January 2026 IPO Outlook: BCCL and SME Buzz Dominates the Grey Market

The primary market has kicked off 2026 with significant momentum, particularly in the PSU and SME sectors. The spotlight is currently on the Bharat Coking Coal Limited (BCCL) IPO, a subsidiary of Coal India. As the first major mainboard issue of the year, its grey market performance is being closely watched. With a price band of ₹21–₹23, the GMP has already jumped to +₹16.5, signaling a potential listing gain of over 70%.

While the mainboard captures the headlines, the SME (Small and Medium Enterprise) segment is where the real "fire" is. Companies like Gabion Technologies and Yajur Fibres are seeing massive subscription interests. Gabion Technologies, for instance, is trading with a GMP of nearly ₹30 against its ₹81 price band. This trend shows that liquidity is flowing heavily into niche engineering and infrastructure-linked companies as we start the new year.

A key trend in 2026 is the "Fresh Issue" preference. Investors are showing more interest in companies like Gabion, where 100% of the proceeds go toward growth, rather than "Offer for Sale" (OFS) structures where existing promoters exit. This preference is reflected in the grey market, where fresh-issue-heavy IPOs often command a more stable and higher premium compared to pure OFS issues.

Despite the bullishness, seasoned investors are staying cautious due to the unofficial nature of these trades. The grey market often reacts prematurely to subscription data. If an IPO is oversubscribed by 100x, the GMP often spikes, but if the broader market (Nifty/Sensex) turns red on the listing day, those premiums can evaporate instantly. The current 2026 trend suggests a "sell on listing" mentality for many, given the high initial premiums.