Two Small and Medium Enterprises (SME) companies are set to make their stock market debut on Wednesday, November 4, 2026, on the BSE SME platform. According to reports from The Economic Times, Ajwa Projects and Carver Roboweld collectively raised approximately ₹66.34 crore through their public issues. While Ajwa Projects received modest investor response, Carver Roboweld witnessed exceptionally strong demand from investors.
Carver Roboweld shares made a positive debut on the BSE SME platform on November 4, listing at a premium of 12.5% over the company's initial public offering price of ₹80 per share. The stock listed at ₹90 apiece, translating into a listing gain of ₹10 per share for IPO investors. Following the listing, the company's market capitalisation stood at approximately ₹117.93 crore. The listing performance exceeded grey market expectations, which had indicated a potential listing gain of around 5% on the morning of November 4, as per InvestorGain.
The subscription patterns revealed stark differences between the two companies. As reported by The Economic Times, Ajwa Projects achieved an overall subscription of 1.12 times, with individual investors showing slightly higher interest at 1.93 times subscription. In contrast, Carver Roboweld demonstrated exceptional market appeal with an overall subscription of 25.80 times. The individual investors' portion was subscribed 19.17 times, while the qualified institutional buyers (QIB) category received 26.33 times subscription and non-institutional investors (NII) segment was subscribed 40.39 times. The latest grey market premium (GMP) for Carver Roboweld stands at +₹5 (+6.3%) as of November 4, 2026, indicating an implied listing price of approximately ₹85.
According to Moneycontrol, Carver Roboweld's IPO comprised 35.36 lakh equity shares, entirely through a fresh issue with no offer-for-sale (OFS) component. The issue was priced in the band of ₹76-80 per share with a lot size of 1,600 shares. At the upper end of the price band, retail investors needed to apply for a minimum of two lots, requiring an investment of ₹2.56 lakh. HNI investors had to apply for at least three lots, amounting to ₹3.84 lakh. The public issue opened on October 28 and closed on October 30, 2026, with allotment finalised on November 2. Smart Horizon Capital Advisors served as the book-running lead manager, while Bigshare Services acted as the registrar.
As reported by Moneycontrol, Carver Roboweld plans to utilise ₹11.99 crore from the IPO proceeds towards capital expenditure, primarily for purchasing welding robots. Another ₹8.60 crore has been earmarked for repayment or prepayment, either fully or partially, of certain outstanding borrowings from banks and financial institutions. The remaining proceeds will be used for general corporate purposes.
