Shares of two SME IPOs, Ajwa Projects and Carver Roboweld, are set to make their debut on the BSE SME platform on Wednesday, November 4, 2026. Together, the two public issues raised approximately Rs 66.34 crore. While Ajwa Projects received a relatively modest response from investors, Carver Roboweld witnessed strong demand, with its IPO subscribed more than 25 times.
The Ajwa Projects IPO was subscribed 1.12 times overall, with the individual investors' category booked 1.93 times. In comparison, the Carver Roboweld IPO received an overall subscription of 25.80 times. Its individual investors' portion was subscribed 19.17 times, the qualified institutional buyers (QIB) category (excluding anchor investors) 26.33 times, and the non-institutional investors (NII) segment 40.39 times.
Ajwa Projects IPO: Issue size, price and key details
The Ajwa Projects IPO was a fixed-price issue worth Rs 38.05 crore. It comprised a fresh issue of 15 lakh shares aggregating to Rs 30.45 crore and an offer for sale (OFS) of 3.74 lakh shares worth Rs 7.60 crore.
The IPO received an overall subscription of 1.12 times, while the individual investors' category was subscribed 1.93 times.
The issue opened on October 28 and closed on October 30, 2026. The basis of allotment was expected to be finalised on November 2, with the company's shares scheduled to list on the BSE SME platform on November 4, 2026.
Ajwa Projects had fixed the issue price at Rs 203 per share, with a lot size of 600 shares. Retail investors were required to apply for a minimum of two lots, or 1,200 shares, translating into an investment of Rs 2,43,600. For high-net-worth individual (HNI) investors, the minimum application size was three lots, or 1,800 shares, amounting to Rs 3,65,400.
Wealth Mine Networks Ltd. is the book-running lead manager for the issue, while KFin Technologies Ltd. is the registrar. Prabhat Financial Services Ltd. has been appointed as the market maker.
Objects of the Ajwa Projects IPO
The company plans to utilise Rs 8.10 crore from the net proceeds towards capital expenditure, including the purchase of plant and machinery, transport vehicles and other assets. Another Rs 9.35 crore has been earmarked for repayment or prepayment, in full or in part, of its borrowings. Additionally, Rs 4 crore will be allocated towards working capital requirements, while Rs 4.43 crore is intended for general corporate purposes.
Carver Roboweld IPO: Issue size, price band and key details
The Carver Roboweld IPO was a book-built issue worth Rs 28.29 crore, comprising an entirely fresh issue of 35.36 lakh shares. Since the issue did not include an OFS component, the proceeds from the fresh issue will go to the company.
The IPO witnessed strong investor demand, garnering an overall subscription of 25.80 times. The individual investors' category was subscribed 19.17 times, while the QIB segment (excluding anchor investors) received 26.33 times subscription. The NII category was subscribed 40.39 times.
The public issue opened on October 28 and closed on October 30, 2026. The allotment was expected to be finalised on November 2, while the tentative listing date on the BSE SME platform is November 4, 2026.
The company had fixed the price band at Rs 76–80 per share, with a lot size of 1,600 shares. At the upper end of the price band, retail investors were required to apply for a minimum of two lots, or 3,200 shares, amounting to Rs 2,56,000. HNI investors had to apply for at least three lots, or 4,800 shares, requiring an investment of Rs 3,84,000.
Smart Horizon Capital Advisors Pvt. Ltd. is the book-running lead manager, while Bigshare Services Pvt. Ltd. is the registrar to the issue.
Objects of the Carver Roboweld IPO
Carver Roboweld plans to utilise Rs 11.99 crore from the net proceeds to fund capital expenditure, primarily towards the purchase of welding robots.
The company has earmarked another Rs 8.60 crore for repayment or prepayment, in full or in part, of certain outstanding borrowings from banks and financial institutions. The remaining proceeds will be utilised for general corporate purposes.
Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
