The short
- Live SME openings: Jayesh Logistics (Oct 27–29, price band ₹116–₹122, NSE Emerge) and Game Changers Texfab (Oct 28–30, ₹96–₹102, BSE SME).
- Sizes: Jayesh Logistics ~₹28.63 cr (book-built); Game Changers Texfab ₹54.84 cr (fresh issue).
- Near-term mainboard: Orkla India (Oct 29–31) on deck; recent DRHPs include Sify Infinit Spaces, Duroflex; confidential: Avaada Electro.
- Positioning rule: Underwrite to day-2 depth & float; size ≤ 5× ADTV (halve if float < 18%).
- Skip: High oversub without anchor quality or staggered lock-ins.
SME — heat & liquidity (next 10 business days)
| Issuer | Dates | Price band (₹) | Lot / Min invest | Issue size (₹ cr) | Platform | Day-2 liquidity risk |
|---|---|---|---|---|---|---|
| Jayesh Logistics | Oct 27–29 | 116–122 | 1,000 shares / ₹1.16–1.22 lakh | 28.63 | NSE Emerge | Medium — logistics small float; watch seller concentration |
| Game Changers Texfab | Oct 28–30 | 96–102 | 1,200 shares / ₹1.15–1.22 lakh | 54.84 (fresh) | BSE SME | Medium — textile seasonality; monitor MM volumes |
Sizing cue Cap SME exposure at ≤ 3× ADTV if free float < 18% or a single seller controls >20% of float.
Mainboard — on deck & filings
| Issuer | Status | Indicative size (₹ cr) | Mix | Watch-for |
|---|---|---|---|---|
| Orkla India | Book-build window Oct 29–31 | TBD | TBD | Anchor mix; float %; day-2 depth |
| Sify Infinit Spaces | DRHP filed (mid-Oct) | ~3,700 | Fresh + OFS | Power SLAs; utilisation ramp |
| Duroflex | DRHP filed (mid-Oct) | ~180–185 | Fresh | Gross margin vs RM costs; store productivity |
| Avaada Electro | Confidential DRHP (late Oct) | ~9,000–10,000 | TBD | Capex cadence; incentive alignment; anchor quality |
Anchors & float — stability over GMP
| Item | Healthy | Unhealthy | Why it matters |
|---|---|---|---|
| Anchor mix | Long-only, pensions, SWFs | Momentum-only funds | Smoother day-2 orderbooks |
| Lock-ins | Staggered 30/90/180d | Short & uniform | Avoid supply cliffs |
| Free float | ≥15–20% | <12% | Better discovery & depth |
Positioning checklist
- Underwrite to day-2 depth, not day-1 pop.
- Demand a clear valuation bridge vs listed comps; include sensitivity ranges.
- Cut if issuer underperforms Nifty by 6% over 20d or if revisions flip negative.