IPO Calendar: A quiet week with no mainboard activity, 3 SME issues to watch
India's 2026 IPO market begins cautiously with no mainboard issues, focusing instead on three SME offerings in infrastructure, electric mobility, and textiles. Gabion Technologies, Victory Electric Vehicles, and Yajur Fibres are set to launch their public issues next week, aiming to raise funds for expansion and working capital amidst a typical slow start to the year.
India's IPO market has started 2026 on a muted note, with the first week of January seeing no mainboard public issues opening for subscription. Instead, investor activity will be limited to three small and medium enterprise (SME) IPOs, reflecting the cautious mood that is typical of the early part of the calendar year.
January often starts slowly as investors return from year-end holidays and assess broader market direction before committing fresh capital. While the pipeline for large IPOs later in the quarter remains healthy, companies appear in no rush to test sentiment in the opening days of the year.
That said, the SME segment continues to stay active, with three companies opening issues between January 6 and January 9, spanning infrastructure materials, electric mobility and sustainable textiles. There is only one listing scheduled next week from Modern Diagnostic.
Gabion Technologies India will be the first IPO to open in the new year, with its issue opening on January 6 and closing on January 8. The company plans to raise about Rs 29 crore, entirely through a fresh issue, and will list on the BSE SME platform.
Gabion Technologies operates in a niche but essential segment of infrastructure development, supplying steel gabions, rockfall protection systems and geosynthetic products used in roads, railways, irrigation, mining and defence projects. The company has executed projects across multiple sectors, including highways and railways, and works closely with government agencies and contractors.
The proceeds from the IPO will largely be used to meet working capital needs, reflecting the execution-heavy nature of its business. While revenue growth has been relatively stable, margins remain sensitive to raw material costs and project timelines, making execution a key factor to track post listing.
Victory Electric Vehicles International IPO
Victory Electric Vehicles will open its issue a day later, on January 7, with subscriptions closing on January 9. The company is raising around Rs 35 crore through a fixed-price SME IPO and will list on the NSE SME platform.
The company is focused on electric two-wheelers and three-wheelers, with a strong presence in e-rickshaws and electric cargo vehicles. Victory Electric Vehicles operates across multiple states through a dealer-led distribution model and caters to both commercial and last-mile mobility demand.