Autofurnish's SME IPO opened for subscription on May 21, 2026, with subdued investor response on the first day. According to Live Mint, the issue was subscribed 0.19x by 2:45 pm, with the retail portion showing slightly better demand at 0.37x subscription. The non-institutional investor (NII) portion remained largely unsubscribed at 0.01x. The company received bids for 6.30 lakh shares against the total 33.81 lakh shares on offer, indicating muted investor sentiment on the opening day.
The IPO opened with a price band of ₹41 per share, targeting to raise ₹15 crore through a fresh issue of 36 lakh shares. As per Live Mint, the issue will remain open for subscription until May 12, 2026, with shares allotted on May 26, 2026 and listing scheduled on the BSE SME platform on May 29, 2026. Investors can apply for a minimum of 3,000 shares (1 lot), translating into a minimum investment of ₹2.46 lakh for retail investors. The company has fixed the issue price at ₹41 per share, with shares tentatively scheduled to list on the BSE SME platform on May 29.
Grey market activity continues to reflect muted investor sentiment, with the grey market premium (GMP) at ₹0 on May 21, 2026. As reported by Live Mint, this flat GMP indicates that informal market participants currently expect the stock to debut at the same price as the issue price of ₹41. The SME IPO activity remains active despite increased investor caution in the broader primary market, with the subdued subscription numbers reinforcing the muted sentiment observed in grey market premiums.
Incorporated in 2015, Autofurnish manufactures and trades automotive accessories catering primarily to the business-to-business segment. According to Live Mint, the company's product portfolio includes car body covers, foot mats and other automotive utility products sold under the 'Autofurnish' and 'Mototrance' brands. The company also operates in the business-to-consumer segment through subsidiary operations, with Golden Mace operating across online platforms including Amazon, Flipkart, Zepto and its own website. Beyond automobile accessories, Autofurnish manufactures motorcycle rider products and utility accessories such as riding gear, polishing pads and towel cloths.
The IPO proceeds will primarily be used for working capital requirements and general corporate purposes. As reported by Live Mint, the company's manufacturing facilities hold multiple certifications including ISO, IATF and GMP standards related to quality, safety and sustainability. The issue comes at a time when SME IPO activity remains active despite increased investor caution in the broader primary market, though the subdued subscription numbers suggest limited investor appetite for the current offering.
Novus Capital Advisors serves as the book-running lead manager to the issue, while Skyline Financial Services acts as the registrar. According to Live Mint, NDA Securities is the market maker for the IPO. The company's manufacturing capabilities and quality certifications position it in the automotive accessories sector, with operations spanning both B2B and B2C segments across multiple online platforms. The allotment process is expected to be completed by May 26, 2026, with successful applicants receiving shares on May 27, 2026 and refunds for non-allottees processed on the same day.
