Dhara Rail Projects, Apollo Techno Among Five SME IPOs To Debut On Final Day Of 2025
Investors can expect a listing gain of around 2-11% when these SME issues debut on the stock market today.
The subscription window for five SME IPOs, Dhara Rail Projects, Apollo Techno Industries, Nanta Tech, Admach Systems and Bai Kakaji Polymers, closed on Dec. 26.
All five issues, which opened on Dec. 23, attracted strong interest from investors. These SME IPOs are now set to make their stock market debut on Dec. 31, marking a hectic day for primary market investors on the last trading day of 2025.
Here’s a look at the subscription, grey market trends and other key details about these IPOs.
Dhara Rail Projects IPO
The Dhara Rail Projects IPO was subscribed 111.9 times during the three-day bidding period from Dec. 23 to Dec. 26. The NSE SME issue received applications for 29.62 crore shares against 26.47 lakh shares on offer. The Qualified Institutional Buyers (QIBs) subscribed their quota 71.3 times, while the Non-Institutional Investors (NIIs) booked their segment 199.41 times. The retail portion was booked 97.61 times.
The SME IPO was a book-built issue worth Rs 50.2 crore, consisting entirely of a fresh issue of 40 lakh shares.
Founded in 2010, the company works with Indian Railways through tenders and partnerships with original equipment manufacturers. The Mumbai-based company provides annual maintenance and repair work for railway rolling stock systems.
According to InvestorGain, the latest grey market premium (GMP) for Dhara Rail Projects SME IPO stood at Rs 12 on Dec. 30. Based on the upper limit of the issue price of Rs 126, the estimated listing price stands at Rs 138. The latest GMP implies listing of shares at a premium of 9.52% over the issue price.
Apollo Techno Industries IPO
Apollo Techno Industries IPO closed with a strong subscription of 50.63 times on Dec. 26. The BSE SME issue received applications for over 12.42 crore shares against 24.54 lakh shares on offer. The retail quota was subscribed 44.81 times, while the QIBs booked their segment 25.26 times. The NIIs’ category was subscribed 98 times.
The IPO was a book-built issue worth Rs 47.96 crore. The SME issue comprised entirely a fresh issue of 37 lakh shares. The IPO price band was set at Rs 123 to Rs 130 per share.
Incorporated in 2016, Apollo Techno Industries Ltd. operates in the manufacturing and technology sectors.
As per InvestorGain, the GMP for Apollo Techno Industries IPO stood at Rs 7 on Dec. 30. With the upper end of the price band of Rs 130, the latest GMP indicates an estimated listing price of Rs 137, implying a premium of 5.38% per share over the issue price.
ALSO READ
E To E Transportation IPO GMP Rises To Nearly 85% On Day 2 Of IPO Subscription; Check Details
Nanta Tech IPO
The Nanta Tech IPO closed on Dec. 26 with an overall subscription of 6.43 times. The retail quota was subscribed 2.91 times, the NIIs' segment 7.03 times and the QIBs category 12.98 times.
The BSE SME IPO was a book-built issue worth Rs 31.81 crore, comprising a fresh issuance of 14 lakh shares. The IPO price band was fixed at Rs 209 to Rs 220 per share.
Incorporated in 2023, Nanta Tech Ltd. focuses on AV integration, AV product supply and distribution, service robots and software development.
The GMP for Nanta Tech IPO stood at Rs 24 on Dec. 30. Compared to the upper end of the IPO price band of Rs 220, the latest GMP signals an estimated listing price of Rs 244, at a potential premium of 10.91% per share.
Admach Systems IPO
Admach Systems IPO was subscribed 4.13 times. The NIIs’ segment was subscribed 7.4 times, while the retail portion was booked 3.77 times. The QIBs subscribed their category 1.55 times.
The BSE SME issue, worth Rs 42.6 crore, comprised entirely a fresh issue of 18 lakh shares. The IPO price band was fixed at Rs 227 to ₹239 per share.
Admach Systems Ltd., established in 2008, designs, manufactures, exports and supplies customised special-purpose machines and automation systems for the engineering industry.
According to InvestorGain, the GMP for Admach Systems SME IPO stood at Rs 11 on Dec. 30. Based on the upper price band of Rs 239, the GMP indicates an estimated listing price of Rs 250, implying a premium of 4.6% per share.
Bai Kakaji Polymers IPO
Bai Kakaji Polymers’ IPO was subscribed 5.71 times. The NIIs booked their quota 7.84 times, while the retail investors subscribed their category 3.56 times. The QIBs segment was booked 7.88 times.
The Rs 105.17-crore BSE SME issue comprised a fresh issuance of 57 lakh shares. The IPO price band was fixed at Rs 177 to Rs 186 per share.
Bai Kakaji Polymers manufactures and trades a range of plastic and polymer-based products.
The GMP for Bai Kakaji Polymers SME IPO stood at Rs 3 per share, as per InvestorGain. With the upper price band of Rs 186, the latest GMP indicates an estimated listing price of Rs 189, implying a premium of 1.61% per share.
