The primary market in India is set for a subdued week, but investor attention will centre on three small and medium enterprise (SME) public offers and a scheduled listing on the BSE SME platform. While no new mainboard issues are planned, these developments underline continued appetite for niche listings on the smaller board.
Indian SME IPOs next week
Three SME issues will open for subscription early in the week. Gabion Technologies will kick off its offer on Tuesday 6 January 2026, followed by Victory Electric Vehicles International and Yajur Fibres on Wednesday 7 January 2026. Separately, Modern Diagnostic & Research Centre is slated to make its BSE SME debut on 7 January, keeping market participants focused on the SME segment.
Gabion Technologies, a manufacturer of steel gabions used in engineering and erosion control, aims to raise approximately ₹29.16 crore through a fresh issue of 3.6 million equity shares. The company has set a price band of ₹76 to ₹81 per share with a lot size of 1,600 shares, which implies a minimum investment of ₹259,200. The offer opens on 6 January and closes on 8 January. The basis of allotment is expected on 9 January, with shares likely to be credited to demat accounts by 12 January and the stock scheduled to list on the BSE SME platform on 13 January.
Yajur Fibres, which manufactures bast fibres, will open its public offer on 7 January and close on 9 January. The company seeks to raise about ₹120.41 crore through a fresh issue of 6.9 million equity shares. Its price band is set at ₹168 to ₹174 per share and the lot size is 800 shares, requiring a minimum investment of ₹278,400. The basis of allotment is expected to be finalised on 12 January and the shares are projected to list on the BSE SME platform on 14 January.
Victory Electric Vehicles, an electric vehicle manufacturer, will also open its issue on 7 January and close on 9 January. The company is targeting ₹34.56 crore by issuing 8.4 million equity shares, with a fixed price of ₹41 per share and a lot size of 3,000 shares. The minimum outlay for investors is ₹246,000. The allotment is expected on 12 January, with demat credit by 13 January and a planned BSE SME listing on 14 January.
Modern Diagnostic & Research Centre’s listing on the BSE SME platform on 7 January will add liquidity and attention to the smaller board. Listings of diagnostic and healthcare-focused businesses have attracted interest as investors seek exposure to sector-specific growth stories within the SME universe.
For investors, the week presents opportunities and considerations. The relatively high lot sizes and minimum investment thresholds for these SME offerings may restrict participation by smaller retail investors, while institutional and HNI participation could shape subscription trends. Prospective bidders should weigh valuation, business fundamentals and allocation timelines—basis of allotment dates fall within the second week of January for all three offers.
Overall, the upcoming slate of Indian SME IPOs illustrates steady activity in the smaller-cap segment of the market. Though the mainboard is quiet, these scheduled offers and the Modern Diagnostic listing keep the primary market active and provide targeted opportunities for investors seeking exposure to specialised manufacturers and an electric vehicle maker in the SME space.
Key Takeaways:
- Indian SME IPOs will see three new offers next week—Gabion Technologies, Victory Electric Vehicles and Yajur Fibres—drawing investor interest.
- Modern Diagnostic & Research Centre is set to list on the BSE SME platform, maintaining focus on the smaller board.
- IPO details include price bands, lot sizes and minimum investment requirements that may influence retail participation.
