IPO Subscription Status Today (31 October 2026): Maxwell 4.62x Leads, Bombay Coated 3.78x
31 October 2026 — Saturday midday update: Indian markets are closed today, so there is no live bidding. The subscription figures below are the closing readings from Friday, 30 October, and they will stay frozen until bidding resumes on Monday, 2 November. Three IPOs remain open — Maxwell Engineering Solutions, Bombay Coated & Special Steels, and HGS (India) — while EAAA India Alternatives lists on Monday and BLS Polymers and SFC Environmental Technologies follow on Tuesday.
Open IPOs at a glance (Friday close, 30 October)
| IPO | Price band | Closes | Overall subscription | GMP (unofficial) |
|---|---|---|---|---|
| Maxwell Engineering Solutions (NSE SME) | ₹150–158 | 3 November | 4.62x | ₹70 (~44%) |
| Bombay Coated & Special Steels (Mainboard) | ₹78–82 | 2 November | 3.78x | ₹7 (~8.5%) |
| HGS (India) (NSE SME) | ₹114–120 | 3 November | 1.53x | ₹30 (~25%) |
Grey market premiums are unofficial, market-reported figures and can change quickly. They are not exchange prices and do not guarantee listing gains.
Maxwell Engineering Solutions: 4.62x on Day 1, retail leads
Maxwell Engineering Solutions, a Vadodara-based maker of precision components for underwater pelletising systems, was subscribed 4.62 times on its first day of bidding on Friday, according to exchange data reported by HDFC Sky. Bids came in for 1,10,90,400 shares against 24,01,600 shares on offer.
- Retail investors: 7.37x — the strongest category, with bids for 88,48,000 shares against 12,00,000 on offer.
- Non-institutional investors (NII): 4.33x.
- Qualified institutional buyers (QIB, excluding anchor): no bids recorded by the 5:10 PM Friday reading — a figure to watch when bidding resumes on Monday.
The ₹57.64 crore issue is a pure fresh issue of 36.48 lakh shares. Allotment is expected on 4 November and listing on NSE SME is tentatively scheduled for 6 November. The unofficial GMP of around ₹70 implies an estimated listing price near ₹228 against the ₹158 upper band, but that premium is market-reported and subject to change.
Bombay Coated & Special Steels: 3.78x on Day 2, QIBs lead
Bombay Coated & Special Steels, a steel coil processor serving appliance, automotive and electrical equipment makers, closed its second day of bidding at 3.78 times overall on Friday, per exchange data reported by Upstox. The ₹183 crore mainboard issue received bids for about 6.26 crore shares against 1.65 crore on offer.
- QIB: 6.56x — institutional demand drove the Day 2 jump.
- Retail: 3.02x.
- NII: 1.80x.
The issue opened on 29 October and closes on Monday, 2 November — so Monday is the final day to bid. Allotment is tentatively expected on 3 November, with listing on BSE and NSE expected on 5 November. The unofficial GMP is around ₹7 (~8.5%) over the ₹82 upper band.
HGS (India): 1.53x on Day 1, QIBs carry the book
HGS (India), a seismic equipment maker (geophones, geophone strings, seismic cables and connectors), was subscribed 1.53 times on its first day, according to ET Now's exchange-data table — bids for 31,68,000 shares against 20,66,400 on offer.
- QIB: 4.43x.
- NII: 0.92x.
- Retail: 0.25x — the weakest leg so far, and the one to watch on Monday.
The ₹34.56 crore NSE SME issue (₹114–120, lot of 1,200 shares) closes on 3 November, with allotment expected on 4 November and listing on 6 November. The unofficial GMP is around ₹30 (~25%). For the full company profile, financials and review, see our HGS India IPO deep-dive.
Listings coming up: EAAA on Monday, BLS and SFC on Tuesday
| IPO | Final subscription | Lists | GMP (unofficial) |
|---|---|---|---|
| EAAA India Alternatives | 5.25x (QIB 13.13x, NII 4.57x, retail 1.03x) | 2 November | ~₹52 (~3%) |
| BLS Polymers | 241.22x (QIB 200.25x, NII 559.20x, retail 128.36x) | 3 November | ~₹68–73 (~45–49%) |
| SFC Environmental Technologies | 9.47x (QIB 18.81x, NII 12.81x, retail 2.71x) | 3 November | ~₹20 (~6%) |
EAAA India Alternatives — the Edelweiss Group's alternative investment platform — closed on 28 October with a ₹1,200 crore pure offer-for-sale; its allotment was finalised on 29 October and shares list on BSE and NSE on Monday. BLS Polymers and SFC Environmental Technologies, which both closed on 29 October, had their allotments finalised on 30 October and list on Tuesday, 3 November. BLS, subscribed 241.22 times, carries the strongest unofficial premium of the three.
Also opening on Monday, 2 November is Vedant Poly Fabs, an SME IPO (₹88–94, ~₹57 crore) that closes on 4 November and is tentatively scheduled to list on 9 November.
What to watch on Monday, 2 November
- Bombay Coated closes — final-day bidding will decide whether retail and NII demand catches up with the QIB book.
- Maxwell and HGS resume bidding — watch whether QIBs enter Maxwell and whether retail picks up in HGS.
- EAAA lists — the first listing of the week, with a modest unofficial premium suggesting a quiet debut.
- Vedant Poly Fabs opens — the week's first new SME issue.
FAQs
Are any IPOs open for subscription today, 31 October?
No. Saturday is a market holiday, so no bidding takes place. Maxwell Engineering Solutions, Bombay Coated & Special Steels and HGS (India) remain open, but bidding resumes on Monday, 2 November.
Which open IPO is subscribed the most?
Maxwell Engineering Solutions leads at 4.62x after Day 1, followed by Bombay Coated & Special Steels at 3.78x after Day 2 and HGS (India) at 1.53x after Day 1.
Which IPO closes first?
Bombay Coated & Special Steels closes on Monday, 2 November. Maxwell and HGS both close on Tuesday, 3 November.
Which IPOs list next week?
EAAA India Alternatives lists on 2 November; BLS Polymers and SFC Environmental Technologies list on 3 November; Bombay Coated & Special Steels is expected on 5 November; Maxwell and HGS are tentatively scheduled for 6 November.
Is the grey market premium a reliable listing indicator?
No. GMP is an unofficial, unregulated market indication. It reflects sentiment at a point in time, changes through the day, and does not guarantee the actual listing price.
Conclusion
With markets shut on Saturday, Friday's numbers are the story: Maxwell's retail-led 4.62x Day 1, Bombay Coated's QIB-driven 3.78x Day 2, and HGS's QIB-carried 1.53x. Monday is a busy day — Bombay Coated closes, EAAA lists, Vedant Poly Fabs opens, and Maxwell and HGS resume bidding. For this morning's grey market snapshot, see our IPO GMP Today (31 October) roundup.
Disclaimer: Subscription figures are as reported from exchange data by the cited trackers at Friday's close and may differ slightly by snapshot time. GMP figures are unofficial and subject to change. This article is for information only and is not investment advice.