India’s small and medium enterprise IPO market is exhibiting signs of differentiated investor appetite. For example, certain offerings are commanding significant oversubscription while others draw more cautious interest. The trend underscores a maturing SME segment where investors are moving beyond blanket enthusiasm toward more granular evaluation of business models, sectoral tailwinds, and management credibility.
Besides, despite the market headwinds and low post listing gains, the SME platform, which has emerged as a key fundraising avenue for smaller companies, continues to see steady deal flow despite broader market volatility. However, subscription patterns are increasingly reflecting investor sophistication with retail and institutional participants alike displaying greater selectivity in their allocation decisions.
Two book-built issues that concluded this week illustrated the divergent fortunes of SME IPO market, with subscription figures ranging from moderate to high depending on sector positioning and growth visibility.
Brandman Retail, a relatively young company incorporated in 2021, has carved out a niche as a distributor of international sports and lifestyle brands in northern India. Operating primarily as a New Balance franchisee through exclusive brand outlets across cities including Delhi, Gurugram, Lucknow, and Ahmedabad, the company is raising Rs 86.09 crore entirely through fresh equity.
The proceeds are earmarked for launching 15 new retail outlets and meeting working capital requirements as it seeks to deepen its presence in the organized sports retail segment.
Grover Jewells presents a contrasting profile in the traditional jewellery manufacturing space. The Delhi-based company specializes in wholesale gold jewellery, producing plain, studded, and semi-finished pieces across 22K, 20K, and 18K variants.
With operations spanning machine-made chain manufacturing and casting production, Grover Jewells serves a B2B network across approximately 20 Indian states and has export presence in Australia and the UAE. The company’s Rs 33.83 crore issue, also a complete fresh issue, will fund working capital needs and general corporate purposes.
Both issues were priced through the book-building process, allowing market demand to determine final pricing within specified bands. Brandman Retail’s price band was set at ₹167-176 per share, while Grover Jewells offered shares between ₹83-88.
Subscription Summary
| Company | Issue Size (₹ Cr.) | QIB (x) | NII (x) | Retail (x) | Overall (x) | Applications |
|---|---|---|---|---|---|---|
| Brandman Retail | 86.09 | 85.24 | 202.98 | 93.12 | 114.48 | 1,22,589 |
| Grover Jewells | 33.83 | 11.32 | 37.57 | 15.74 | 19.16 | 8,434 |
Both companies are scheduled to list on the NSE SME platform on February 11, 2026.
