January 2026 witnessed 21 IPOs opened and closed for subscription, dominated by SME issues. Below is a consolidated view of final IPO subscription data, followed by key investor takeaways.
The review consists of all the IPOs which were opened and closed in January 2026.
| SL No | IPO Name | Segment | Issue Size in Cr | Final Subscription | Category Wise |
| 1 | Msafe Equipments Limited | BSE SME | 66.42 | 153.98x | QIB-117.97|NIIs-222.82|RII-133.16 |
| 2 | Kanishk Aluminium India Limited | BSE SME | 29.2 | 1.04 | QIB-0|NIIs-0.23|RII-1.86 |
| 3 | Kasturi Metal Composite Limited | BSE SME | 17.61 | 16.57x | QIB-4.00|NIIs-29.06|RII-16.49 |
| 4 | Accretion Nutraveda Limited | BSE SME | 24.77 | 1.77x | QIB-1.01|NIIs-1.80|RII-2.19 |
| 5 | Hannah Joseph Hospital Limited (HJHL) | BSE SME | 42 | 1.51x | QIB-1.08|NIIs-1.73|RII-1.62 |
| 6 | Shayona Engineering Limited (SEL) | BSE SME | 14.86 | 5.21x | QIB-3.33|NIIs-8.08|RII-3.73 |
| 7 | Digilogic Systems Limited | BSE SME | 81.01 | 1.09x | QIB-1.60|NIIs-0.56|RII-1.08 |
| 8 | Shadowfax Technologies Limited | Mainboard | 1,907.00 | 1.76x | QIB-2.96|NIIs-0.18|RII-0.55 |
| 9 | KRM Ayurveda Limited | NSE SME | 77.49 | 64.25x | QIB-63.3|NIIs-135|RII-50 |
| 10 | Aritas Vinyl Limited | BSE SME | 37.52 | 2.15x | QIB-1|NIIs-1.21|RII-2.88 |
| 11 | Armour Security (India) Limited | NSE SME | 26.51 | 1.78x | QIB-1|NIIs-1.07|RII-2.56 |
| 12 | Amagi Media Labs | Mainboard | 1,789.00 | 14.40x | QIB-11.41|NIIs-25.40|RII-6.50 |
| 13 | GRE Renew Enertech | BSE SME | 39.56 | 15.43x | QIB-14.69|NIIs-18.46|RII-14.10 |
| 14 | Indo SMC Limited | BSE SME | 91.95 | 102.83x | QIB-94.94|NIIs-122.14|RII-96.13 |
| 15 | Avana Electrosystems | NSE SME | 35.22 | 122.65x | QIB-54.97|NIIs-219|RII-131 |
| 16 | Narmadesh Brass Industries | BSE SME | 44.87 | 1.25x | QIB-0|NIIs-1.83|RII-0.44 |
| 17 | Defrail Technologies Limited (DTL) | BSE SME | 13.77 | 98.19x | QIB-71.09|NIIs-119.38|RII-101.28 |
| 18 | Bharat Coking Coal Limited (BCCL) | Mainboard | 1,071.11 | 98.76x | QIB-170.48|NIIs-203.99|RII-38.31 |
| 19 | Victory Electric Vehicles | NSE SME | 34.56 | 0.95x | QIB-0|NIIs-0.91|RII-0.99 |
| 20 | Yajur Fibres Limited | BSE SME | 120.41 | 1.31x | QIB-1.03|NIIs-0.93|RII-1.51 |
| 21 | Gabion Technologies India Limited | BSE SME | 29.16 | 768.12x | QIB-271.13|NIIs-1,085.88|RII-867.21 |
Segment-wise IPO Subscription Snapshot
SME IPOs
Total SME IPOs: 18
Avg subscription: 75.56x
Strongest demand from: NIIs / RIIs
SME IPO subscriptions during the month were largely driven by NIIs, who led demand in 11 out of 18 issues, followed by RIIs in 6 IPOs. QIB participation remained limited, leading only one SME IPO, indicating that high oversubscription in the SME segment was predominantly retail- and NII-driven.
Mainboard IPOs
Total Mainboard IPOs: 3
Avg subscription: 38.30
Conclusion
For investors tracking demand trends, final IPO subscription numbers offer a clearer picture than GMP alone. You can explore daily updated IPO subscription data across all active IPOs on our IPO subscription status hub page. For tracking how the January 2026 months' IPOs' had performed, you can check our January 2026 IPO Review which has all the key details in relation to subscription as well GMP.
