The key highlight of the week is the Shadowfax Technologies IPO, the only mainboard issue opening during this period. The public issue is sized at Rs 1,907.27 crore and combines a fresh issue of equity shares with an offer for sale by existing shareholders.
The price band for the IPO has been fixed at Rs 118 to Rs 124 per share. The issue will open for subscription on January 20 and close on January 22. Post-bidding, the allotment is expected to be finalised on January 23, with the stock likely to list on both the BSE and NSE on January 28, subject to final approvals.
SME IPOs Opening This Week
Alongside the mainboard offering, three companies from the SME segment will enter the primary market.
Digilogic Systems IPO will open on January 20 and close on January 22. The issue size stands at Rs 81.01 crore, with a price band of Rs 98–104 per share. The company is expected to list on the BSE SME platform on January 28.
KRM Ayurveda IPO will open a day later, on January 21 and remain available for bidding until January 23. The Rs 77.49 crore issue is priced between Rs 128 and Rs 135 per share, with a tentative listing on the NSE SME platform on January 29 after allotment on January 27.
Shayona Engineering IPO, a completely fresh issue, will open on January 22 and close on January 27. Allotment is expected on January 28, followed by a listing on the BSE SME platform on January 30.
Listings To Watch During The Week
Beyond new subscriptions, the market will also see a busy listing calendar. Bharat Coking Coal, whose debut was earlier postponed, is now expected to list on January 19. On the same day, Defrail Technologies (BSE SME) and Avana Electrosystems (NSE SME) are also scheduled to debut.
The momentum continues on January 21, when GRE Renew Enertech, INDO SMC, Narmadesh Brass Industries, and Amagi Media Labs are expected to list across platforms. Armour Security is slated for listing on January 22, while Aritas Vinyl is expected to debut on January 23.
(Disclaimer: This article is meant solely for informational and educational purposes. The views and opinions expressed are those of individual analysts or brokerage firms and do not reflect the stance of Times Now. Readers are advised to consult certified financial experts before making any investment decisions.)
Next week (January 19–23, 2026) is shaping up to be one of the busiest periods for the Indian primary market this year. The "one big IPO" taking center stage is the tech-backed logistics giant Shadowfax Technologies, while a flurry of SME (Small and Medium Enterprise) issues will provide plenty of action for smaller-ticket investors.
Here is why the coming week is a "must-watch" for the markets:
1. The Headliner: Shadowfax Technologies
The mainboard is dominated by Shadowfax Technologies, which opens its subscription window on January 20.
Issue Size: Approx. ₹1,907 crore.
Price Band: ₹118 – ₹124 per share.
Why it matters: As a major player in the "quick commerce" and last-mile delivery space (serving clients like Flipkart and Meesho), this IPO is seen as a litmus test for investor appetite in the high-growth logistics sector for 2026.
2. The SME "Pack": 4 Emerging Players
While Shadowfax grabs the headlines, the SME segment is seeing a "clustering" effect where several niche companies are listing simultaneously.
| Company Name | IPO Type | Open Date | Price Band |
| KRM Ayurveda | SME | Jan 19 | ₹128 – ₹135 |
| Digilogic Systems | SME | Jan 20 | ₹98 – ₹104 |
| Aritas Vinyl | SME | Ongoing (closes Jan 20) | ₹40 – ₹47 |
| Armour Security India | SME | Ongoing (closes Jan 19) | ₹55 – ₹57 |
3. The "Big Debut" on Monday
Investors will also be watching the listing of Bharat Coking Coal Ltd (BCCL) on Monday, January 19.
Context: Its listing was originally scheduled for earlier but was postponed due to municipal holidays in Maharashtra.
Expectation: After being oversubscribed 146 times, market participants are watching for a significant "listing pop" to set the sentiment for the rest of the week.
Why is everyone rushing to list now?
Pre-World Cup Liquidity: With the T20 World Cup starting in early February, companies are keen to wrap up fundraising before national attention shifts to cricket.
Market Resilience: Despite recent volatility in the Sensex, the primary market (IPOs) has remained robust with high subscription numbers, encouraging more firms to tap the markets.
Sector Rotations: The mix of logistics (Shadowfax), healthcare (KRM Ayurveda), and defense/electronics (Digilogic) reflects a shift toward specialized, sector-specific investing rather than broad-market plays.
Would you like me to pull the "Grey Market Premium" (GMP) for Shadowfax or any of these SME IPOs to see how they might perform on listing day?
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