January 9, 2026
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Chanakya Subscription Barometer
Chanakya Subscription Barometer is your daily, data-driven pulse check on how India’s IPO market is truly behaving beneath the surface. We do not just report subscription numbers — we decode investor psychology, QIB timing behaviour, HNI leverage patterns, retail momentum, and emerging grey-market signals. Each analysis blends hard data with Chanakya’s three-decade expertise to reveal whether an IPO is institutionally backed, operator-supported, or retail-driven hype.
This proprietary Barometer helps serious investors understand real demand, real sentiment, and real listing expectations — beyond the headline numbers.
Daily IPO Demand & Sentiment Tracker
Updated at 6.00 PM 9 January 2026
(Objective: Identify whether the IPO momentum is RII-led, NII-led, QIB-led, or optics-driven | Stage clearly mentioned)
Subscription Barometer Snapshot
| IPO | Stage | Issue Size | Dominant Support | Evidence from Data | Chanakya Reading |
|---|---|---|---|---|---|
| BCCL IPO | D-1 | Rs. 1,071.11 Cr | NII-Led (HNI Heavy) | HNI 16.45x vs RII 9.45x; QIB only 0.30x | Strong leverage-driven HNI momentum; institutional confirmation still pending |
| Defrail Technology IPO | D-1 | Rs. 13.77 Cr | RII-Supported | RII 1.22x > NII 0.88x; QIB 0.00x | Grassroots retail interest; last-day QIB is key |
| Victory Vehicles IPO | Closed | Rs. 32.83 Cr | Weak / Mixed | RII ~1x; NII <1x; low app counts; GMP 0 | No clear sponsor; tepid appetite |
| Yajur Fibres IPO | Closed | Rs. 114.38 Cr | RII-Dominant | RII 1.51x with 4,309 apps; QIB just 1 app (1.03x) | Retail conviction-led, cautious institutions |
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