Real time demand for an IPO | Retail, HNI & QIB Subscription Dashboard
Published: 19 June 2026 | 5.59 AM
Last Updated: 21 June 2026 | 6.00 AM
Today’s IPO Subscription Pulse till 7.00 AM
Turtel Fintech IPO (Day 1)
The IPO has witnessed a normal start with overall subscription at 0.46x on Day 1. Retail participation remains moderate while institutional interest is expected to build closer to the closing days.
Anubhav Plast SME IPO (Day 1)
The issue has received a decent response on the opening day with QIB and NII portions fully subscribed. Subscription momentum suggests healthy investor interest in this SME offering.
Avience Biomedical SME IPO (Day 2)
The IPO continues to attract exceptional demand with strong participation from both HNI and retail investors. The robust subscription figures indicate a very strong possibility of full subscription by a wide margin.
Riyaasat LifeStyle SME IPO (Day 2)
The issue continues to witness weak investor response with negligible participation across categories. Subscription momentum remains subdued and needs significant improvement in the remaining days.
Leapfrog SME IPO (Day 3)
Despite strong QIB participation, retail and HNI response has remained relatively muted. Subscription numbers are lower than expected considering the company’s strong business fundamentals.
Liotech Industries SME IPO (Day 3)
Retail investors have shown encouraging interest, helping the issue cross full subscription. However, the absence of QIB participation keeps overall demand in the moderate category.
Diksha Polymers SME IPO (Day 3)
The IPO has achieved healthy subscription led by retail and NII investors. The issue has managed a respectable closing trend despite limited institutional participation.
Claycraft SME IPO (Day 3)
The IPO has emerged as one of the strongest SME offerings of the season with massive demand across all investor categories. Exceptional subscription levels indicate very strong listing interest and investor confidence.
| Turtel Fintech IPO | D – 1 | | |||||
| Size Rs 882.67 Cr. | | |||||
| Open 19/06 Close 23/06 | |||||
| QIB | S- HNI | B HNI | HNI | RII | Total |
| 0.75 | 0.03 | 0.00 | 0.01 | 0.30 | 0.46 |
| Applications received- 14,605 Normal trend seen on Day 1 |
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| Anubhav Plast SME IPO | D – 1 | Size Rs. 24.00 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 1.01 | 1.53 | 1.20 | 1.21 | 421 |
| Avience Biomedical SME IPO | D- 2 | Size Rs. 30.24 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 0.03 | 66.36 | 58.97 | 43.79 | 27,544 |
| Outlook- | ||||
| Riyaasat LifeStyle SME IPO | D- 2 | Size Rs. 30.77 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 1.01 | 0.00 | 0.04 | 0.08 | 34 |
| Outlook- Very weak trend on the second day also. | ||||
| Leapfrog SME IPO | D- 3 | CT Size Rs. 88.51 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 20.32 | 5.10 | 0.84 | 2.70 | 4586 |
| Outlook- Not so impressive subscription trend as compared to strong business fundamentals | ||||
| Liotech Industries SME IPO | D- 3 | CT Size Rs. 36.02 Cr | |
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| QIB x | NII x | RII x | Total x | Applications |
| 0 | 0.85 | 2.97 | 1.91 | 2,248 |
| Outlook- | ||||
| Diksha Polymers SME IPO | D-3 | CT Size Rs. 17.90 Cr | |
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| QIB x | NII x | RII x | Total x | Applications |
| 0.00 | 2.63 | 3.14 | 2.88 | 1,519 |
| Outlook- | ||||
| Claycraft SME IPO | D-3 | CT Size Rs. 110.11 Cr | |
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| QIB x | NII x | RII x | Total x | Applications |
| 119.19 | 153.95 | 71.76 | 103.06 | 137,459 |
| Outlook | ||||
| Horizon Reclaim SME IPO | Closed | Size Rs. 70.38 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 186.72 | 450.74 | 308.30 | 304.11 | 2,70,209 |
| Outlook- The trend on the last day has been impressive | ||||
| Susan Electricals SME IPO | Closed | Size Rs. 70.38 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 142.65 | 336.00 | 207.56 | 216.63 | 228,249 |
| Outlook- The trend on the last day has been impressive | ||||
| Utkal Speciality SME IPO | Closed | Size Rs. 34.54 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 1.12 | 0.89 | 2.10 | 1.60 | 1,676 |
| Outlook- The trend on the start of the second has has marginally improved | ||||
| Genxai SME IPO | Closed | Size Rs. 54.84 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 17.58 | 30.91 | 12.59 | 16.99 | 10,779 |
| Hexagon IPO | D-Closed | | |||||
| Size Rs 138.87 Cr. | | |||||
| Open 5/05 Close 9/05 | |||||
| QIB | S- HNI | B HNI | HNI | RII | Total |
| 19.77 | 118.15 | 183.16 | 161.49 | 26.85 | 53.68 |
