IPO Market Activity Ahead of Union Budget 2026
As the Union Budget 2026 approaches, the primary market is experiencing a subdued phase with no mainboard initial public offerings (IPOs) scheduled for the upcoming week. However, the small and medium enterprise (SME) segment is set to witness significant activity, with five new IPOs opening for subscription. This shift highlights the dynamic nature of India's capital markets, where investor focus often turns to smaller, growth-oriented companies during quieter periods in the mainboard arena.
Shadowfax Technologies IPO Listing Details
In a notable development, Shadowfax Technologies IPO is slated for listing on the mainboard segment on January 28, 2026. The IPO garnered substantial interest, being subscribed 2.72 times on the final day of bidding. Qualified institutional buyers (QIBs) showed particularly strong demand, with their portion receiving 3.81 times subscription. This listing is expected to draw attention from market participants looking for opportunities in the logistics and technology sectors.
SME IPO Debuts and Subscription Openings
The SME segment will see two key debuts this week. Shayona Engineering IPO and Hannah Joseph Hospital IPO are scheduled to make their stock market debut on Friday, January 30. These listings add to the vibrancy of the SME market, offering investors exposure to diverse sectors such as engineering and healthcare.
Upcoming SME IPOs Opening for Subscription
Here is a detailed list of the five SME IPOs that will open for subscription in the coming week, providing investors with multiple options to consider.
Kasturi Metal Composite IPO
The Kasturi Metal Composite IPO will open for subscription on January 27, 2026, and close on January 29. This book-built issue is valued at ₹17.61 crore, consisting entirely of a fresh issue of 0.28 crore shares. The price band for this SME IPO is set between ₹61 and ₹64 per share. Hem Securities Ltd. serves as the book running lead manager, with Bigshare Services Pvt. Ltd. acting as the registrar for the issue.
Kanishk Aluminium India IPO
Kanishk Aluminium India IPO is set to open on January 28 and close on January 30. This fixed-price offering is worth ₹29.20 crore, comprising a complete fresh issue of 0.40 crore equity shares. The SME IPO price is fixed at ₹73 per share. Sun Capital Advisory Services Pvt. Ltd. is the book-running lead manager, while Kfin Technologies Ltd. has been appointed as the registrar.
Msafe Equipments IPO
The Msafe Equipments IPO will open for subscription on January 28, 2026, and close on January 30, 2026. This book-built issue is sized at ₹66.42 crore, featuring a fresh issue of 0.44 crore shares worth ₹54.12 crore and an offer for sale of 0.10 crore shares amounting to ₹12.30 crore. The price band ranges from ₹116 to ₹123 per share. Seren Capital Pvt. Ltd. is the book-running lead manager, and Maashitla Securities Pvt. Ltd. is the registrar.
Accretion Nutraveda IPO
Accretion Nutraveda IPO will open for subscription on January 28 and close on January 30. This SME IPO is a book build issue of ₹24.77 crore, entirely a fresh issue of 0.19 crore shares. The price band has been set from ₹122 to ₹129 per share. Sobhagya Capital Options Pvt. Ltd. is the book running lead manager, with Kfin Technologies Ltd. serving as the registrar.
CKK Retail Mart IPO
CKK Retail Mart IPO will open for subscription on January 30 and close on February 3. This SME IPO is a book build issue of ₹88.02 crore, combining a fresh issue of 0.44 crore shares aggregating to ₹71.85 crores and an offer for sale of 0.10 crore shares aggregating to ₹16.17 crores. The price band is set between ₹155 and ₹163 per share. Oneview Corporate Advisors Pvt. Ltd. is the book running lead manager, and Bigshare Services Pvt. Ltd. is the registrar.
New Listings in the IPO Market
In addition to the subscription openings, several IPOs are scheduled for listing this week, providing exit opportunities for early investors and new entry points for others.
- Shadowfax Technologies IPO: This mainboard IPO will list on BSE and NSE with a tentative listing date fixed as January 28.
- Digilogic Systems IPO: The SME IPO will list on BSE SME with a tentative listing date fixed as January 28.
- KRM Ayurveda IPO: This SME IPO will list on NSE SME with a tentative listing date fixed as January 29.
- Hannah Joseph Hospital IPO: The SME IPO will list on BSE SME with a tentative listing date fixed as January 30.
- Shayona Engineering IPO: This SME IPO will list on BSE SME with a tentative listing date fixed as January 30.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
