Narmadesh Brass IPO Allotment: Status & Outlook

The Narmadesh Brass Industries IPO bidding period has concluded, drawing a moderate response from investors and setting the stage for market listing shortly. The IPO received 1.13 times overall subscription, reflecting measured investor interest with strong participation in certain categories and more muted involvement in retail segments. Following the completion of bidding, the IPO allotment was finalised and shares have now been credited to successful applicants’ demat accounts, paving the way for official stock exchange listing.

This comprehensive article explores the IPO’s latest developments in depth — including subscription performance, basis of allotment, allotment status checks, category-wise reservations, IPO timeline, grey market premium (GMP) trends, and what investors should expect when the shares make their debut on the exchange.

IPO Subscription and Market Response

The Narmadesh Brass Industries IPO opened for subscription on 12 January 2026 and closed on 15 January 2026. It generated an overall subscription of 1.13 times, indicating a slightly above average investor response considering the SME platform context and broader IPO environment.

A deeper look at subscription data shows a significant divergence across investor categories:

• Retail (Individual Investors): 0.22 times

• Non-Institutional Investors (NII / HNI): 1.90 times

• Qualified Institutional Buyers (QIB): Not subscribed

The disparity in subscription levels highlights that while high-net-worth or non-institutional participants showed solid interest, individual retail investors were far less active in bidding. This pattern is often seen in high-priced or niche SME IPOs where retail participation is constrained by investor comfort levels, pricing perceptions, or awareness challenges.

Despite the subdued retail numbers, the robust interest from the NII segment helped the overall subscription cross the one-times mark, which is generally a minimum requirement for IPO allotment to proceed without cancellation.

IPO Allotment: Basis and Status

Following the close of the IPO, the basis of allotment was finalised on 19 January 2026 by the IPO registrar. Allotment determines how shares are distributed among successful applicants, based on the volume of bids received and the reservation criteria for each investor category.

Once the allotment was confirmed, the company credited the allotted shares directly to investors’ demat accounts. Simultaneously, refunds for those who were not allotted shares or allotted partial quantities began being processed.

The IPO follows the T+3 listing rule, meaning the shares are expected to be listed on the stock exchange within three trading days after the allotment is finalised and credited.

Investors can now check their Narmadesh Brass IPO allotment status through official portals using options such as application number, PAN, or demat account details. The registrar and the stock exchange allotment status displays will show whether an investor has been allotted shares and in what quantity.

How to Check Allotment Status

To determine whether you have been allotted shares in the Narmadesh Brass Industries IPO, you can follow two primary routes.

Registrar Portal Check

1. Access the official registrar portal.

2. Choose Narmadesh Brass Industries IPO from the list.

3. Select the method to check allotment status (Application Number, PAN, or Demat Account).

4. Enter the required details.

5. Submit the information to see your allotment status on the screen.

Stock Exchange Allotment Check

Alternatively, investors can use the stock exchange’s allotment query process:

1. Visit the issuer’s allotment status section on the exchange portal.

2. Select Equity Issue Type.

3. Scroll to find Narmadesh Brass Industries IPO.

4. Enter your application number or PAN.

5. Submit the details to view the allotment status.

Both methods provide real-time allotment information that reflects the registrar’s final basis of allotment and shows whether your application was successful and how many shares have been credited.

IPO Structure and Share Reservation

The Narmadesh Brass Industries IPO was a book-building issue with a total size of approximately ₹44.87 crore. All shares offered were part of a fresh issuance, meaning proceeds were raised for the company’s growth, operations, or expansion plans rather than through existing shareholders selling their holdings.

The issue had an IPO price band fixed at ₹515 per share, with a face value of ₹10 per share and a lot size of 240 shares. It was designed to attract institutional, non-institutional, and retail investors, with prescribed reservations for each category as mandated by regulatory frameworks for SME IPOs.

The share allocation across categories was:

• Market Maker Shares Offered: 45,600 (5.23%)

• NII (HNI) Shares Offered: 4,12,800 (47.38%)

• Retail Shares Offered: 4,12,800 (47.38%)

• Total Shares Offered: 8,71,200 (100%)

This categorisation ensures that different investor types get a defined portion of the issue, promoting balanced participation and distribution of shares.

