Narmadesh Brass Industries' initial public offering has recorded a total subscription of 1.07 times, reflecting moderate investor participation across various categories. The subscription data reveals a mixed response from different investor segments, with notable variations in participation levels.

Subscription Performance by Category

The IPO subscription details show distinct patterns across investor categories:

Category-wise Analysis

The non-institutional buyers in the bHNI category demonstrated the strongest interest, achieving 1.5 times oversubscription. This segment's performance contributed significantly to the overall subscription numbers. In contrast, retail investors showed limited participation with only 0.07 times subscription, indicating subdued interest from individual investors.

Institutional and Employee Response

Notably, qualified institutional buyers, employees, and non-institutional buyers in the sHNI segment recorded zero subscription during the reported period. The absence of institutional investor participation and employee subscription suggests varying levels of confidence across different investor categories.

The overall subscription of 1.07 times indicates that the IPO has crossed the minimum threshold for subscription, though the response remains modest compared to heavily oversubscribed offerings in the current market environment.

Narmadesh Brass Industries launched its initial public offering on January 12, achieving a subscription rate of 49% by 3:10 pm on the opening day. The SME IPO will continue accepting bids through January 15, targeting investors interested in the brass manufacturing sector.

Subscription Performance

The IPO demonstrated mixed investor response across different categories on its first day. The subscription data reveals varying levels of interest among different investor segments.

Grey Market Premium and Listing Expectations

Narmadesh Brass shares are currently trading with zero premium in the grey market, indicating a Grey Market Premium (GMP) of +0. This suggests that the shares may list at par with the issue price of ₹515 per share when they debut on the BSE SME platform on January 20, 2026.

Issue Structure and Investment Details

The IPO comprises a total offering worth ₹44.87 crore, structured as a combination of fresh equity and promoter stake sale. The issue is priced at a fixed rate across all investor categories.

Company Operations and Fund Utilisation

Narmadesh Brass Industries operates from a 6,300 square metre manufacturing facility located at Shree Ganesh Industrial Hub in Jamnagar, known as India's "Brass City." The company produces diverse brass products including billets, rods, valves, plumbing fittings, sanitary fittings, agricultural sprayer components, and customised machined parts for both domestic and international markets.

The company plans to utilise the fresh funds raised through the IPO for multiple strategic purposes:

• Repayment or pre-payment of outstanding borrowings
• Purchase of machinery and equipment
• Funding working capital requirements
• General corporate purposes

Timeline and Intermediaries

The allotment process is scheduled for finalisation on January 16, 2026, with trading expected to commence on January 20, 2026, on the BSE SME platform. Aryaman Financial Services Ltd. serves as the book-running lead manager, while Kfin Technologies Ltd. acts as the registrar. JSK Securities & Services Pvt. Ltd. has been appointed as the designated market maker for the issue.