Defrail Technologies IPO Surges 98x; Strong Listing Anticipated

Subscription Frenzy

Defrail Technologies' Initial Public Offering (IPO) has closed with an overwhelming subscription of 98.19 times, signalling robust investor appetite. The ₹13.77 crore public offering, which accepted bids until Tuesday, January 13, 2026, saw immense demand across all investor categories.

Non-institutional investors (NIIs) led the charge, oversubscribing their portion by a remarkable 119.38 times. Retail investors followed closely, exhibiting strong interest with a subscription rate of 101.28 times. Qualified institutional buyers (QIBs), while subscribing the least among the groups, still managed an oversubscription of 71.09 times, according to data released by the Bombay Stock Exchange (BSE).

The IPO offered shares in a price band of ₹70–74, with a lot size of 1,600 shares. The substantial oversubscription suggests investors are confident in the company's growth prospects and its positioning on the BSE SME platform.

Grey Market Signals Robust Debut

Adding to the positive sentiment, Defrail Technologies' shares continue to command a significant premium in the grey market. Unofficial market trackers reported the company's shares trading around ₹82 on Friday, January 10, 2026. This represents a grey market premium (GMP) of ₹8 per share, translating to a 10.81 per cent premium over the upper end of the IPO price band.

Key Dates

The basis of allotment for the IPO shares is expected to be finalised today, Wednesday, January 14, 2026. Investors can check their allotment status on the official websites of BSE and Maashitla Securities, the appointed registrar for the issue. Shares of Defrail Technologies are scheduled to list on the BSE SME platform on Friday, January 16, 2026. Current grey market trends suggest a potentially strong listing, with estimates indicating returns of over 10 per cent on the debut.