The primary market is kicking off the new year on a steady note, with five initial public offerings (IPOs) opening for subscription this week. Early signals from the grey market indicate strong interest in select issues, with potential listing gains of up to 70% in one prominent offering.

Come the top is the Bharat Coking Coal IPO, which has become the main issue closely observed during this week. The subsidiary of Coal India has been enjoying a grey market premium (GMP) of about ₹16–17, thereby indicating an enormous listing gain of more than 70% over the issue price. Its strategic importance in the coal sector and strong positioning have made it a key attraction for investors.

Among the small and medium enterprise (SME) offerings, Gabion Technologies has generated notable buzz. The stock is trading at a grey market premium of about ₹30, pointing to an estimated listing gain of nearly 37%. The early enthusiasm reflects optimism around the company’s business prospects.

Another SME issue opening this week is Victory Electric Vehicles, which comes with a fixed-price issue. While there is no active GMP so far, the IPO is drawing attention due to its exposure to the fast-growing electric mobility space.

Yajur Fibres, also part of the SME segment, has seen muted grey market activity. However, the issue remains on investors’ radar, particularly among those focusing on sustainability-linked and eco-friendly businesses.

Rounding out the week’s IPO calendar is Defrail Technologies. At present, gray market symptoms for this matter are uniform, implying that the traders are taking a more conservative position.

In general, although the IPO schedule is not very busy, some issues—particularly Bharat Coking Coal and Gabion Technologies—are getting a lot of attention. It seems that the market players are very particular, and considerations like the quality of the business, visibility, and pricing are more influential in attracting subscriptions than the mere presence of a large number of IPOs.