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.

Narmadesh Brass Industries has opened its ₹45 crore SME IPO for public subscription today, with shares priced at ₹515 each. The Jamnagar-based brass products manufacturer will list on the BSE SME platform, with the subscription window remaining open until Thursday and listing scheduled for January 20.

IPO Structure and Pricing Details

The public offering comprises both fresh equity and secondary sale components:

Retail investors must apply for a minimum of two lots, requiring an investment of ₹2,47,200 for 480 shares. The issue allocation reserves 47.40% each for retail and non-institutional investors, while 5.20% has been designated for market maker JSK Securities & Services.

Company Operations and Manufacturing

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

The firm employs an integrated manufacturing model with in-house casting, forging, and machining processes, enabling quality control and timeline management across production stages.

Financial Performance

The company's recent financial results demonstrate steady operational performance:

Use of Proceeds and Market Outlook

The company plans to utilize net proceeds for multiple strategic purposes:

• Repayment or prepayment of borrowings worth approximately ₹14.50 crore
• Working capital requirements funding
• Machinery purchases
• General corporate expenses

The IPO carries a zero grey market premium, indicating muted investor expectations for immediate listing gains. This contrasts with some recent SME offerings that commanded double-digit premiums ahead of debut. Aryaman Financial Services serves as the book-running lead manager, while KFin Technologies acts as the registrar for the issue.