Defrail Technologies
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Jan 09 to Jan 13 2026
Price Band
₹70 - 74
Current GMP
₹95.0 (+28.38%)
Subscription
105.54 times
IPO Details
| IPO Date | 9 to 13 Jan, 2026 |
| Listing Date | Mon, Jan 19, 2026 |
| Face Value | ₹ 10 per share |
| Price Band | ₹70 to ₹74 |
| Issue Price | ₹74 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 18,60,800 shares (agg. up to ₹ 14 Cr) |
| Reserved for Market Maker | 94,400 shares (agg. up to ₹ 0.6986 Cr) Nikunj Stock Brokers Ltd. |
| Net Offered to Public | 17,66,400 shares (agg. up to ₹ 13 Cr) |
| Share Holding Pre Issue | 51,63,620 shares |
| Share Holding Post Issue | 70,24,420 shares |
| BSE Script Code | 544677 |
| ISIN | INE0ZE201010 |
IPO Date
9 to 13 Jan, 2026
Listing Date
Mon, Jan 19, 2026
Face Value
₹ 10 per share
Price Band
₹70 to ₹74
Issue Price
₹74 per share
Lot Size
1,600 Shares
Sale Type
Fresh Capital
Issue Type
Bookbuilding IPO
Listing At
BSE SME
Total Issue Size
18,60,800 shares (agg. up to ₹ 14 Cr)
Reserved for Market Maker
94,400 shares (agg. up to ₹ 0.6986 Cr) Nikunj Stock Brokers Ltd.
Net Offered to Public
17,66,400 shares (agg. up to ₹ 13 Cr)
Share Holding Pre Issue
51,63,620 shares
Share Holding Post Issue
70,24,420 shares
BSE Script Code
544677
ISIN
INE0ZE201010
IPO Subscription Details
| Anchor | 1 |
| Market Maker | 1 |
| QIB (Ex Anchor) | 71.09 |
| NII*** | 160.95 |
| bNII (> ₹10L) | 188.30 |
| sNII (< ₹10L) | 107.70 |
| Individual Investors | 101.28 |
| Total ** | 105.54 |
Anchor
1
Market Maker
1
QIB (Ex Anchor)
71.09
NII***
160.95
bNII (> ₹10L)
188.30
sNII (< ₹10L)
107.70
Individual Investors
101.28
Total **
105.54
Day Wise Sub
| Day | QIB (Ex Anchor) | NII* | NII (> ₹10L) | NII (< ₹10L) | Individual Investors | Total |
|---|---|---|---|---|---|---|
| Jan 9 (Day 1) | 0.00 | 0.88 | 1.20 | 0.25 | 1.22 | 0.80 |
| Jan 1 2 (Day 2) | 0.00 | 12.10 | 11.07 | 14.11 | 18.08 | 11.64 |
| Jan 1 3 (Day 3) | 71.09 | 160.95 | 188.30 | 107.70 | 101.28 | 105.54 |
DayJan 9
(Day 1)
QIB (Ex Anchor)0.00
NII*0.88
NII (> ₹10L)1.20
NII (< ₹10L)0.25
Individual Investors1.22
Total0.80
DayJan 1
2 (Day 2)
QIB (Ex Anchor)0.00
NII*12.10
NII (> ₹10L)11.07
NII (< ₹10L)14.11
Individual Investors18.08
Total11.64
DayJan 1
3 (Day 3)
QIB (Ex Anchor)71.09
NII*160.95
NII (> ₹10L)188.30
NII (< ₹10L)107.70
Individual Investors101.28
Total105.54
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 19-01-2026 | 74.00 | 17(22.97%) | 91 |
| 18-01-2026 | 74.00 | 17(22.97%) | 91 |
| 17-01-2026 | 74.00 | 17(22.97%) | 91 |
| 16-01-2026 | 74.00 | 10(13.51%) | 84 |
| 15-01-2026 | 74.00 | 10(13.51%) | 84 |
| 14-01-2026 | 74.00 | 10(13.51%) | 84 |
| 13-01-2026 | 74.00 | 8(10.81%) | 82 |
| 12-01-2026 | 74.00 | 8(10.81%) | 82 |
| 11-01-2026 | 74.00 | 6(8.11%) | 80 |
