The company’s IPO, which was open for subscription between January 9 and January 13, was priced at Rs 74 per share. Based on the current GMP, the stock is expected to list around Rs 90-92, though grey market trends are unofficial and can change closer to listing.
The Rs 14 crore IPO was entirely a fresh issue, comprising 18.6 lakh shares, with no offer-for-sale component. At the issue price, Defrail Technologies was valued at about Rs 52 crore pre-listing. The funds raised are earmarked primarily for the purchase of new equipment and machinery, installation of solar panels, and general corporate purposes.
Investor interest in the issue was strong, with the IPO being subscribed over 105 times overall. Demand was particularly robust in the non-institutional investor category, while retail participation was also healthy. The company had raised about Rs 3.84 crore from anchor investors ahead of the public issue.
Defrail Technologies operates in the manufacturing of rubber parts and components, including hoses, profiles, moulded rubber parts and assemblies, supplying largely to automotive, railways and defence sectors. The company follows a predominantly B2B model and also caters to government clients, including Indian Railways, aided by its RDSO-approved vendor status.
Incorporated in its current form in 2023, the company consolidated legacy businesses into Defrail Technologies in 2024 and operates two manufacturing facilities in Faridabad, Haryana. As of November 2025, it had a workforce of nearly 300 employees.
For the six months ended September 2025, the company reported total income of about Rs 39 crore and a profit after tax of Rs 1.5 crore, reflecting a relatively small but growing scale of operations.With the strong subscription response and a healthy grey market premium, market participants will be watching closely to see how Defrail Technologies performs on listing day, especially amid active interest in SME IPOs.
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