Yashhtej Industries (India) IPO: Subscription Moderates, GMP Slips to ₹0 Ahead of BSE SME Listing
The ₹88.88 crore Yashhtej Industries (India) IPO has closed with modest overall demand, as subscription figures indicate selective participation rather than broad-based enthusiasm. While retail investors showed healthy interest, non-institutional investor (NII) demand remained muted, limiting momentum in the final stretch of bidding. The issue, priced at ₹110 per share under a fixed-price structure, is scheduled to list on the BSE SME platform on February 25, 2026.
With grey market premium (GMP) cooling to zero on the final day of subscription, near-term listing expectations appear restrained, reflecting a cautious tone rather than speculative frenzy.
IPO Snapshot
Yashhtej Industries (India) IPO is a fixed-price issue aggregating ₹88.88 crore, entirely comprising a fresh issue of shares. Unlike book-built issues where pricing is discovered through investor bidding, fixed-price offerings provide clarity upfront but typically attract measured participation. The issue is priced at ₹110 per share, with a lot size of 1,200 shares, making the minimum retail investment ₹2,64,000.
The IPO is being managed by Erudore Capital Private Limited, while the registrar to the issue is MAS Services Ltd.. The shares are set to be listed on the BSE SME platform, where liquidity conditions often differ significantly from mainboard exchanges.
Given the SME nature of the issue, investors should factor in potential volatility and lower post-listing trading volumes compared to larger capitalisation IPOs.
IPO Key Details at a Glance
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IPO Open Date: February 18, 2026
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IPO Close Date: February 20, 2026
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Allotment Date (Tentative): February 23, 2026
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Listing Date (Tentative): February 25, 2026
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Issue Type: Fixed Price IPO
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Listing Platform: BSE SME
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Total Issue Size: 80,79,600 shares (₹88.88 crore)
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Market Maker Reservation: 4,04,400 shares (₹4 crore)
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Net Offered to Public: 76,75,200 shares (₹84 crore approx.)
Subscription Dynamics
The IPO closed with an overall subscription of 1.28 times, reflecting modest aggregate demand. Retail investors subscribed 2.18 times their allotted quota, indicating meaningful interest in the issue at current pricing levels. However, NII participation remained weak at just 0.38 times subscription, signaling limited conviction among higher-ticket investors.
In SME IPOs, strong HNI/NII demand often drives aggressive listing premiums due to leverage participation and speculative flows. The relatively low NII interest here suggests that the issue may not witness sharp post-listing volatility driven by leveraged positioning. Instead, price discovery could be gradual and liquidity-driven.
The demand profile indicates retail support but lacks institutional conviction, placing the IPO in a balanced but non-euphoric zone.
Subscription Status: IPO Subscribed 1.28 Times
As of February 20, 2026 (Day 3), the IPO has been subscribed 1.28 times overall.
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Retail Category: 2.18 times subscription
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NII Category: 0.38 times subscription
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Market Maker Portion: Fully subscribed
Grey Market Premium (GMP) Trend
The grey market premium for Yashhtej Industries initially saw momentum, touching ₹23 earlier in the subscription period, which implied potential listing gains of nearly 20%. However, the GMP steadily declined over subsequent sessions and ultimately fell to ₹0 by the close of subscription.
This cooling trend typically reflects diminishing speculative appetite or lack of strong demand build-up. A flat GMP suggests that informal market participants are not pricing in a premium at listing, increasing the probability of a neutral or near-issue-price debut.
While GMP is not an official indicator and should not be treated as a guaranteed predictor of listing performance, its sharp reversal from ₹23 to ₹0 does signal fading near-term enthusiasm.
The day-wise GMP trend shows volatility:
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February 18: ₹23
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February 19: ₹15
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February 20: ₹0
Company Overview
Incorporated in 2018, Yashhtej Industries (India) Limited operates in the agro-processing segment, primarily engaged in the extraction and processing of soybean crude oil through solvent extraction. It also manufactures Soybean De-Oiled Cake (DOC), a protein-rich by-product widely used in animal feed and export markets.
The company operates predominantly in a B2B business model, supplying crude oil to refiners rather than participating directly in consumer-facing activities. This structure ties revenues closely to commodity cycles and processing spreads rather than branded pricing power.
Additionally, the company has diversified into solar power generation, adding a renewable energy dimension to its operations. While this segment may enhance long-term energy cost efficiency, its current revenue contribution remains relatively limited compared to core processing operations.
Key Considerations for Investors
1️⃣ Commodity Price Sensitivity
Margins in the soybean processing business are influenced by fluctuations in soybean prices, global supply-demand dynamics, and export demand for DOC. Investors should monitor commodity cycles, as volatility in raw material prices can impact profitability.
2️⃣ SME Liquidity & Volatility
SME listings often experience sharp price swings in initial sessions due to limited free float and thinner trading volumes. While this can create short-term opportunities, it also increases downside risk in case of weak post-listing demand.
3️⃣ Capital Deployment from Fresh Issue
As the IPO consists entirely of fresh capital, monitoring how effectively the company deploys funds for capacity expansion, working capital, or debt reduction will be crucial in evaluating medium-term value creation.
IPO Timeline & Allotment
The IPO opened on February 18, 2026 and closed on February 20, 2026. Allotment is expected to be finalized on February 23, with refunds and credit of shares scheduled for February 24. Listing on the BSE SME platform is tentatively set for February 25, 2026.
Investors can check allotment status on the registrar’s website by entering their PAN, application number, or demat account details once the allotment is declared.
IPO Timeline
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IPO Opens: February 18, 2026
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IPO Closes: February 20, 2026
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Allotment Finalization: February 23, 2026
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Refund Initiation: February 24, 2026
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Shares Credited to Demat: February 24, 2026
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Listing Date: February 25, 2026
Merchant Bankers and Market Maker
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Book Running Lead Manager: Erudore Capital Private Limited
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Registrar: MAS Services Ltd
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Market Maker: Prabhat Financial Services Ltd
How to Check Allotment Status
Investors can check IPO allotment status through the registrar MAS Services Ltd by:
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Visiting the official IPO allotment page of MAS Services.
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Selecting “Yashhtej Industries (India)” from the dropdown list.
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Entering PAN, Application Number, or DP Client ID.
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Clicking “Search” to view allotment details.
Bottom Line
Yashhtej Industries’ IPO reflects moderate demand, supported by retail investors but lacking strong NII participation. The sharp cooling in grey market premium to zero further tempers expectations of listing gains.
For conservative investors, the IPO may be viewed as a neutral listing candidate rather than a momentum-driven opportunity. Longer-term performance will depend on operational execution, commodity cycle stability, and prudent capital allocation post-issue.
In summary, this appears to be a steady SME offering rather than a high-excitement debut — and positioning expectations accordingly may be prudent.