| 10-01-2026 | 74.00 | 6(8.11%) | 80 |
| 09-01-2026 | 74.00 | 6(8.11%) | 80 |
| 08-01-2026 | 74.00 | 6(8.11%) | 80 |
| 07-01-2026 | 74.00 | 0(0.00%) | 74 |
| 06-01-2026 | 74.00 | 0(0.00%) | 74 |
| 05-01-2026 | 0(0.00%) | (0.00%) | |
| 04-01-2026 | 0(%) | (%) |
Date19-01-2026
Price74.00
GMP17(22.97%)
Estimate List Price91
Date18-01-2026
Price74.00
GMP17(22.97%)
Estimate List Price91
Date17-01-2026
Price74.00
GMP17(22.97%)
Estimate List Price91
Date16-01-2026
Price74.00
GMP10(13.51%)
Estimate List Price84
Date15-01-2026
Price74.00
GMP10(13.51%)
Estimate List Price84
Date14-01-2026
Price74.00
GMP10(13.51%)
Estimate List Price84
Date13-01-2026
Price74.00
GMP8(10.81%)
Estimate List Price82
Date12-01-2026
Price74.00
GMP8(10.81%)
Estimate List Price82
Date11-01-2026
Price74.00
GMP6(8.11%)
Estimate List Price80
Date10-01-2026
Price74.00
GMP6(8.11%)
Estimate List Price80
Date09-01-2026
Price74.00
GMP6(8.11%)
Estimate List Price80
Date08-01-2026
Price74.00
GMP6(8.11%)
Estimate List Price80
Date07-01-2026
Price74.00
GMP0(0.00%)
Estimate List Price74
Date06-01-2026
Price74.00
GMP0(0.00%)
Estimate List Price74
Date05-01-2026
Price
GMP0(0.00%)
Estimate List Price(0.00%)
Date04-01-2026
Price
GMP0(%)
Estimate List Price(%)
IPO Important Dates
| IPO Open | Fri, Jan 9, 2026 |
| IPO Close | Tue, Jan 13, 2026 |
| Allotment | Wed, Jan 14, 2026 |
| Refund | Thu, Jan 15, 2026 |
| Credit of Shares | Thu, Jan 15, 2026 |
| Listing | Mon, Jan 19, 2026 |
IPO Open
Fri, Jan 9, 2026
IPO Close
Tue, Jan 13, 2026
Allotment
Wed, Jan 14, 2026
Refund
Thu, Jan 15, 2026
Credit of Shares
Thu, Jan 15, 2026
Listing
Mon, Jan 19, 2026
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,36,800 |
| Individual investors (Retail) (Max) | 2 | 3,200 | ₹2,36,800 |
| S-HNI (Min) | 3 | 4,800 | ₹3,55,200 |
| S-HNI (Max) | 8 | 12,800 | ₹9,47,200 |
| B-HNI (Min) | 9 | 14,400 | ₹10,65,600 |
ApplicationIndividual investors (Retail) (Min)
Lots2
Shares3,200
Amount₹2,36,800
ApplicationIndividual investors (Retail) (Max)
Lots2
Shares3,200
Amount₹2,36,800
ApplicationS-HNI (Min)
Lots3
Shares4,800
Amount₹3,55,200
ApplicationS-HNI (Max)
Lots8
Shares12,800
Amount₹9,47,200
ApplicationB-HNI (Min)
Lots9
Shares14,400
Amount₹10,65,600
Key Performance Indicator
| ROE | 11.44% |
| ROCE | 13.28% |
| Debt/Equity | 1.11 |
| RoNW | 11.44% |
| PAT Margin | 3.85 |
| EBITDA Margin | 8.80 |
| Price to Book Value |
ROE
11.44%
ROCE
13.28%
Debt/Equity
1.11
RoNW
11.44%
PAT Margin
3.85
EBITDA Margin
8.80
Price to Book Value
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|---|
| Defrail Technologies Ltd. | 2.96 | 2.96 | 20.36 | 11.76 | ||
| Pentagon Rubber Limited | 0.82 | 0.82 | 4.22 | 86.59 | 1.95 | 17.75 |
| Grp Limited | 6.36 | 6.36 | 36.14 | 265.72 | 1.73 | 77.67 |
Company NameDefrail Technologies Ltd.
