Nilachal Carbo Metalicks IPO Day 2: Subscription Rises to 1.38×, Retail Demand Improves

Mumbai, September 9, 2025: Nilachal Carbo Metalicks’ SME IPO saw robust investor interest for the second day of bids. Up until 11:03 a.m. IST, subscription rose to around 1.38 times from 1.28 times at the same time on Day 1, when 8.67 million bids were received against an issue of 6.27 million shares. The issue size for the IPO is ₹56.10 crores, with a combination of fresh issue of 0.26 crore shares, amounting to ₹22.10 crores and offer for sale of 0.40 crore shares, amounting to ₹34.00 crores. The IPO opened for subscription on September 8, and will close on September 11, 2025. The allotment is expected to be finalised on September 12, and the shares are expected to list on BSE SME on September 16, 2025.

Nilachal Carbo Metalicks Limited is an Indian company that manufactures high-quality metallurgical coke. The company was established on 13th February 2003 and has its headquarters in Bhubaneswar, Odisha, India.

Non-Institutional Demand Roars, Retail Piles Up Sharply

Non-institutional investors (NIIs) were the busiest category, with bids covering almost 1.94× of their reserved quota, reflecting strong HNI buying. Retail investors enhanced their take-up to 0.83×, from 0.71× on day one, reflecting increased confidence among individual bidders. However, Qualified institutional buyers (QIBs) have yet to take part in the offer. Market observers will be keeping a close eye on any last-minute interest from this segment, especially considering the IPO’s brisk early pace.

It remains to be seen how the IPO performs in the next two days. Analysts expect the interest to go higher in the coming days, which can help the IPO at the time of its listing.

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