Day Wise IPO Subscription Details January 2026
1. Gabion Technologies India Limited Subscription Status
It got 768.12x subscription, which shows strong demand among investors. The subscription was led by NIIs with 1,085.88x subscription, followed by RIIs who subscribed 867.21x, and then QIBs with 271.13x subscription.
Overall, for a ₹29.16 crore issue, it received bids worth around ₹22,398 crore, reflecting strong participation across all investor categories.
2. Yajur Fibres Limited Subscription Status
It got a total subscription of 1.31x. RIIs led the subscription with 1.51x, followed by QIBs at 1.03x, while NIIs subscribed 0.93x. Reflect positive response from the investors.
3. Victory Electric Vehicles Subscription Status
It closed on 9th January 2026 with a cumulative subscription of 0.95x, after receiving 0.26x on Day 1, 0.40x on Day 2, and finally 0.95x on Day 3.
4. Bharat Coking Coal Limited IPO Subscription Status
It was subscribed 26.56× on Day 2, driven mainly by strong NII demand at 77.04× and healthy retail participation at 20.97×. QIB subscription remained subdued at 0.64×, with institutional interest expected to build closer to the closing day.
Day 3- BCCL Bharat Coking Coal Limited received an overall subscription of 98.76x, led by strong demand from NIIs at 203.85x, followed by QIBs at 170.48x and RIIs at 38.23x. Let us see how these numbers unfold on listing day.
5. Defrail Technologies Limited (DTL) IPO Subscription Status
Day 3 – Defrail Technologies Limited (DTL) got subscribed by 98.19x. With strong demand from RIIs at 101.28x subscription, followed by NIIs at 119.38x and QIBs at 71.09x subscription. Let us see how these numbers impact the listing.
6. Narmadesh Brass Industries Limited IPO Subscription Status
It saw 392 applications for 931200 shares on Day 2, indicating muted initial response. Subscription levels remain low, with investor participation expected to improve in the coming days.
On Day 3, the issue received 653 applications against 10,78,080 shares.
7. Avana Electrosystems Limited IPO Subscription Status
Avana Electrosystems got a 19.99x subscription on Day 2, which shows good demand among investors.
Day 3 - Avana Electrosystems Limited received a strong 122.65× subscription, driven mainly by robust NII demand, followed by RIIs and QIBs.
8. Indo SMC Limited IPO Subscription Status
Day 1: Indo SMC Limited got subscribed by 0.94x.
Day 2: Indo SMC Limited subscribed 1.98×.
Day 3: Indo SMC Limited was subscribed 102.83×, driven by strong demand from NIIs at 122.14×, followed by QIBs at 94.94× and RIIs at 96.13×. Let us see how these numbers reflect on the listing day.
9. GRE Renew Enertech IPO Subscription Status
Day 1: GRE Renew Enertech got subscribed by 2.10x.
Day 2: GRE Renew Enertech subscribed 2.55×
Day 3: GRE Renew Enertech Limited was subscribed 15.43×, led by NIIs at 18.46×, followed by QIBs at 14.69× and RIIs at 14.10×. Let us see how this demand reflects on the listing day.
10. Amagi Media Labs IPO Subscription Status
Day 1: Amagi Media Labs got subscribed by 0.04x.
Day 2: Amagi Media Labs Limited was subscribed 0.09×.
Day 3: Amagi Media Labs Limited was subscribed 14.40×, led by strong participation from NIIs (25.40×), followed by QIBs (11.41×) and RIIs (6.50×). Let us see how these numbers reflect on the listing day.
11. Armour Security (India) Limited IPO Subscription Status
The issue got subscribed by 0.05× on Day 1, 0.52x on Day 2 and 1.78x on Day 3.
12. Aritas Vinyl Limited IPO Subscription Status
Aritas Vinyl got subscribed by 0.44x on Day 1, 1.44x on Day 2
Day 3: Aritas Vinyl Limited IPO witnessed an overall subscription of 2.15×, led by RIIs (2.88×), followed by NIIs (1.21×), while QIBs were subscribed 1.00×.
13. KRM Ayurveda Limited IPO Subscription Status
The issue is subscribed by 1.02x on Day 1 and 3.22x on Day 2.
Day 3: KRM Ayurveda Limited IPO was subscribed by 64.25x on Day 3, indicating strong investor demand across categories by the close of the issue.