| Applications received- 7,71,172 Normal trend seen on Day 3 |
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| Vahh Chemicals SME IPO | Closed | Size Rs. 13.45 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| – | 74.08 | 100.18 | 87.17 | 36,344 |
UHM Vacation SME IPO | Closed | Size Rs. 36.02 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 1.00 | 0.86 | 3.86 | 2.36 | 2,636 |
| CMR Green IPO | Closed | | |||||
| Size Rs 630.88 Cr. | | |||||
| Open 3/05 Close 5/05 | |||||
| QIB | S- HNI | B HNI | HNI | RII | Total |
| 270.46 | 142.61 | 187.21 | 172.35 | 27.08 | 127.07 |
| Applications received- 33,77,379 Strong trend continued even on Day 3 |
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| Merritronics SME IPO | Closed | Size Rs. 70.03 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 224.91 | 476.59 | 297.67 | 315.36 | 2,88,831 |
SMR Jewels SME IPO | Closed | Size Rs. 67.23 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 5.41 | 1.00 | 0.30 | 1.09 | 410 |
| Aureate Tradde SME IPO | D – 2 | Size Rs. 27.29 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| – | 0.16 | 1.35 | 0.75 | 693 |
| SMR Jewels SME IPO | D-4 | Size Rs. 67.23 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 2.35 | 0.05 | 0.15 | 0.33 | 207 |
| Rajnandini Fashion SME IPO | Closed | Size Rs. 18.21 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 122.54 | 393.63 | 168.63 | 203.74 | 53,518 |
| Harikanta Overseas SME IPO | Closed | Size Rs. 24.30 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 21.33 | 0.70 | 0.66 | 1.12 | 394 |
| Yaashvi Jewellers SME IPO | D – 3 | CT Size Rs. 43.88 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| – | 3.40 | 1.76 | 5.64 | 1979 |
| M.R.Maniveni SME IPO | D – 3 | Closed Size Rs. 27.04 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 1.00 | 1.88 | 2.09 | 1.74 | 982 |
| Bio Medica Laboratories SME IPO | D – 3 | Closed Size Rs. 52.43 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 15.94 | 1.30 | 2.92 | 2.26 | 3077 |
| Autofurnish SME IPO | D – 3 | Closed Size Rs. 14.60 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| – | 1.17 | 1.17 | 1.21 | 358 |
| Q-Line Biotec SME IPO | D – 3 | Closed Size Rs. 38.38 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 123.94 | 145.98 | 71.44 | 102.42 | 235,655 |
| Vegorama Punjabi SME IPO | D – 3 | Closed Size Rs. 38.38 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 26.46 | 63.93 | 27.79 | 35.15 | 18,758 |
| Teamtech Foamword SME IPO | Closed | Size Rs. 50.15 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 4.28 | 12.79 | 6.10 | 7.01 | 5,250 |
| NFP Sampoorna SME IPO | D – 3 | Closed Size Rs. 24.53 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 1.00 | 0.34 | 2.80 | 1.57 | 1,558 |
| RFBL Flexipack SME IPO | D – 3 | Size Rs. 35.33 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 124.39 | 24.12 | 11.36 | 21.48 | 11,087 |
| Goldline Pharmaceuticals SME IPO | D – 3 | Size Rs. 11.61 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 180.22 | 1662.04 | 881.15 | 840.74 | 1,66,595 |
| Simca Advertising SME IPO | D – 3 | Closed Size Rs. 58.04 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 118.08 | 81.54 | 70.90 | 80.88 | 83,237 |
| Response on Day- 3 has been impressive. Huge oversubscription anticipated. | ||||
| Bagmane Reit IPO | Closed | |||||
| Size Rs 3405 Cr. | | |||||
| Open 9/04 Close 13/04 | |||||
| QIB | B HNI | S HNI | HNI | RII | Total |
| 26.58 | 0.00 | 0.00 | 22.82 | 0.00 | 24.96 |
| Applications received-201,146 | |||||
| Recode Studios SME IPO| SME | Closed Size Rs. 42.31 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 137.99 | 404.76 | 216.65 | 234,64 | 159,793 |
| Last day subscription trend is very impressive | ||||
| Value360 Communications SME IPO | SME | Closed Size Rs. 61.86 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 17.00 | 1.24 | 0.77 | 1.20 | 1044 |
| Initial response is still very low | ||||
| OnEMI Technology IPO | D – 3 | |||||
| Size Rs 925.92 Cr. | | |||||
| Open 9/04 Close 13/04 | |||||
| QIB | B HNI | S HNI | HNI | RII | Total |
| 25.97 | 8.59 | 3.53 | 6.91 | 2.13 | 9.95 |
| Applications received- 1,53,474 | |||||
| Amba Auto Sales SME IPO | SME | Closed Size Rs. 61.86 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 1.75 | 1.47 | 0.70 | 1.19 | 906 |
| Few large applications from QIBs creates strong subscription status | ||||
| Adisoft Technologies SME IPO | SME | Closed Size Rs. 70.38 Cr | |
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| QIB | NII x | RII x | Total x | Applications |
| 98.23 | 120.16 | 47.27 | 77.45 | 56,664 |