IPO Timeline and Key Dates

Understanding the IPO timeline is essential for investors tracking the allotment and listing process. Here are the key milestones:

• IPO Open Date: 12 January 2026

• IPO Close Date: 15 January 2026

• Allotment Finalised: 19 January 2026

• Refund Initiated: 20 January 2026

• IPO Listing Date: 21 January 2026

This timeline reflects an orderly progression from subscription to allotment and then to market listing, allowing investors and market participants to plan and anticipate share availability on the exchange.

IPO Grey Market Premium (GMP) Outlook

Grey Market Premium (GMP) provides an informal indicator of investor sentiment and expected listing gains or discounts before official trading begins. In the case of the Narmadesh Brass IPO, the GMP remained neutral for most of the subscription period.

As of the latest data up to mid-January 2026, the GMP was flat at ₹0, implying that secondary market expectations did not signal a premium or discount over the issue price ahead of listing. This neutral sentiment suggests that investors saw limited upside or were reserving judgment until more clarity emerged regarding demand and pricing.

Here’s how the GMP trended around the IPO subscription period:

Unlike many high-profile IPOs where investors expect immediate listing gains, a flat GMP indicates that speculative interest was subdued or perfectly aligned with the IPO price. IPO pricing and investor sentiment dynamics often influence this number, and in this case, the market was waiting to see how listing demand unfolds before pricing shares above the issue price.

Category-Wise Subscription Dynamics

The category-wise subscription data points to varying levels of enthusiasm from different investor groups:

• Retail Investors (0.22 times):
  A subscription ratio well below one indicates that retail demand was modest. This can occur in SME issues where perceived risk, price band, or lack of awareness dampens individual investor participation.

• NII / HNI Investors (1.90 times):
  This strong subscription from non-institutional investors reflects confidence among affluent investors, who may have deeper research capabilities or conviction in the company’s prospects.

• QIB Investors:
  The Qualified Institutional Buyer category did not meaningfully subscribe, suggesting limited institutional appetite at the offered price point. Institutional participation can often signal confidence and drive stronger overall demand, so its absence or weakness is noteworthy for investors watching pricing dynamics.

Together, these subscription trends help explain why the overall issue subscribed by just over one time, a result that is adequate for allotment but not indicative of overwhelming demand.

What Listing Could Look Like

With an expected listing date of 21 January 2026, the market will soon price the shares based on demand dynamics on the day of listing. The neutral GMP suggests that the listing price may be close to the IPO price if demand remains stable. However, actual listing performance can be influenced by broader market conditions, sector sentiment, and investor risk appetite on the listing day.

Stocks listing on the SME platform often exhibit higher volatility due to lower liquidity and smaller float sizes compared to larger exchange-listed stocks. Investors planning to trade on listing should be prepared for price fluctuations on debut and subsequent sessions.

What Investors Should Consider

For those who received allotment, it’s important to:

• Verify allotment status before listing day.

• Assess fundamentals of the company rather than speculative premiums.

• Consider liquidity aspects on the SME platform.

• Monitor market conditions and demand during the first few trading sessions.

Even after listing, it’s prudent to make investment decisions based on long-term prospects, business performance, and risk tolerance rather than short-term price swings.

Conclusion

The Narmadesh Brass Industries IPO has completed a smooth subscription and allotment process, navigating the balance between strong HNI interest and lower retail participation. With shares now credited to investor demat accounts and an impending listing date, focus has shifted to market debut and post-listing price discovery.

Though the overall subscription was modest at 1.13 times, the strong NII demand and completion of allotment attest to investor interest in the company’s growth story. With a flat GMP indicating neutral sentiment, the anticipated listing performance remains grounded in core valuations rather than speculative gains.

As the shares hit the exchange, investors and market watchers will watch supply-demand dynamics closely, while allotment success marks an important milestone for IPO applicants who now wait for the market to assign a public trading value to their holdings.

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