IPOs in January 2026: Listing Gains, GMP & Subscription
Monthly round-up
By IPO GMP Status desk · Updated 28 January 2026 · How we compile these figures
15 IPOs listed in January 2026 — 3 mainboard and 12 SME. The average listing gain was +9.7%, and 5 of 15 listed above their issue price. The best listing was Bharat Coking Coal at +95.7%. The grey market's estimate was met or beaten in 4 of 15.
IPOs listed in January 2026
| IPO | Type | Listed | Issue price | Listing price | Listing gain | Subscribed | GMP estimate |
|---|---|---|---|---|---|---|---|
| E to E Transportation Infrastructure | SME | 2 Jan | ₹174 | ₹330.6 | +90.0% | 527.76x | ₹336 ✗ |
| Gabion Technologies | SME | 13 Jan | ₹81 | ₹89 | +9.9% | 826.08x | ₹112 ✗ |
| Victory Electric | SME | 14 Jan | ₹41 | ₹34.45 | −16.0% | 1.02x | ₹41 ✗ |
| Yajur Fibres SME | SME | 14 Jan | ₹174 | ₹139.2 | −20.0% | 0.00x | ₹174 ✗ |
| Defrail Technologies | SME | 16 Jan | ₹74 | ₹95 | +28.4% | 105.61x | ₹91 ✓ |
| Bharat Coking Coal | Mainboard | 19 Jan | ₹23 | ₹45 | +95.7% | 146.87x | ₹37 ✓ |
| Amagi Media Labs | Mainboard | 21 Jan | ₹361 | ₹318 | −11.9% | 30.24x | ₹364 ✗ |
| GRE Renew Enertech | SME | 21 Jan | ₹105 | ₹96 | −8.6% | 16.61x | ₹111 ✗ |
| Narmadesh Brass Industries | SME | 21 Jan | ₹515 | ₹446.75 | −13.3% | 1.31x | ₹515 ✗ |
| INDO SMC | SME | 21 Jan | ₹149 | ₹149 | +0.0% | 110.57x | ₹161 ✗ |
| Armour Security | SME | 22 Jan | ₹57 | ₹45.6 | −20.0% | 1.87x | ₹57 ✗ |
| Aritas Vinyl | SME | 23 Jan | ₹47 | ₹47 | +0.0% | 2.27x | ₹47 ✓ |
| Shadowfax Technologies | Mainboard | 28 Jan | ₹124 | ₹112.6 | −9.2% | 2.86x | ₹121 ✗ |
| KRM Ayurveda | SME | 29 Jan | ₹135 | ₹172.1 | +27.5% | 72.48x | ₹158 ✓ |
| Hannah Joseph Hospital | SME | 30 Jan | ₹70 | ₹65 | −7.1% | 1.37x | ₹70 ✗ |
✓ the listing price met or beat the grey market's estimate; ✗ it fell short.
← December 2025 · February 2026 →
Every listing since the tracker began is on the IPO performance page. GMP is an unofficial estimate, not a promise; see the disclaimer.