Mumbai, Jan 9, 2026, 22:12 (IST)
- Gabion Technologies IPO allotment is due on Jan 9; listing is slated for next week on the BSE SME platform
- The offer drew 768.13 times subscription, with non-institutional and retail buckets leading demand
- Grey market quotes pointed to an implied price near 113 rupees, but that market is unofficial and unregulated
Gabion Technologies India’s initial public offering is expected to finalise share allotment on Friday, after investors subscribed the small issue more than 768 times, according to exchange data.
The allotment sets up a closely watched debut on BSE’s small-and-medium enterprises platform next week, where tight supply and thin trading can exaggerate early moves. With the offer size only 291.6 million rupees, even a modest flow of bids can push subscription numbers into the stratosphere.
Traders have also been watching the grey market premium (GMP) — the unofficial markup at which some investors deal in shares before listing. Unlisted shares were quoted around 113 rupees on Friday, implying a premium of about 32 rupees, or nearly 40%, over the top issue price of 81 rupees, media reports showed. GMP is not regulated and can flip quickly.
BSE data showed the IPO drew bids for roughly 198 crore shares (about 2.0 billion) against 25.77 lakh shares (about 2.58 million) available for subscription. Non-institutional investors (NII) — a category that includes wealthy individuals and other non-institutional bidders — subscribed their portion 1,085.88 times, while retail investors applied for 867.23 times; qualified institutional buyers (QIBs), or large institutions, subscribed 271.13 times.
The IPO was entirely a fresh issue of 3.6 million shares, with no offer-for-sale (OFS) component, meaning existing shareholders were not selling stock in the transaction. The price band was set at 76 to 81 rupees per share, with a lot size of 1,600 shares.
The company said it would use proceeds mainly for working capital and for buying plant and machinery, with the balance for general corporate purposes. Moneycontrol reported GYR Capital Advisors was the book-running lead manager for the issue.
Gabion Technologies India designs and supplies rockfall protection nettings, gabions and geosynthetic materials used in civil engineering and infrastructure work. Moneycontrol said the New Delhi-based firm has a manufacturing unit at Paonta Sahib in Himachal Pradesh and an order book of 172.47 crore rupees.
Investors who applied can check the allotment status on the BSE website and on KFin Technologies, the registrar, once the basis of allotment is finalised, Upstox reported. The shares are scheduled to list on the BSE SME platform on Jan. 13, with trading set to begin at 10 a.m., it said.
But heavy subscription and a strong GMP do not lock in listing gains. SME stocks can be illiquid, and grey market prices are not binding; a shift in broader risk appetite, or simple profit-taking on debut, can cut the first-day pop that many applicants are betting on.
