The primary market saw selective investor interest amid ongoing market volatility. Among the ongoing issues, Avana Electrosystems (NSE-SME) emerged as a clear leader, with its IPO subscribed 20 times during the 12–14 January subscription period. The company has a market cap of ₹134 crore and trades on the SME platform, highlighting strong demand for well-priced, profitable small-cap issues with a ROCE of 50%.
Other IPOs reported moderate to muted investor interest. Narmadesh Brass (BSE), open for subscription between 12–16 January, has a market cap of ₹160 crore and a PE of 28.2, attracting repeated subscriptions from cautious investors. Indo SMC (BSE), with a ₹341 crore market cap and a ROCE of 48%, saw limited uptake, with its IPO subscribed 0.9 times during 13–16 January.
In the tech space, Amagi Media Labs (NSE), which aims to raise ₹816 crore via a fresh issue and an additional ₹973 crore through an offer for sale, witnessed tepid demand early, with 0.0 times subscription recorded as of 14 January. Analysts note that high valuations and ongoing market volatility are weighing on investor appetite for large-cap, high-growth tech offerings.
Other upcoming issues include GRE Renew (BSE), subscribed 2.1 times, Armour Security and Aritas Vinyl, with listing dates on 22nd and 23rd January, respectively, which will test investor sentiment further.
The IPO trend indicates a selective, company-specific approach by investors, favoring proven small-cap performers over high-risk, high-valuation offerings amid cautious market conditions.
