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.

McNally Bharat Engineering Company Limited has disclosed receiving a significant order from the Employees Provident Fund (EPF) Authority regarding recovery of dues amounting to ₹3.96 crores. The company informed stock exchanges on January 21, 2026, about this regulatory development affecting its Kumardhubi establishment.

EPF Authority Order Details

The Regional Provident Fund Commissioner-I, Regional Office, Ranchi issued the order on January 14, 2026, which was received by the company on January 20, 2026. The order pertains to the company's establishment situated at Kumardhubi, Dhanbad, Ranchi.

Nature of Recovery Action

The EPF Authority has passed the order under section 8F of the Employees Provident Fund and Miscellaneous Provisions Act, 1952, for recovery of provident fund dues and damages under section 7Q of the Act. The recovery action specifically targets dues from February 17, 2024, onwards for the Kumardhubi establishment.

Company's Legal Response

McNally Bharat has taken proactive legal measures to contest the EPF demand. The company had previously challenged the demand notice from the EPF Authority before the Central Government Industrial Tribunal (CGIT), Dhanbad. The case has been registered as EPFA 20/2025, and subsequently, a writ petition has been filed at the appropriate forum.

Financial Impact Assessment

Regarding the financial implications, McNally Bharat has stated that there will be no material financial impact on the company except to the extent of the amount mentioned in the EPF order. The company quantified the potential impact at ₹3.96 crores, representing the total recovery amount specified by the EPF Authority.

Regulatory Compliance

The disclosure was made under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, demonstrating the company's commitment to transparency with stakeholders. This communication serves as a continuation of the company's earlier letter dated December 12, 2025, regarding the same matter.

The company's proactive legal challenge through the tribunal system indicates its intention to contest the EPF Authority's demand while maintaining full regulatory compliance through timely disclosures to stock exchanges.