Three SME IPOs, Vans Electroengineerings, Papadmalji Agro Foods and Black Opal Consultants, made their D-Street debut on Wednesday.
Together, the three issues raised around Rs 110 crore from investors, with subscription levels ranging from 2.54 times to a massive 628.73 times.
Shares of Vans Electroengineerings had the most impressive debut, listing at a blockbuster premium of 90%. The stock opened at Rs 224.20 apiece on the BSE platform against the issue price of Rs 118.
Black Opal Consultants shares opened at Rs 200 on BSE SME, marking a modest premium of 1.52% over the IPO price of Rs 197.
Papadmalji Agro Foods also saw a flattish debut, listing at Rs 72.30 against an issue price of Rs 72.
Vans Electroengineerings IPO is a Rs 33.98-crore book-built issue comprising an entirely fresh issue of 28.80 lakh shares. The IPO was open for subscription from September 29 to October 1, 2026, and is scheduled to list on the BSE SME platform today.
The issue was subscribed 628.73 times overall. The individual investors' portion was subscribed 686.32 times, while the QIB (Ex Anchor) and NII portions were subscribed 281.65 times and 1,031.87 times, respectively.
The IPO had a price band of Rs 112–118 per share and a lot size of 1,200 shares. Retail investors were required to apply for a minimum of two lots, or 2,400 shares, involving an investment of Rs 2,83,200 at the upper price band. For HNIs, the minimum application was three lots, or 3,600 shares, amounting to Rs 4,24,800.
Hem Securities Ltd. was the book-running lead manager, while Bigshare Services Pvt. Ltd. was the registrar to the issue.
Papadmalji Agro Foods IPO is a Rs 20.18-crore book-built issue comprising a fresh issue of 25.73 lakh shares worth Rs 18.52 crore and an offer for sale (OFS) of 2.30 lakh shares aggregating Rs 1.66 crore. The IPO was open from September 29 to October 1, 2026, and is scheduled to list on the NSE SME platform today.
The issue was subscribed 2.54 times overall. The individual investors' portion was subscribed 1.59 times, while the QIB (Ex Anchor) and NII portions were subscribed 86.85 times and 1.32 times, respectively.
The IPO had a price band of Rs 69–72 per share and a lot size of 1,600 shares. Retail investors were required to apply for at least two lots, or 3,200 shares, involving an investment of Rs 2,30,400 at the upper price band. HNIs could apply for a minimum of three lots, or 4,800 shares, requiring an investment of Rs 3,45,600.
Kreo Capital Pvt. Ltd. was the book-running lead manager, while MAS Services Ltd. was the registrar to the issue.
Black Opal Consultants IPO was the largest of the three issues, with a size of Rs 55.08 crore. The issue comprised a fresh issue of 22.38 lakh shares worth Rs 44.09 crore and an OFS of 5.58 lakh shares aggregating Rs 10.99 crore. The IPO was open from September 29 to October 1, 2026, and is scheduled to list on the BSE SME platform today.
The issue was subscribed 73.80 times overall. The individual investors' portion was subscribed 60.15 times, while the QIB (Ex Anchor) and NII portions were subscribed 59.77 times and 124.29 times, respectively.
The IPO had a price band of Rs 185–197 per share and a lot size of 600 shares. Retail investors were required to apply for a minimum of two lots, or 1,200 shares, involving an investment of Rs 2,36,400 at the upper price band. The minimum HNI application was three lots, or 1,800 shares, amounting to Rs 3,54,600.
Khambatta Securities Ltd. was the book-running lead manager, while Skyline Financial Services Pvt. Ltd. was the registrar to the issue.
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