Kanishk Aluminium India IPO Day 1: GMP Flat, Early Subscription Weak

The Kanishk Aluminium India IPO opened on 28 January 2026, and on Day 1 of bidding, the Grey Market Premium (GMP) remained unchanged at ₹0 per share, indicating no early grey market gains expected at listing. This suggests that the estimated listing price could align with the issue price of ₹73 per share at listing, hinting at 0 % listing gain on initial forecasts.

📊 Day 1 Subscription Status

• The IPO saw an overall subscription of approximately 0.03 times as of Day 1. 
• Retail investors accounted for around 0.05 times of the demand. 
• Non-institutional investors (NIIs) and Qualified Institutional Investors (QIIs) showed negligible or no subscription activity on Day 1.
  These figures reflect modest early demand, with many investors possibly waiting for later days of bidding before committing. 

📌 Key IPO Details

• IPO Open Date: 28 January 2026 
• IPO Close Date: 30 January 2026 
• IPO Allotment Date: 2 February 2026 
• Refund Initiation: 3 February 2026 
• Listing Date (Tentative): 4 February 2026 
• Issue Size: Fresh issue of 0.40 crore shares, raising about ₹29.20 crores 
• Face Value: ₹10 per share 
• Price: ₹73 per share (fixed price) 
• Lot Size: 1,600 shares 
• Listing Venue: BSE SME
  Retail investors can bid for a minimum of two lots (i.e., 3,200 shares worth ₹2,33,600). 

🏭 About the Company

Kanishk Aluminium India Limited, founded in 2022 and based in Jodhpur, manufactures a wide range of aluminium extrusion products. Its offerings include:

• Aluminium extrusions such as profiles for solar, architecture, doors, and windows 
• Engineering products like channels, flat bars, and tubes 
• Hardware & architectural solutions including kitchen profiles and railings
  As of 30 November 2025, the company employed 46 personnel. 

💰 Financial Snapshot

Kanishk Aluminium’s latest pre-issue results show:

• Revenue growth from ₹59.54 cr (FY 2024) to ₹60.13 cr (FY 2025) 
• Profit After Tax (PAT) doubled from ₹1.52 cr to ₹3.04 cr 

These indicate moderate financial performance ahead of its IPO.

📈 Outlook

Industry analysts have generally rated the IPO neutral to positive, advising long-term investors to consider diversification opportunities. However, many market observers are awaiting further live data on later subscription days before forming definitive views on listing performance.