Defrail Technologies IPO will open for subscription on January 9, 2026, and close on January 13, 2026. The IPO allotment is scheduled for January 14, 2026, while the shares are expected to be listed on BSE SME on January 16, 2026. This is a book build issue with a price band fixed at ₹70 to ₹74 per equity share and a face value of ₹10 each.
The company plans to raise around ₹14 crores through this IPO, which consists entirely of a fresh issue of equity shares. There is no offer for sale component in the issue. The IPO allocation is split with 50% reserved for QIBs, 15% for NIIs, and 35% for retail investors.
Contents
Defrail Technologies IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | January 9, 2026 |
| IPO Close Date | January 13, 2026 |
| Face Value | ₹10 per equity share |
| IPO Price Band | ₹70 to ₹74 per share |
| Issue Size | Approx ₹14 crores |
| Fresh Issue | Approx ₹14 crores |
| Issue Type | Book Build Issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Defrail Technologies IPO
Open: 9-13 Jan
Issue Size: ₹14 Cr.
Objective: To use IPO money for machinery, solar panels and corporate needs.
Exchange: BSE SME
Defrail Technologies IPO Review
Defrail Technologies has shown sharp growth in revenue and profitability in FY2025 compared to FY2024, mainly due to business consolidation and expansion into government and institutional segments. The company operates in a niche rubber manufacturing space catering to automotive, railways, and defence sectors, which provides stable long-term demand.
However, the business has a short listed history as a merged entity and operates in a competitive segment. Considering financial growth and sector presence, the IPO carries moderate risk and is suitable for investors with a long-term view. Overall, the IPO outlook remains neutral.
Defrail Technologies IPO Market Lot
The minimum application size for Defrail Technologies IPO is 3,200 shares, requiring an investment of ₹2,36,800 at the upper price band.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 3,200 | ₹2,36,800 |
| Retail Maximum | 2 | 3,200 | ₹2,36,800 |
| S-HNI Minimum | 3 | 4,800 | ₹3,55,200 |
| S-HNI Maximum | 8 | 12,800 | ₹9,47,200 |
| B-HNI Minimum | 9 | 14,400 | ₹10,65,600 |
IPO Reservation
| Investor Category | Shares Offered | % Shares |
|---|---|---|
| Anchor Investor | 5,18,400 | 27.86% |
| QIB (Ex-Anchor) | 3,55,200 | 19.09% |
| NII | 2,68,800 | 14.45% |
| Retail | 6,24,000 | 33.53% |
Defrail Technologies IPO Anchor Investors
| Particular | Details |
|---|---|
| Anchor Bidding Date | January 8, 2026 |
| Anchor Investors List | View PDF |
| Shares Offered | 5,18,400 shares |
| Anchor Size | |
| Lock-in Period End Date (50% – 30 Days) | February 13, 2026 |
| Lock-in Period End Date (50% – 90 Days) | April 14, 2026 |
Defrail Technologies IPO Important Dates
| Event | Date |
|---|---|
| IPO Open Date | January 9, 2026 |
| IPO Close Date | January 13, 2026 |
| Basis of Allotment | January 14, 2026 |
| Refunds | January 15, 2026 |
| Credit to Demat Account | January 15, 2026 |
| IPO Listing Date | January 16, 2026 |
| Bidding Cut-off Time | January 13, 2026 – 5 PM |
Promoters and Holding Pattern
The promoters of Defrail Technologies Limited are Mr. Vivek Aggarwal, Mr. Abhishek Aggarwal, Ms. Ashi Aggarwal, and Mr. Dinesh Aggarwal.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 51,63,620 | 100% |
| Promoter Holding Post Issue | 70,24,420 |
Objects of the Issue
The net proceeds from the IPO will be utilised primarily for business expansion and operational strengthening. A major portion will be used for the purchase of equipment and machineries to enhance manufacturing capacity.
The company also plans to invest in the purchase and installation of solar panels to reduce energy costs and improve operational efficiency. The remaining funds will be used for general corporate purposes to support day-to-day business requirements.
About Defrail Technologies Limited
Defrail Technologies Limited was incorporated in October 2023 and is engaged in manufacturing rubber components such as rubber hoses and assemblies, rubber profiles, beadings, and moulded rubber parts. These products are widely used in automotive, railway, and defence applications.
