs
SME IPO subscriptions during the month were largely driven by NIIs, who led demand in 10 out of 15 issues, followed by QIBs in 3 IPOs and RIIs in 2 IPOs.
This clearly indicates that SME IPO oversubscription was predominantly driven by HNI participation, with retail investors leading in a few cases, while institutional (QIB) leadership remained limited and inconsistent.
Mainboard IPOs
- Total Mainboard IPOs: 7
- Avg subscription: 5.984
- Highest subscription: 32.31x (Shree Ram Twiste)
- Highest listing gain: 5.06 % (Gaudium IVF)
- Lowest subscription: 0.64x (Aye Finance)
- Lowest listing gain: -34.6 % (Shree Ram Twiste)
- Strongest demand from: QIBs / NIIs
Mainboard IPO subscriptions during the month were largely driven by QIBs, who led demand in 5 out of 7 issues, followed by NIIs in 2 IPOs, while RIIs did not lead in any IPO.
This clearly indicates that mainboard IPO demand was primarily institution-driven, with QIBs playing the dominant role, while HNI participation was selective and retail participation remained weak and non-dominant.
SME IPOs recorded an average subscription of 44.155x compared to 5.984x for Mainboard IPOs, showing significantly higher investor demand in the SME segment.
IPO wise Subscription Status Trend: February 2026
Below is the details of recent IPO subscription trends observed. These commentaries highlight investor participation patterns across retail, NII, and QIB categories to help investors understand market sentiment beyond raw numbers.
1. C K K Retail Mart Limited IPO Subscription Status
C K K Retail Mart Limited got subscribed by 0.46x on Day 1, 0.76x on Day 2, and 1.6x on Day 3.
2. Grover Jewells Limited IPO Subscription Status
The issue got subscribed by 1.03x on Day 1, 3.93x on Day 2, and 17.88x on Day 3.
3. Biopol Chemicals Limited IPO Subscription Status
The issue got subscribed by 0.12x on Day 1, 1.63x on Day 2, and 21.22x Day 3.
4. PAN HR Solution Limited IPO Subscription Status
The issue got subscribed by 0.81x. D1|1.37x D2|9.51x D3.
5. Brandman Retail Limited IPO Subscription Status
The issue got subscribed by 0.67x. D1|4.59x D2|106.54x D3
6. Fractal Analytics Limited IPO Subscription Status
The issue got subscribed by 0.06x. D1|0.12x. D2|1.13x. D3
7. Aye Finance Limited IPO Subscription Status
The issue got subscribed by 0.11x. D1| 0.14x. D2|0.64x. D3
8. Marushika Technology Limited IPO Subscription Status
Marushika Technology limited got subscribed by 0.25x. D1|0.78x. D2|16.74x. D3
9. PNGS Reva Diamond Jewellery Limited IPO Subscription Status
PNGS Reva Diamond Jewellery Limited got subscribed by 0.13x. D1|0.24x. D2|0.70x. D3, Categorywise, QIB-0.88 |NIIs-0.64 |RII-0.27 on BSE
10. Gaudium IVF and Women Health Limited IPO Subscription Status
Gaudium IVF and Women Health Limited got subscribed by 0.71x. D1|2.36x. D2|5.66x. D3. Categorywise QIB-0.93|NIIs-11.44|RII-5.88
11. Clean Max Enviro Energy Solutions Limited IPO Subscription Status
Clean Max Enviro Energy Solutions Limited got subscribed by 0.34x. D1|0.42x. D2|0.81x. D3,
12. Shree Ram Twistex Limited IPO Subscription Status
Shree Ram Twistex Limited got subscribed by 0.08x. D1|0.55x. D2|32.31x. D3 QIB-0.35|NIIs-42.37|RII-19.82
13. Fractal Industries Limited IPO Subscription Status
Fractal Industries Limited got subscribed by 1.53x. D1| 2.01x. D2| 5.13x. D3
14. Yashhtej Industries (India) Limited IPO Subscription Status
Yashhtej Industries (India) Limited got subscribed by 1.37×, categorywise subscription details are, QIB-0 |NIIs-0.45 |RII-2.35.
15. Manilam Industries India Limited IPO Subscription Status
Manilam Industries India Limited got subscribed by 0.2x. D1|1.71x. D2|5.89x. D3
16. Mobilise App Lab Limited IPO Subscription Status
Mobilise App Lab Limited got subscribed by 3.68x. D1|12.12x. D2|93.11x. D3
17. Accord Transformer & Switchgear Limited IPO Subscription Status
Accord Transformer & Switchgear Limited subscribed by 9.80x. D1|37.96x. D2|332.11x. D3, QIB-153.01|NIIs-447.16|RII-367.59
18. Yaap Digital Limited IPO Subscription Status
Yaap Digital Limited subscribed by 1.22x. D1|1.45x. D2 |4.02x. D3
19. Omnitech Engineering Limited IPO Subscription Status
Omnitech Engineering Limited subscribed by 0.04x. D1|0.08x. D2|0.64x. D3, Categorywise QIB-1.99 |NIIs-0.18 |RII-0.07
20. Kiaasa Retail Limited IPO Subscription Status
Kiaasa Retail Limited IPO subscribed by 0.1x. D1|0.62x. D2|1.99x. D3, QIB-14.98|NIIs-1.14|RII-2.43
21. Acetech E-Commerce Limited IPO Subscription Status
Acetech E-Commerce limited IPO subscribed by 1.12x, categorywise subscription details are, QIB – 1.00 | NIIs – 1.57| RII – 1.16
22. Striders Impex Limited IPO subscription Status
Striders Impex Limited IPO subscribed by 1.31x, categorywise subscription numbers are, QIB – 2.03| NIIs – 1.70| RII – 0.78.
Conclusion:
Based on the data set of February 2026 IPO subscriptions of 22 IPOs which were open for subscription during the month, it is clear that subscription numbers and listing performance are not directly related. A higher subscription does not guarantee better listing outcomes.
FAQ on February 2026 IPO Subscription Review
1. How many IPOs were subscribed in February 2026?
A total of 22 IPOs were open for subscription in February 2026. Out of these, 7 were mainboard IPOs and 15 were SME IPOs, indicating that the month was largely dominated by SME issues.
2. Which segment saw higher IPO subscription in February 2026 – SME or Mainboard?
In February 2026, SME IPOs recorded an average subscription of 44.16×, while mainboard IPOs saw an average subscription of 5.98×. This clearly shows that SME IPOs attracted significantly higher investor demand during the month.
3. Which investor category dominated SME IPO subscriptions in February 2026?
NIIs (Non-Institutional Investors) dominated SME IPO subscriptions, leading demand in 10 out of 15 IPOs (66.67%), making them the primary drivers of subscription in the SME segment.
4. Who drove subscription demand in mainboard IPOs during February 2026?
In February 2026, QIBs (Qualified Institutional Buyers) led subscription in 5 out of 7 IPOs, indicating that mainboard IPO demand was largely institution-driven, with limited leadership from NIIs and minimal retail dominance.
5. Did higher IPO subscription lead to better listing gains in February 2026?
No, higher subscription did not necessarily result in better listing performance. For example, Mobilise App Lab got subscribed by 93.11x but it got listed at discount of 19.9% and similarly Shree Ram Twistex got subscribed by 32.31x but it listed at -34.6% discount to the issue price.
For the investors who want to track daywise wise IPO subscription data can check our IPO subscription hub page and the investors seeking to analyse previous month subscription numbers can check our January 2026 IPO Subscription Review: Final IPO Subscription Numbers & Key Trends.
