Narmadesh Brass Industries IPO: Shares debut below expectations
Narmadesh Brass Industries started trading on the BSE SME at ₹495 per share, about 4% lower than its ₹515 issue price. The stock quickly dropped further to ₹470.25, hitting its 5% lower circuit, which is down 8.7% with respect to the issue price.
Notably, there was no gray market premium for this IPO.
What does Narmadesh Brass Industries do?
Based in Jamnagar, Narmadesh Brass Industries makes brass rods, valves, plumbing fittings, and parts used in everything from construction to agriculture and automobiles.
Their products reach both Indian and international customers.
Other key details
The IPO opened on January 12, 2026, with sources differing on whether it closed on January 15 or January 16, 2026, raising about ₹36 crore through fresh shares and another ₹8.8 crore via an offer for sale.
Funds will go toward loans, new machines, working capital, and general needs.
The IPO saw moderate demand with a subscription of 1.25 times.
Financially, revenue grew by 11% in 2025 but profits dipped by 19%.