Bookbuilding IPO | ₹14 Cr | Listed at BSE SME | Fri, Jan 9, 2026 - Tue, Jan 13, 2026
Defrail Technologies IPO is a book build issue of ₹13.77 crores. The issue is entirely a fresh issue of 0.19 crore shares of ₹13.77 crore.
Defrail Technologies IPO bidding started from Jan 9, 2026 and ended on Jan 13, 2026. The allotment for Defrail Technologies IPO was finalized on Jan 14, 2026. The shares got listed on BSE SME on Jan 19, 2026.
Defrail Technologies IPO price band is set at ₹74 per share. The lot size for an application is 1,600. The minimum amount of investment required by an individual investor (retail) is ₹2,36,800 (3,200 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (4,800 shares), amounting to ₹3,55,200.
NEXGEN Financial Solutions Pvt. Ltd. is the book running lead manager and Maashitla Securities Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Nikunj Stock Brokers Ltd..
Refer to Defrail Technologies IPO RHP for detailed Information.
IPO Open
Fri, Jan 9, 2026
IPO Close
Tue, Jan 13, 2026
Issue Price
₹74 per share
Market Cap (Pre-IPO)
₹51.98 Cr
| IPO Date | 9 to 13 Jan, 2026 |
| Listed on | Mon, Jan 19, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹70 to ₹74 |
| Issue Price | ₹74 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 18,60,800 shares (agg. up to ₹14 Cr) |
| Reserved for Market Maker | 94,400 shares Nikunj Stock Brokers Ltd. (agg. up to ₹0.6986 Cr) |
| Fresh Issue (Ex Market Maker) | 17,66,400 shares (agg. up to ₹13 Cr) |
| Net Offered to Public | 17,66,400 shares (agg. up to ₹13 Cr) |
| Share Holding Pre Issue | 51,63,620 shares |
| Share Holding Post Issue | 70,24,420 shares |
| BSE Script Code | 544677 |
| ISIN | INE0ZE201010 |
Defrail Technologies IPO comprises a total issue size of 18,60,800 shares. The net offer to the public is 17,66,400 shares, after excluding 94,400 shares allotted on a firm basis. Of the Net offer 8,73,600 (49.46%) are allocated to QIB, 2,68,800 (15.22%) allocated to NII 6,24,000 (35.33%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 8,73,600 | 49.46% | 46.95% |
| − Anchor Investor Shares Offered | 5,18,400 | 27.86% | |
| − QIB (Ex. Anchor) Shares Offered | 3,55,200 | 19.09% | |
| NII (HNI) Shares Offered | 2,68,800 | 15.22% | 14.45% |
| − bNII > ₹10L | 1,77,600 | 9.54% | |
| − sNII < ₹10L | 91,200 | 4.90% | |
| Retail Shares Offered | 6,24,000 | 35.33% | 33.53% |
| Firm Reservations | |||
| Market Maker Shares Offered | 94,400 | 5.07% | |
| Total Shares Offered | 18,60,800 | 100.00% | 100.00% |
Investors can bid for a minimum of 3,200 shares and in multiples of 1,600 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,36,800 |
| Individual investors (Retail) (Max) | 2 | 3,200 | ₹2,36,800 |
| S-HNI (Min) | 3 | 4,800 | ₹3,55,200 |
| S-HNI (Max) | 8 | 12,800 | ₹9,47,200 |
| B-HNI (Min) | 9 | 14,400 | ₹10,65,600 |
Defrail Technologies IPO raises ₹3.84 crore from anchor investors. Defrail Technologies IPO Anchor bid date is January 8, 2026.
📝 Anchor Investors Letter (PDF)
| Bid Date | Thu, Jan 8, 2026 |
| Shares Offered | 5,18,400 |
| Anchor Portion (₹ Cr.) | 3.84 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sun, Feb 15, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Thu, Apr 16, 2026 |
Incorporated in October 2023, Defrail Technologies Limited is engaged in the business of manufacturing rubber parts and components, including rubber hoses and assemblies, rubber profiles and beadings, and moulded rubber parts. Its products find applications across industries such as automotive, railways, and defence, with the company offering clients both standard products and customised solutions tailored to their operational requirements.
Defrail Technologies traces its origins to 1980 with the establishment of Vikas Rubber Industries, followed by the formation of Impex Hitech Rubber in 2008 to serve B2B customers with expanded capabilities. On April 1, 2024, both businesses were consolidated into Defrail Technologies Limited through Business Transfer Agreements. The company primarily operates on a B2B model, supplying bulk orders to clients in the automotive sector, while also serving the B2G segment by delivering products directly to government authorities such as Indian Railways and the Defence.
