January 2026 IPO Roundup — From SME Surprises to Mainboard Realities

The final week of January 2026 has been a roller coaster for IPO investors. While the Shadowfax Technologies Mainboard IPO dominated headlines, its listing on January 28 told a cautionary tale. Despite a peak GMP of ₹16 (approx. 13% premium) earlier in the month, the stock listed at a discount of nearly 9%, proving once again that Grey Market Premiums are a sentiment gauge, not a guarantee.

Currently, the focus has shifted entirely to the SME segment, which is seeing significant activity:

• Msafe Equipments (SME): This is the current "star" of the GMP watch. With an issue price of ₹123, it is commanding a healthy GMP of ₹11 (nearly 9% gain) as of January 28. It opened for subscription on Jan 28 and has already seen strong interest from retail and HNI investors.
• Accretion Nutraveda (SME): Opening alongside Msafe, this IPO is being watched closely for its financials. While the initial GMP started at a flat ₹0 (Par), the subscription status on Day 1 reached 0.20x, showing steady, if not explosive, demand.
• Kanishk Aluminium India: This fixed-price issue (₹73) is currently trading with a ₹10 premium in some grey market circles, though official trackers are staying conservative until subscription numbers pick up.

Investor Takeaway: With many recent listings like Bharat Coking Coal delivering massive 76% gains earlier this month, the market is "cherry-picking" SMEs with strong parentage or unique niche markets.