The shares of Gabion Technologies India made a muted market debut on January 13, listing at Rs 89 per share on the BSE SME platform. This implies a premium of 9.88 percent over the SME IPO price of Rs 81 apiece.
The company debuted with a market capitalisation of Rs 120.82 crore.
After debut, the stock gained around 4.5 percent to close at Rs 93 apiece. This marks a 14.81 percent rise from the IPO price. At the end of the debut day, the company's market capitalisation stood at Rs 126.25 crore.
The listing premium has significantly missed grey market estimates. Ahead of listing, the unlisted shares of the company were trading with more than 38 percent grey market premium (GMP) over the IPO price at Rs 112 per share.
According to IPO Watch too, the unlisted shares of the company were trading with more than 38 percent GMP over the IPO price.
Gabion Technologies India had launched its initial public offering to raise Rs 29.16 crore entirely through a fresh issue of 36 lakh shares and no offer for sale component, at a price band of Rs 76-81 per share.
The IPO saw strong interest during its three days of public bidding, being subscribed more than 768 times between January 6 and January 8. The portion set aside for non-institutional investors was subscribed 1,085.88 times and that of retail investors 867.23 times, while the reserved part of qualified institutional buyers was booked 271.13 times.
Gabion plans to use Rs 22.1 crore of IPO proceeds for its working capital requirements, Rs 1.05 crore for purchasing plant and machinery, and the remaining funds for general corporate purposes.
Incorporated in 2008, the Madhusudan Sarda-promoted company manufactures gabions, rockfall protection nettings, and geosynthetic materials used mainly in civil engineering, infrastructure development, and environmental protection projects.
On the financial front, the company recorded profit of Rs 4.3 crore on revenue of Rs 60.4 crore for eight months period ended November 2025. For the fiscal year ended March 2025, profit increased to Rs 6.6 crore, up nearly 15 percent from Rs 5.8 crore in previous year, however, revenue declined 4.2 percent to Rs 100.4 crore, down from Rs 104.8 crore during the same period.
Combining both services and supply of goods, Gabion expects to achieve approximately Rs 120 crore in revenue for FY26. As of October 2025, the company has confirmed service work orders worth Rs 84.62 crore.
"We have already earned Rs 19.98 crore from service work up to September 2025 and expects an addition of approximately Rs 45 crore in the remaining months, bringing total service revenue approximately up to Rs 64.98 crore," Gabion said.
In addition, its supply of goods division has already achieved Rs 25.12 crore in revenue up to September 2025 expects earnings of approximately Rs 29.90 crore by year ended March 2026, resulting in total supply of goods revenue of up to Rs 55.02 crore.
GYR Capital Advisors acted as the book running lead manager for the Gabion Technologies IPO.
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