Mittal Sections IPO Subscribed 1.23× on Day 1; Retail Investors Lead with 2.19× Subscription

Mumbai, 7 October 2025: The initial public offering (IPO) of Mittal Sections Limited, a Gujarat-based steel manufacturer, recorded a subscription of 1.23 times on the first day of bidding, with retail investors driving early participation at 2.19 times of their allocated quota. The IPO, sized at ₹52.91 crore, opened on 7 October and will close on 9 October 2025.

Headquartered in Ahmedabad, Mittal Sections Limited  IPO produces mild steel and structural steel products, including MS flat bars, round bars, angles, and channels under the brand “MSL-Mittal.” The company operates two BIS-certified and ISO 9001:2015 compliant plants in Changodar, with total installed capacity of 36,000 MTPA, scheduled for expansion to 96,000 MTPA by FY2026. Its products cater to the construction, infrastructure, and engineering sectors, led by promoters Ajaykumar Balwantrai Mittal and Atul Balwantrai Mittal, each with over two decades of industry experience.

Mittal Sections IPO Retail Investors Propel Early Momentum with 2.19× Subscription by Day 1, 4:54 PM

Retail investors quickly dominated the IPO subscription, bidding for 36.42 lakh shares against the offered 16.65 lakh shares, amounting to a total commitment of ₹52.08 crore by 4:54:49 PM. The high demand in this segment underscores significant interest from individual participants within the first day of listing.

Mittal Sections IPO Institutional Participation Moderate as QIB and NII Segments Show Lower Subscriptions

The Qualified Institutional Buyers (QIB) segment, excluding anchor investors, saw 0.75 times subscription with 1.39 lakh shares bid against the offered 1.85 lakh shares, representing ₹1.99 crore in commitments. Meanwhile, Non-Institutional Investors (NIIs) recorded a 0.32 times subscription, with bids amounting to 5.30 lakh shares against the total offer of 16.65 lakh shares, aggregating to ₹7.58 crore. Further segmentation showed bids above ₹10 lakh (bNII) at 0.27 times and below ₹10 lakh (sNII) at 0.42 times, reflecting a cautious institutional engagement relative to retail investors.

Mittal Sections IPO Mittal Sections IPO Price Band Set at ₹136–₹143 per Share, Listing Scheduled for 14 October 2025

The book-built IPO is a fresh issue of 37 lakh shares, with a minimum investment requirement of ₹1.36 lakh for two lots of 1,000 shares each. The offering is planned for listing on BSE SME on 14 October 2025, providing market participants a window to assess the company’s valuation and subscription trend.

Day 1 Subscription Signals Retail Interest Driving Initial Momentum, Institutional Participation Expected to Consolidate

The Day 1 subscription trend shows a clear preference from individual investors, who accounted for the majority of bids by volume and value. The more measured institutional response, particularly in QIB and NII segments, suggests that subsequent days of the IPO could see consolidation as larger institutional bids are typically placed closer to the closing period.

The first-day subscription data highlights significant engagement from retail investors and establishes a benchmark for evaluating the remaining subscription period. Companies and market analysts can observe participation trends to understand market appetite for SME IPOs and the dynamics between retail and institutional investors.

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