EPS (Basic)2.96
EPS (Diluted)2.96
NAV (₹ per share)20.36
P/E (x)
RoNW (%)11.76
P/BV Ratio
Company NamePentagon Rubber Limited
EPS (Basic)0.82
EPS (Diluted)0.82
NAV (₹ per share)4.22
P/E (x)86.59
RoNW (%)1.95
P/BV Ratio17.75
Company NameGrp Limited
EPS (Basic)6.36
EPS (Diluted)6.36
NAV (₹ per share)36.14
P/E (x)265.72
RoNW (%)1.73
P/BV Ratio77.67
IPO Reservation
| Market Maker Shares Offered | 94,400 (5.07%) |
| QIB Shares Offered | 8,73,600 (46.95%) |
| − Anchor Investor Shares Offered | 5,18,400 (27.86%) |
| − QIB (Ex. Anchor) Shares Offered | 3,55,200 (19.09%) |
| NII (HNI) Shares Offered | 2,68,800 (14.45%) |
| − bNII > ₹10L | 1,77,600 (9.54%) |
| − sNII < ₹10L | 91,200 (4.90%) |
| Retail Shares Offered | 6,24,000 (33.53%) |
| Total Shares Offered | 18,60,800 (100.00%) |
Market Maker Shares Offered
94,400 (5.07%)
QIB Shares Offered
8,73,600 (46.95%)
− Anchor Investor Shares Offered
5,18,400 (27.86%)
− QIB (Ex. Anchor) Shares Offered
3,55,200 (19.09%)
NII (HNI) Shares Offered
2,68,800 (14.45%)
− bNII > ₹10L
1,77,600 (9.54%)
− sNII < ₹10L
91,200 (4.90%)
Retail Shares Offered
6,24,000 (33.53%)
Total Shares Offered
18,60,800 (100.00%)
Information about company
Incorporated in October 2023, Defrail Technologies Limited is engaged in the business of manufacturing rubber parts and components, including rubber hoses and assemblies, rubber profiles and beadings, and moulded rubber parts. Its products find applications across industries such as automotive, railways, and defence, with the company offering clients both standard products and customised solutions tailored to their operational requirements.
Defrail Technologies traces its origins to 1980 with the establishment of Vikas Rubber Industries, followed by the formation of Impex Hitech Rubber in 2008 to serve B2B customers with expanded capabilities. On April 1, 2024, both businesses were consolidated into Defrail Technologies Limited through Business Transfer Agreements. The company primarily operates on a B2B model, supplying bulk orders to clients in the automotive sector, while also serving the B2G segment by delivering products directly to government authorities such as Indian Railways and the Defence.
The company operates two manufacturing plants in Faridabad, Haryana:
Neemka, Tigaon Road, Sector 71 (2,420 sq. yards)
Sector 24, Faridabad (4,833.33 sq. yards)
These facilities are equipped with advanced machinery enabling the production of a wide range of rubber products, including diesel and petroleum hose pipes, LPG hose pipes, nylon tubes, gaskets, grommets, air intake hoses, EPDM profiles, sponges, and aluminium window rubber beadings.
The company is ISO 9001:2015 certified for quality management systems. It is registered as a seller on the Government e-Marketplace (GeM), enabling participation in government procurement tenders and vendor contracts.
As of November 30, 2025, the company has 298 permanent employees.
Competitive Strength:
The company is an RDSO-approved vendor, enabling it to supply products to the Indian Railways sector.
The company offers a diversified product range that caters to multiple industries.
The company maintains strong relationships with both customers and suppliers, which support stable, consistent business operations.
The company has an in-house testing and research and development center, supporting product quality and innovation.
Objectives of IPO
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Purchase of equipment/machineries 7.96 2 Purchase and installation of Solar Panel 1.73 3 General Corporate Purposes
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