Shayona Engineering's initial public offering has concluded its subscription period with an overall subscription rate of 1.41 times, reflecting moderate investor interest across different categories. The public issue witnessed varied participation levels from different investor segments, with institutional buyers leading the demand.

Subscription Performance by Category

The subscription data reveals distinct patterns across investor categories:

Institutional Interest Drives Demand

The Qualified Institutional Buyers category emerged as the strongest performer with a subscription rate of 3.33 times, indicating significant confidence from institutional investors including mutual funds, insurance companies, and foreign institutional investors. This robust institutional participation often signals positive market sentiment toward the company's business prospects.

The Non-Institutional Buyers category showed mixed results, with the bHNI segment achieving 2.88 times subscription while the sHNI category managed only 0.30 times subscription. This disparity suggests varying appetite among different segments of non-institutional investors.

Retail and Employee Participation

Retail investors demonstrated moderate interest with 1.18 times subscription, slightly above the full subscription mark. This level of retail participation indicates reasonable acceptance among individual investors.

Notably, the employee quota remained completely unsubscribed at 0 times, suggesting that company employees did not participate in the public offering. Employee participation is often viewed as an indicator of internal confidence in the company's future prospects.

Market Response

The overall subscription rate of 1.41 times reflects a measured market response to Shayona Engineering's public issue. While the offering achieved oversubscription, the level indicates moderate rather than overwhelming investor enthusiasm. The strong institutional backing, however, provides a solid foundation for the company's market debut.

H.G. Infra Engineering shares experienced a sharp decline of 7% on January 23, 2026, following corruption-related raids conducted by the Central Bureau of Investigation (CBI) and Anti-Corruption Bureau (ACB Patna). The stock touched a day low of ₹616.30, down from the previous day's closing price of ₹663.20. With a market capitalisation of ₹4,029 crores, the infrastructure company has delivered robust returns of 188% over the past five years, significantly outperforming the NIFTY 50's return of 76%.

Investigation Details

H.G. Infra Engineering informed the exchanges that CBI and ACB (Patna) officials conducted searches on January 21, 2026, under case RC 0232026A0005 related to the Prevention of Corruption Act. The comprehensive search operation covered multiple locations and extended through the night.

The company stated it has been fully cooperative with the investigation, though specific details about the allegations or potential financial impact have not been disclosed. Management emphasized that daily operations remain unaffected despite the ongoing investigation.

Financial Performance Analysis

The company's Q2 FY26 financial results present a mixed picture, with revenue showing marginal growth year-over-year but significant quarterly decline. The consolidated revenue from operations demonstrates the challenges faced during the quarter.

The company maintains a robust order book valued at ₹13,933 crores, approximately three times its FY25 revenue, providing substantial revenue visibility for future periods.

Order Book Distribution

The geographical distribution of H.G. Infra Engineering's order book reflects its pan-India presence across different regions, with significant concentration in western markets.

Business Operations

H.G. Infra Engineering operates as a comprehensive infrastructure company specializing in engineering, procurement, and construction (EPC) services across India. The company's diverse portfolio includes:

• Road and highway construction projects
• Bridge and flyover development
• Railway infrastructure
• Metro rail projects
• Solar power plant construction
• Water sector infrastructure

The company executes projects under both turnkey basis and hybrid annuity model arrangements, providing flexibility in project delivery and revenue recognition.

Market Impact

The stock's decline reflects typical market reaction to regulatory investigations, where investors often respond cautiously to legal uncertainties and potential reputational risks. Such investigations can create short-term volatility even when business operations continue normally, as market participants assess potential penalties, compliance costs, and long-term reputational impact on the company's ability to secure future contracts.