The company operates two manufacturing plants in Faridabad, Haryana:
Neemka, Tigaon Road, Sector 71 (2,420 sq. yards)
Sector 24, Faridabad (4,833.33 sq. yards)
These facilities are equipped with advanced machinery enabling the production of a wide range of rubber products, including diesel and petroleum hose pipes, LPG hose pipes, nylon tubes, gaskets, grommets, air intake hoses, EPDM profiles, sponges, and aluminium window rubber beadings.
The company is ISO 9001:2015 certified for quality management systems. It is registered as a seller on the Government e-Marketplace (GeM), enabling participation in government procurement tenders and vendor contracts.
As of November 30, 2025, the company has 298 permanent employees.
Competitive Strength:
The company is an RDSO-approved vendor, enabling it to supply products to the Indian Railways sector.
The company offers a diversified product range that caters to multiple industries.
The company maintains strong relationships with both customers and suppliers, which support stable, consistent business operations.
The company has an in-house testing and research and development center, supporting product quality and innovation.
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 37.22 | 33.91 | 1.22 |
| Total Income | 39.08 | 62.22 | 0.72 |
| Profit After Tax | 1.51 | 3.42 | 0.11 |
| EBITDA | 3.44 | 5.78 | 0.14 |
| NET Worth | 10.62 | 9.12 | 0.16 |
| Reserves and Surplus | 5.46 | 3.96 | 0.11 |
| Total Borrowing | 11.78 | 11.56 | 0.41 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Purchase of equipment/machineries | 7.96 |
| 2 | Purchase and installation of Solar Panel | 1.73 |
| 3 | General Corporate Purposes | 1.74 |
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 11.44% | 73.72% |
| ROCE | 13.28% | 24.43% |
| Debt/Equity | 1.11 | 1.27 |
| RoNW | 11.44% | 73.72% |
| PAT Margin | 3.85% | 5.49% |
| EBITDA Margin | 8.80% | 9.29% |
| Price to Book Value | 4.19 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 6.62 | 4.29 |
| P/E (x) | 11.18 | 17.25 |
| Promoter Holding | 100% | 73.51% |
| Market Cap | ₹51.98 Cr. |
The Defrail Technologies IPO is subscribed 105.54 times on January 13, 2026 6:19:05 PM (Day 3). The public issue subscribed 101.28 times in the individual investors category, 71.09 times in the QIB category, and 160.95 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (x) | Shares Offered | Shares bid for | Total Applications |
|---|---|---|---|---|
| QIB (Ex Anchor) | 71.09 | 3,55,200 | 2,52,49,600 | 0 |
| NII* | 160.95 | 2,68,800 | 4,32,64,000 | 0 |
| bNII (> ₹10L) | 188.30 | 1,77,600 | 3,34,41,600 | |
| sNII (< ₹10L) | 107.70 | 91,200 | 98,22,400 | |
| Individual Investor | 101.28 | 6,24,000 | 6,31,96,800 | 0 |
| Total | 105.54 | 12,48,000 | 13,17,10,400 | 24,053 |
Total Applications: 24,053
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Book Running Lead manager(s) fees including underwriting commission | 1.00 |
| 2 | Brokerage, selling commission and upload fees | 0.10 |
| 3 | Registrars to the issue | 0.02 |
| 4 | Legal Advisors | 0.10 |
| 5 | Advertising and marketing expenses | 0.10 |
| 6 | Regulators including stock exchanges | 0.10 |
| 7 | Printing, advertising and marketing expenses | 0.03 |
| 8 | Others, if any (Market Maker fees, Peer Review Auditor, Selling and Distribution Expenses, Marketing Expenses and other misc. expenses) | 0.90 |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹74.00 |
| Open | ₹95.00 |
| Low | ₹90.25 |
| High | ₹99.75 |
| Last Trade | ₹90.25 |
Lead Manager Reports
Defrail Technologies IPO is a SME IPO of 18,60,800 equity shares of the face value of ₹10 aggregating up to ₹14 Crores. The issue is priced at ₹74 per share. The minimum order quantity is 1600.
The IPO opens on Fri, Jan 9, 2026, and closes on Tue, Jan 13, 2026.
Maashitla Securities Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Defrail Technologies IPO using UPI as a payment gateway. Zerodha customers can apply in Defrail Technologies IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Defrail Technologies IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Defrail Technologies IPO opens on Fri, Jan 9, 2026 and closes on Tue, Jan 13, 2026.
Defrail Technologies IPO lot size is 1600, and the minimum amount required for application is ₹2,36,800, with 2 lots being the minimum application size.
You can apply in Defrail Technologies IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Defrail Technologies IPO will be done on Wednesday, January 14, 2026, and the allotted shares will be credited to your demat account by Thu, Jan 15, 2026. Check the Defrail Technologies IPO allotment status.
The Defrail Technologies IPO listing date is on Mon, Jan 19, 2026.