The business traces its origins to Vikas Rubber Industries established in 1980, followed by Impex Hitech Rubber in 2008 to serve B2B clients. Both entities were merged into Defrail Technologies Limited on April 1, 2024, to directly cater to B2G customers, including Indian Railways and defence organisations.
The company operates two manufacturing facilities in Faridabad, Haryana, equipped with modern machinery for producing diesel and petroleum hose pipes, LPG hoses, nylon tubes, gaskets, grommets, and air intake hoses.
Defrail Technologies IPO Financials
Amount in ₹ Crores
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 0.72 | 0.57 | 0.11 | 1.22 |
| 2025 | 62.22 | 58.24 | 3.42 | 33.91 |
| September 2025 | 39.08 | 36.48 | 1.51 | 37.22 |
Defrail Technologies IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE | 73.72% |
| ROCE | 24.43% |
| EBITDA Margin | 9.29% |
| PAT Margin | 5.49% |
| Debt to Equity Ratio | 1.27 |
| EPS | ₹6.62 (Basic) |
| P/E Ratio | N/A |
| RoNW | 73.72% |
| NAV | ₹17.66 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Pentagon Rubber Limited | 0.82 | 86.59 | 1.95% | 4.22 | 0.63 Cr |
| Gujarat Reclaim & Rubber Product Ltd | 6.36 | 265.72 | 1.73% | 36.14 | 3.39 Cr |
IPO Lead Managers
NEXGEN Financial Solutions Pvt. Ltd.
Company Address
| Particular | Details |
|---|---|
| Company Name | Defrail Technologies Ltd |
| Address | Plot No. 180, Sector 24, Sector 22 |
| City | Faridabad |
| State | Haryana |
| PIN Code | 121005 |
| Phone | 0129 – 487 8760 |
| cs@defrailtech.com | |
| Website | https://www.defrailtech.in |
IPO Registrar
Maashitla Securities Pvt. Ltd.
Phone: +91-11-45121795-96
Email: investor.ipo@maashitla.com
Website: https://maashitla.com/allotment-status/public-issues
Defrail Technologies IPO FAQs
What is Defrail Technologies IPO?
Defrail Technologies IPO is an SME IPO through which the company plans to raise around ₹14 crores. The issue is priced in the range of ₹70 to ₹74 per equity share and will be listed on the BSE SME platform.
When will Defrail Technologies IPO open for subscription?
The Defrail Technologies IPO will open for subscription on January 9, 2026, and will close on January 13, 2026, for QIB, NII, and retail investors.
What is the price band of Defrail Technologies IPO?
The price band for Defrail Technologies IPO is fixed at ₹70 to ₹74 per share.
What is the issue size of Defrail Technologies IPO?
The total issue size of Defrail Technologies IPO is approximately ₹14 crores, consisting entirely of a fresh issue of equity shares.
What is the lot size for Defrail Technologies IPO?
The minimum application size is 3,200 shares, requiring an investment of ₹2,36,800 at the upper price band.
What is the allotment date of Defrail Technologies IPO?
The basis of allotment for Defrail Technologies IPO is expected to be finalised on January 14, 2026.
When will Defrail Technologies IPO be listed?
Defrail Technologies IPO is expected to be listed on BSE SME on January 16, 2026.
What is the investor reservation in Defrail Technologies IPO?
The IPO allocation is reserved 50% for QIBs, 15% for NIIs, and 35% for retail investors.
How can I apply for Defrail Technologies IPO?
You can apply for Defrail Technologies IPO through the ASBA facility using your bank account. Applications can also be made via UPI through stockbrokers or by submitting an offline IPO application form.
Is Defrail Technologies IPO a fresh issue or OFS?
Defrail Technologies IPO is entirely a fresh issue, and the funds raised will be used for business expansion and corporate purposes.
Expert Comment
Defrail Technologies IPO reflects strong revenue expansion post-merger and improved operational scale. While the business operates in a specialised manufacturing segment with institutional demand, limited operating history as a consolidated entity and moderate leverage add risk.
Long-term investors with higher risk appetite may consider tracking this IPO, while conservative investors should evaluate post-listing performance.
