Two initial public offerings that closed on October 19, 2026, will list on Friday, October 23: Shellz India, a Rs 59.97 crore issue for the BSE SME platform, which was subscribed 58.54 times, and Sahajanand Medical Technologies, a Rs 475.48 crore offer on the BSE and NSE main boards, which was subscribed 14.21 times, according to HDFC Sky. Both opened on October 15, and allotment was on October 21. Shellz sold 33.50 lakh fresh shares at Rs 170 to Rs 179, with a minimum retail lot of 1,600 shares. Sahajanand’s issue is entirely an offer for sale of 1,38,22,116 shares at Rs 327 to Rs 344 each, and the minimum retail investment is Rs 14,792 for 43 shares.
The argument that investor appetite is healthy is clear from the demand in both. Shellz was subscribed 58.54 times, with qualified institutions at 41.92 times, non-institutional investors at 86.41 times and individual investors at 56.09 times, and the large non-institutional segment alone, at 98.42 times, bid almost a hundred times its quota. Sahajanand’s institutional buyers bid 34.70 times, large non-institutional investors 16.37 times and small ones 11.19 times, which is strong for a mainboard issue of nearly Rs 500 crore, and both issues were fully subscribed in every major category except the employee quota. Two listings in the week that Jio Platforms is raising Rs 30,213 crore show that demand for smaller issues has not dried up.
The argument for caution begins with what the subscription numbers do not say. Sahajanand’s retail portion was subscribed only 3.04 times, compared with 34.70 times for institutions, and the employee reserve was filled only 0.37 times, so the mainboard issue depended on large investors more than on households. Because the whole issue is an offer for sale, none of the Rs 475.48 crore goes to the company, as existing shareholders are the sellers. Shellz is an SME issue whose lots of 1,600 shares mean a minimum investment of nearly Rs 2.9 lakh at the upper band, and the HDFC Sky reports gave no information on grey market premiums or the use of proceeds, so investors cannot judge from the subscription alone whether a listing gain is likely.
The two listings matter because they will show how the market is treating issues of different sizes in the same week as the largest offer in India’s history. If both open above their issue price, it will encourage more companies to come to the market, and if they open below, it may weigh on sentiment. For small investors, the difference between 58.54 times and 14.21 times is a reminder that high subscription raises the chance that an application will not be allotted. The merchant bankers, Socradamus Capital for Shellz and Motilal Oswal for Sahajanand, have an interest in a smooth debut. Bigshare Services is the registrar and Mansi Share and Stock Broking the market maker for Shellz, while MUFG Intime India is the registrar for Sahajanand, and refunds for both will be credited on October 22.
Both issues have had strong demand, and one has a weaker retail base. The listing day prices will give the first verdict.