January 2026 IPO Review – 18 Listings, 118.955X Average Subscription & Market Performance

January 2026 saw 18 IPO listings across the Indian primary market, with SME IPOs accounting for 15 issues and Mainboard IPOs contributing 3 issues. While the month recorded a high average subscription of 118.955×, listing outcomes remained mixed, with 61.11% of IPOs listing at loss. 

This monthly review breaks down IPO volume, capital raised, subscription trends, and listing performance across SME and Mainboard segments using data-backed analysis and visual comparisons.

This review is based on IPOs listed during January 2026 for which complete and verifiable data was available at the time of publication.

January 2026 IPO Snapshot

Key Metrics

• Total IPOs Listed: 18 

• SME IPOs: 15

• Mainboard IPOs: 3

• Total Capital Raised: 5535.22 Crores

• Average Subscription: 118.955

• IPOs Listed at Gain: 38.89%

• IPOs Listed at Loss / Flat: 61.11%

IPO Distribution – SME vs Mainboard

Like December 2025, In January 2026, most IPOs came from the SME segment.

• 15 SME IPOs were listed

• 3 Mainboard IPOs were listed

Even though SME IPOs were higher in number, they raised less total money.

• SME IPOs raised ₹ 768.22 crore

• Mainboard IPOs raised ₹ 4767 crore.

This clearly shows that while SME IPOs dominated in number, they raised an average of just ₹51.21 crore per issue. In contrast, mainboard IPOs were far fewer but raised an average of ₹1,589 crore per issue—nearly 31 times more than SME IPOs.

Subscription Trend Analysis

Mainboard IPOs, despite being only three in number, recorded an average subscription of 38.30×. In contrast, the 15 SME IPOs witnessed a much higher average subscription of over 135×.

Overall, SME IPOs received 3.55× higher subscription compared to mainboard IPOs.

The issue that topped the SME segment in subscription numbers was Gabion Technologies India Limited, which received a 768.12× subscription. In the mainboard segment, Bharat Coking Coal Limited recorded the highest subscription at 98.76×.

In this comparison as well, SME IPOs led the numbers, with the highest-subscribed SME IPO attracting about 7.77× more subscription than the top mainboard IPO.

Listing Performance Overview

Mainboard IPOs.

• Highest listing gain: 95.65 % (Bharat Coking Coal Limited)

• Lowest listing performance: -11.91% (Amagi Media Labs)

• Average listing gain: ~24.85%

• 33.33% of Mainboard IPOs (1 out of 3) listed with positive gains
  

SME IPOs

• Highest listing gain: 90%

• Lowest listing performance: -20.% (Digilogic Systems Limited, Armour Security (India) Limited, Yajur Fibres Limited)

• Average listing gain: ~7.27%

• 40% of SME IPOs listed with gains, and 40% listed with losses, and 20% showed flat listings

Issue Size & Capital Raised

Mainboard IPOs.

• Out of 3 IPOs, the largest issue was ₹1907 Crores (Shadowfax Technologies Limited)

• The smallest Mainboard issue size stood at ₹1071 Crores (Bharat Coking Coal Limited)

SME IPOs

• Out of 15 IPOs, the largest issue size was ₹120.41 Crores (Yajur Fibres Limited)

• The smallest SME issue size was ₹13.77 Crores (Defrail Technologies Limited)

Key takeaways

The largest Mainboard IPO (₹1,907 crore) was nearly 16× larger than the largest SME IPO (₹120.41 crore).

Even the smallest Mainboard issue (₹1,071 crore) was around 78× bigger than the smallest SME IPO (₹13.77 crore).

While SME IPOs dominated in the number of listings, Mainboard IPOs clearly led in capital intensity, underscoring the fundamental scale and fund-raising gap between the two segments.

Key Observations – January 2026 IPO Review

1. SME IPOs dominated the month by volume. Of the 18 IPOs listed in January 2026, 15 were SME IPOs and 3 were Mainboard IPOs, meaning SMEs accounted for over 83% of total listings.
2. Capital raised told a very different story. Despite fewer listings, Mainboard IPOs contributed about 86% of the total ₹5,535.22 crore raised, while SME IPOs accounted for just 14%, highlighting the clear capital dominance of the Mainboard segment.
3. Subscription enthusiasm was significantly higher for SME IPOs. SME IPOs averaged over 135× subscription, compared to 38.30× for Mainboard IPOs, resulting in around 3.55× higher average subscription for SMEs.
4. Higher subscription did not consistently translate into stronger listing performance. While SME IPOs saw intense demand, their average listing gain (~7.27%) lagged behind Mainboard IPOs, which delivered a much higher average listing gain (~24.85%), with overall listing outcomes remaining mixed.

Compared to the December 2025 IPO Review, IPO activity in January 2026 decreased. December month saw 51 listings while the January 2026 only 18 listing.

Related IPO Resources

• IPO Calendar – Upcoming, Live & Listed IPOs
• IPO GMP Hub – Grey Market Premium updates
• IPO Subscription Status – Category-wise subscription data
• IPO Allotment Status – Allotment checking guide
• IPO Infographics – Visual IPO insights

Conclusion

January 2026 IPO review highlighted a familiar pattern: SMEs drove volumes and subscription enthusiasm, but Mainboard IPOs continued to deliver deeper capital and stronger listing gains. The month reinforced that subscription multiples alone are not reliable indicators of post-listing performance.