Defrail Technologies IPO
smelistedAbout the company
Defrail Technologies is engaged in the manufacturing of rubber parts and components, including rubber hose and assemblies, rubber profiles and beadings, and rubber moulded parts. Its products are utilised in the defence, railroad, and automotive industries. Additionally, the company provides design assistance and customisation according to client requirements. It operates two manufacturing facilities totalling more than 7,250 square yards in Faridabad, Haryana, with a combined installed capacity of 33,60,000 kg/month. The company produces a variety of rubber products, including nylon tubes, gaskets, grommets, EPDM and sponge rubber profiles, diesel and petroleum hoses, and LPG hoses. As of September 2025, 99.33% of revenue came from rubber hose and assemblies, 0.07% from rubber profiles and beadings, and 0.6% from rubber mouldings. It primarily follows a B2B model, with the majority of its revenue coming from automotive industry clients. Additionally, it serves government customers in the railways and defence segments and is registered on the Government e-Marketplace (GeM). In terms of industry, the automobile sector represented 90.25% of FY25 revenue, while railways contributed 8.80% to the revenue and the defence sector at 0.95%. Regionally, revenue heavily came from Haryana, which formed 90.22% of total revenue, while exports accounted for 0.04% as of September 2025.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 13 Jan | ₹8 | ₹82 | 0 |
| 12 Jan | ₹8 | ₹82 | +2 |
| 11 Jan | ₹6 | ₹80 | 0 |
| 10 Jan | ₹6 | ₹80 | 0 |
| 09 Jan | ₹6 | ₹80 | 0 |
| 08 Jan | ₹6 | ₹80 | +6 |
| 07 Jan | ₹0 | ₹74 | 0 |
| 06 Jan | ₹0 | ₹74 | 0 |
Strengths
- Strong improvement in business scale in recent period
- Noticeable growth in revenue and profitability from a low base
- Operates across multiple end-user industries such as railways, automotive, defence, and infrastructure
- Approved vendor for Indian Railways, supporting credibility and order visibility
- Experienced promoters with background in rubber and component manufacturing
- IPO proceeds aimed at capacity expansion, efficiency improvement, and cost optimisation
- Focus on manufacturing value-added rubber components with repeat demand
Risks
- Short operating history at higher revenue scale raises sustainability concerns
- Business performance linked to cyclical industries like automobiles and infrastructure
- Exposure to volatility in raw material prices affecting margins
- SME platform listing may result in limited liquidity after listing
- Competitive environment with several unorganised and organised players
- Dependence on business-to-business clients and bulk orders
- Grey market activity currently indicates cautious investor sentiment
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed09 Jan 2026Bidding starts for all investor categories
IPO Closes
Completed13 Jan 2026Last day to place your bid
Basis of Allotment
Completed14 Jan 2026Share allotment finalised
Refund Initiation
Completed15 Jan 2026Refunds credited for non-allottees
Credit to Demat
Completed15 Jan 2026Allotted shares credited to demat account
Listing on Exchange
Completed16 Jan 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1600 | ₹118,400 | 1 | ₹118,400 | 1 lot only |
| HNI | 2 | 3200 | ₹236,800 | 2 | ₹236,800 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 972,222 | 7 | 0 | 0.00x | 100% |
| NII | 15% | 291,667 | 2.1 | 0 | 0.00x | 100% |
| Retail | 35% | 680,555 | 4.9 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
