Ahead of the Union Budget 2026, activity in the primary market is expected to remain muted, with no new mainboard initial public offerings (IPOs) opening for subscription. However, the small and medium enterprises (SME) segment will stay active, with five IPOs scheduled to open in the coming week.
Alongside these new SME issues, the market will also witness the listing of Shadowfax Technologies in the mainboard segment, keeping investor interest alive during an otherwise quiet week.
There will be no fresh mainboard IPO subscriptions next week. However, Shadowfax Technologies IPO is set to list on the BSE and NSE on January 28. The issue saw overall subscription of 2.72 times, with strong interest from qualified institutional buyers, who subscribed 3.81 times, indicating steady demand ahead of listing.
The Kasturi Metal Composite IPO will open on January 27 and close on January 29. This book-built SME issue is worth ₹17.61 crore and consists entirely of a fresh issue of 0.28 crore shares. The price band has been fixed at ₹61 to ₹64 per share.
Opening on January 28 and closing on January 30, the Kanishk Aluminium India IPO is a fixed-price SME issue worth ₹29.20 crore. It includes a fresh issue of 0.40 crore equity shares, priced at ₹73 per share.
The Msafe Equipments IPO will be open from January 28 to January 30. This book-built issue is sized at ₹66.42 crore and includes both a fresh issue and an offer for sale. The price band has been set at ₹116 to ₹123 per share.
Accretion Nutraveda IPO will open for subscription on January 28 and close on January 30. The book-built SME issue is valued at ₹24.77 crore and comprises only a fresh issue. The price band ranges from ₹122 to ₹129 per share.
The CKK Retail Mart IPO will open on January 30 and close on February 3. This is the largest SME issue of the week, worth ₹88.02 crore, combining a fresh issue and an offer for sale. The price band has been fixed at ₹155 to ₹163 per share.
Several IPOs are also scheduled to list next week. Shadowfax Technologies will debut on January 28, while Digilogic Systems IPO will list on the same day in the SME segment. KRM Ayurveda is set to list on January 29, followed by Hannah Joseph Hospital IPO and Shayona Engineering IPO on January 30.
While the absence of new mainboard IPOs signals caution ahead of the Union Budget 2026, the steady flow of SME offerings and upcoming listings ensures continued activity in the primary market. Investors will be closely tracking both SME subscriptions and listing performances in the days ahead.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.
Published on: Jan 27, 2026, 9:39 AM IST
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