14. Shadowfax Technologies Limited IPO Subscription Status
The issue got subscribed by 0.25x on Day 1, 0.35x on Day 2.
Day 3: Shadowfax Technologies Limited was subscribed 1.76x, driven primarily by QIB participation at 2.96x. Retail Investors (RIIs) subscribed 0.55x, while Non-Institutional Investors (NIIs) recorded a subscription of 0.18x.
15. Digilogic Systems Limited IPO Subscription Status
The issue got subscribed by 0.31x on Day 1, 0.42x on Day 2.
Day 3: Digilogic Systems Limited was subscribed 1.09x. Demand was led by QIBs at 1.60x, followed by Retail Investors (RIIs) at 1.08x, while Non-Institutional Investors (NIIs) subscribed 0.56x.
16. Shayona Engineering Limited (SEL) IPO Subscription Status
The issue got subscribed by 0.98x on Day 1, 1.34x on Day 2.
Day 3: Shayona Engineering Limited (SEL) was subscribed 5.21x overall. Demand was led by NIIs at 8.08x, followed by RIIs at 3.73x and QIBs at 3.33x.
17. Hannah Joseph Hospital Limited (HJHL) IPO Subscription Status
The issue got subscribed by 0.16x on Day 1, 0.55x on Day 2.
Day 3: The issue got subscribed by 1.27x.The date is extended one more day to 28.01.2026.
Hannah Joseph Hospital Limited (HJHL) IPO ended with an overall subscription of 1.51x, led by NIIs at 1.73x, followed by RIIs at 1.62x and QIBs at 1.08x.
18. Kasturi Metal Composite Limited IPO Susbscription Status
The issue got subscribed by 0.98x on Day 1, 1.74x on Day 2.
Day 3: Kasturi Metal Composite Limited was subscribed 16.57x, led by NIIs at 29.06x, followed by RIIs at 16.49x, while QIBs subscribed 4x.
19. Accretion Nutraveda Limited IPO Susbscription Status
Accretion Nutraveda got subscribed by 0.19x on Day 1, 0.66x on Day 2.
Day 3: Accretion Nutraveda Limited IPO finally subscribed by 1.77x on Day 3, led by RIIs (2.19x), followed by NIIs (1.80x) and QIBs (1.01x).
20. Kanishk Aluminium India Limited IPO Susbscription Status
Kanishk Aluminum got subscribed by 1.04x.
21. Msafe Equipments Limited IPO Susbscription Status
Msafe Equipments got subscribed by 2.18x on Day 1, 12.60x on Day 2. Day 3: Msafe Equipments Limited IPO finally subscribed by 153.98x, led by NIIs (222.82x), followed by RIIs (133.16x) and QIBs (117.97x).
FAQ on January 2026 IPO Subscription Review
1. How many IPOs were subscribed in January 2026?
A total of 21 IPOs were open and closed for subscription in January 2026. Out of these 21 IPOs, 3 were mainboard IPOs and 18 were SME IPOs. So, the month was dominated by SME IPOs.
2. Which segment saw higher IPO subscription in January 2026 – SME or Mainboard?
In January 2026, SME IPOs got 75.56x average subscription, while Mainboard IPOs got only 38.30x average subscription. So, SMEs have led the subscription in January 2026.
3. Which investor category dominated SME IPO subscriptions in January 2026?
In January 2026, NIIs or Non-Institutional Investors dominated SME IPO subscriptions in 11 IPOs out of 18 SME IPOs, or 61.11% of total SME IPOs.
4. Who drove subscription demand in mainboard IPOs during January 2026?
In 2 out of 3 IPOs, NIIs led subscription in mainboard IPOs in January 2026.
5. Did the IPO which got the highest subscription rate in January 2026 get a higher listing?
No, this is not the case. For example, Amagi Media Labs got subscribed 14.4x, but it was listed at an 11.91% discount to the issue price. Similarly, Shadowfax got subscribed 1.76x and it was also listed at a 9.2% discount to the issue price. This trend was observed in mainboard IPOs.
For SME IPOs, Indo SMC Limited received a subscription of 102.83x, but it was listed at no premium, that is, at the issue price.
Important Resources:
IPO Calendar- Upcoming, Live and Listed IPOs.
January 2026 IPO GMP Review- How the listing performed with respect to GMP.
Mutual Fund Learning hub- A simple platform to learn about mutual funds.