| Few large applications from QIBs creates strong subscription status | ||||
Recently Closed IPOs – Final Subscription Snapshot
| IPO | QIB | HNI | Retail | Total | Applications |
| Mehul Telecom | 32.5 | 79.38 | 37.41 | 44.91 | 18,716 |
| Om Power Transmission | 3.41 | 6.66 | 1.29 | 3.05 | 36,186 |
| Safety Controls – SME | 1.31 | 2.45 | 0.76 | 1.28 | 636 |
| IPO | QIB | HNI | Retail | Total | Applications |
| Emiac Technologies – SME | 1.02 | 4.96 | 3.74 | 3.22 | 1940 |
| Vivid Electromech- SME | 1.95 | 1.5 | 0.36 | 1.06 | 668 |
| Amir Chand Jagdish Kumar | 1.18 | 13.36 | 1.36 | 3.36 | 116,781 |
| Powerica | 4.74 | 0.45 | 0.12 | 1.51 | 21,450 |
| Sai Parentals | 1.73 | 2.45 | 0.11 | 1.07 | 7,419 |
| Highness Microelectronics | 82 | 362.1 | 185.1 | 193.9 | 60,390 |
| Tipco Engineering – SME | 3.2 | 2.12 | 0.66 | 1.7 | 474 |
| Speciality Medicines -SME | 96.2 | 1.87 | 0.83 | 2.26 | 677 |
| Central Mine Planning | 2.92 | 0.35 | 0.34 | 0.92 | 107,074 |
| Novus Loyalty – SME | 1.38 | 1.17 | 1.82 | 1.55 | 1,341 |
| GSP Crop Science | 2.66 | 3.14 | 0.42 | 1.64 | 34,978 |
| Innovation | 14.3 | 8.6 | 0.6 | 3.45 | 82,536 |
| Apsis Infocom | 100 | 236.6 | 100.2 | 129.3 | 59,345 |
| Rajputana | 2.51 | 2.59 | 0.27 | 1.12 | 22,676 |
| Srinibas Pradan | 1.13 | 1.57 | 0.69 | 1.13 | 309 |
| Elfin Agro | 2.12x | .59x | 1.35x | 351 | |
| Sedemac Mechatronics | 8.46x | 0.77x | 0.20x | 2.68x | 34,413 |
| Acetech Ecommerce | 1.00x | 1.57x | 1.16x | 1.14x | 814 |
| Striders Impex | 2.03x | 1.70x | 0.78x | 1.33x | 450 |
| Omnitech Engineering | 3.06x | 0.77x | 0.35x | 1.20x | 37,794 |
Chanakya Subscription Insight
The subscription pattern of IPOs is closely linked with grey market sentiment, sectoral fancy and institutional demand.
Three elements drive IPO subscription behaviour:
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Grey Market Premium (GMP)
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Institutional demand (QIB subscription)
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Retail investor sentiment
When GMP is strong, early retail participation increases rapidly. However, the QIB book remains the most reliable indicator of institutional confidence.
In volatile markets, retail investors typically wait until the last day before applying.
This page tracks live IPO subscription trends across mainboard and SME IPOs, including QIB, HNI and retail participation along with application data and editorial interpretation of market sentiment. Investors tracking IPO GMP, subscription trends, allotment status and listing expectations can check the latest updates below.
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Understanding IPO Subscription Trends and Their Link with Grey Market Premium (GMP)
The subscription pattern of any IPO has always been a key indicator of investor confidence and market appetite. In the Indian primary markets, investors track three elements closely: Grey Market Premium (GMP), overall subscription status, and market fancy for the sector or company. These three forces constantly influence each other and collectively determine the sentiment around any upcoming IPO. Understanding how these factors interact helps investors make more informed decisions, especially when the markets are volatile.
1. How Grey Market Premium Influences IPO Subscription
The Grey Market Premium is an unofficial indicator of expected listing gains. Although it is not regulated and has no formal link with the exchanges, it shapes early sentiment in a powerful way. GMP acts as a leading indicator because it begins to develop even before the IPO opens for subscription. Traders and operators start evaluating the company’s fundamentals, market conditions, peer valuations, and demand from large investors to estimate a tentative premium.
When the GMP is strong, retail investors and small HNIs generally become more enthusiastic, assuming that the issue may deliver attractive listing gains. As a result, the early hours of the IPO often witness higher participation from these categories. This surge in participation further creates visibility on social media, Telegram channels, and brokerage updates, reinforcing the belief that the IPO is “hot.”
However, strong GMP is not a guarantee of high subscription. Institutional investors, especially QIBs, rely less on grey market cues and more on the company’s financials and long-term prospects. Still, a high GMP often builds a positive environment, which indirectly influences overall subscription interest.
2. Role of Market Fancy and Sector Sentiment
Market fancy plays a decisive role in determining how strongly an IPO gets subscribed. For example, sectors like renewabl