January often starts slowly as investors return from the year-end holidays and assess the broader direction of the market before committing new capital. While the pipeline for large IPOs remains healthy at the end of the quarter, companies appear in no rush to test sentiment in the early days of the year.
That said, the SME segment remains active, with three companies launching issues between January 6 and January 9, including infrastructure materials, electric mobility and sustainable textiles. Only one listing is scheduled for next week from Modern Diagnostic.
Gabion Technologies India IPO
Gabion Technologies India will be the first IPO of the new year, with its issue opening on January 6 and closing on January 8. The company is about Rs. 29 crore, entirely through a new issue, and will be listed on the BSE SME platform.
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Gabion Technologies operates in a niche but essential segment of infrastructure development, supplying steel gabions, rockfall protection systems and geosynthetic products used in roads, railways, irrigation, mining and defense projects. The company has executed projects in several sectors, including highways and railways, and works closely with government agencies and contractors.
The proceeds from the IPO will be largely used to meet working capital requirements, reflecting the execution-heavy nature of its business. While revenue growth has remained relatively stable, margins remain sensitive to raw material costs and project timelines, making execution a key factor to track post-listing.
Vijay Electric Vehicles International
Victory Electric Vehicles will open its issue a day later, on January 7, with subscriptions closing on January 9. The company raised through a fixed-price SME IPO around Rs. 35 crore and will be listed on the NSE SME platform.
The company focuses on electric two-wheelers and three-wheelers with a strong presence in e-rickshaws and electric cargo vehicles. Victory Electric Vehicles operates in multiple states through a dealer-led distribution model and caters to both commercial and last-mile mobility demand.
The proceeds of the IPO are expected to be used to support capital expenditures and working capital, expansion and product development. While the electric mobility space remains crowded, demand for low-cost commercial EVs continues to grow, especially in small cities and logistics-driven use cases. Investors, however, are expected to closely watch competitive pressures and price discipline in the sector.
Yajur Fibers IPO
The biggest IPO of the week will come from Yajur Fibers, which will open on January 7 and close on January 9, targeting around Rs. 120 crores to be collected. The issue will be listed on the BSE SME platform.
Yajur Fibers is a long-established player in the processing of jute, jute and jute bast fibers. The company specializes in natural fiber cotton, which makes them suitable for blending with cotton and man-made yarns. Its products are supplied to spinning and weaving mills in India and abroad.
A significant portion of the IPO proceeds will be earmarked for capacity expansion, setting up new processing facilities and funding working capital. The company also plans to invest through its subsidiary to expand into linen yarn manufacturing. While sustainability-focused textiles are gaining traction globally, the business remains capital-intensive, and returns will depend on usage levels and export demand.
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