IPO Subscription Today 3 Nov: Maxwell 139x, HGS 46x on Final Day
Four SME IPOs close for subscription today, 3 November 2026, and the gap between them could hardly be wider. Maxwell Engineering Solutions leads the pack at 139.40 times on the final day, HGS (India) follows at 45.93 times, while Johnsoncab Electricals (2.71x) and Vectras Enprocon (1.48x) have only just crossed full subscription. Bidding closes at 5 PM today, so these midday figures will still move. Vedant Poly Fabs, the only other open issue, is on Day 2 at 0.47 times and closes tomorrow.
All subscription figures below are exchange-sourced data as of around 11:00 AM IST on 3 November 2026, via IPO Watch. Grey market premiums (GMP) quoted are unofficial, market-reported figures and are subject to change.
IPO Subscription Status Today (3 November 2026, ~11 AM IST)
| IPO | QIB | NII | Retail | Total | Closes |
|---|---|---|---|---|---|
| Maxwell Engineering Solutions (SME) | 0.00x | 221.97x | 183.09x | 139.40x | Today, 3 Nov |
| HGS (India) (SME) | 4.88x | 78.31x | 55.37x | 45.93x | Today, 3 Nov |
| Johnsoncab Electricals (SME) | 0.99x | 4.46x | 2.95x | 2.71x | Today, 3 Nov |
| Vectras Enprocon (SME) | 1.42x | 1.49x | 1.52x | 1.48x | Today, 3 Nov |
| Vedant Poly Fabs (SME) | 0.00x | 0.73x | 0.29x | 0.47x | Tomorrow, 4 Nov |
Maxwell Engineering: 139.40x and Still Climbing
Maxwell Engineering Solutions is the standout of this SME batch. The ₹150–158 price band issue has been subscribed 139.40 times by late morning on its final day, driven almost entirely by non-institutional and retail investors — NII at 221.97 times and retail at 183.09 times — while the QIB portion remains unsubscribed at 0.00 times. The unofficial grey market premium of around ₹80 (about 50% over the ₹158 upper band) points to a strong listing, though GMP is unofficial and does not guarantee listing gains. The issue closes today; allotment is expected around 4 November, with listing likely on 6 November.
HGS (India): 45.93x on Strong Retail and HNI Demand
HGS (India), the geophone and seismic-cable maker, has been subscribed 45.93 times by late morning, with NII at 78.31 times, retail at 55.37 times and QIB at 4.88 times. The ₹114–120 issue had already built solid momentum by Day 2 (around 20.8 times) and has more than doubled since. Its unofficial GMP of around ₹30 (about 25% over the upper band) suggests a healthy debut. Allotment is scheduled for 4 November, with listing expected on 6 November on NSE and BSE SME platforms.
Johnsoncab and Vectras: Just Over the Line
Johnsoncab Electricals (₹190–200 band) stands at 2.71 times overall — NII 4.46 times, retail 2.95 times, QIB 0.99 times — with an unofficial GMP of around ₹10 (about 5%). Vectras Enprocon (₹99–105 band) is the weakest of the four at 1.48 times, fairly evenly spread across categories (QIB 1.42x, NII 1.49x, retail 1.52x), with no reliable GMP quote reported. Both need the final hours of bidding to firm up; allotment for both is expected around 4 November, with listing around 6 November.
Vedant Poly Fabs: Day 2 at 0.47x
Vedant Poly Fabs, which opened on 2 November at ₹88–94, is on Day 2 at 0.47 times overall (NII 0.73x, retail 0.29x, QIB 0.00x). It has until tomorrow, 4 November, to close, and its unofficial GMP of around ₹15 will be watched alongside the final-day bidding trend.
Today's Listings: BLS Polymers Jumps 65%, Wiscon Flat
Three IPOs debuted today. BLS Polymers stole the show, listing at ₹248 on NSE — a 65.33% premium over its ₹150 issue price — and ₹244.10 on BSE (+62.73%), before rallying to an intraday high of ₹285.25 (about 90% above issue price). The ₹255 crore issue had closed at 241.22 times. SFC Environmental Technologies listed at ₹354.05 on BSE, up 7.28% over its ₹330 issue price. Wiscon Industries listed flat at ₹204 on BSE SME, matching its issue price, and slipped slightly to ₹202 in early trade.
Allotment Tonight: Bombay Coated and Antala
Allotment is expected tonight for Bombay Coated and Special Steels (mainboard, closed 2 November at 63.89 times) and Antala Industries (SME, closed 2 November at 1.13 times). Investors can check allotment status on the registrar's website or the exchange websites once the basis of allotment is finalised.
Key Dates at a Glance
| IPO | Close | Allotment (expected) | Listing (expected) |
|---|---|---|---|
| Maxwell Engineering | 3 Nov 2026 | 4 Nov 2026 | 6 Nov 2026 |
| HGS (India) | 3 Nov 2026 | 4 Nov 2026 | 6 Nov 2026 |
| Johnsoncab Electricals | 3 Nov 2026 | 4 Nov 2026 | 6 Nov 2026 |
| Vectras Enprocon | 3 Nov 2026 | 4 Nov 2026 | 6 Nov 2026 |
| Vedant Poly Fabs | 4 Nov 2026 | 5 Nov 2026 | 7 Nov 2026 |
| Bombay Coated & Special Steels | 2 Nov 2026 | 3 Nov 2026 (tonight) | 6 Nov 2026 |
| Antala Industries | 2 Nov 2026 | 3 Nov 2026 (tonight) | 6 Nov 2026 |
Also read: IPO GMP Today 3 Nov: BLS Polymers Lists, 4 SME IPOs Close and SECL IPO: Coal India to Sell 10% Stake via DRHP Filing.
FAQs
Which IPO is most subscribed today, 3 November 2026?
Maxwell Engineering Solutions leads at 139.40 times as of around 11 AM IST on its final day, followed by HGS (India) at 45.93 times.
What time does IPO bidding close today?
IPO bidding closes at 5 PM IST. Final subscription figures for Maxwell, HGS, Johnsoncab and Vectras will be available after the close.
When is the allotment for the IPOs closing today?
Allotment for the four SME IPOs closing today is expected around 4 November 2026, with listing expected around 6 November 2026. These dates are tentative and subject to the registrar's schedule.
How did BLS Polymers list today?
BLS Polymers listed at ₹248 on NSE (+65.33%) and ₹244.10 on BSE (+62.73%) against its ₹150 issue price, and hit an intraday high of ₹285.25.
Is GMP a reliable indicator of listing gains?
No. Grey market premium is unofficial, unregulated and can change quickly. It reflects market sentiment, not a guaranteed listing price — Wiscon Industries, for example, listed exactly flat at its issue price today.
Conclusion
Today's SME close is a two-speed story: Maxwell and HGS are runaway successes, while Johnsoncab and Vectras are scraping past full subscription. With bidding open until 5 PM, the final numbers — and the grey market's verdict — will set up the 6 November listing day. Investors who applied to Bombay Coated and Antala should check allotment status tonight.
Disclaimer: Subscription figures are exchange-sourced data as of around 11:00 AM IST on 3 November 2026 and will change before the 5 PM close. GMP figures are unofficial market-reported estimates, not investment advice. Verify allotment and listing dates against the registrar and exchange announcements.