The SFC Environmental Technologies IPO is set to list: shares start trading on 3 November 2026. The book closed at 9.47 times, and the last grey market quote implied a gain of about 5.5% over the ₹330 issue price.
When and where does it list?
Listing is on Tuesday, 3 November, on BSE and NSE. Refunds and demat credits were due on 2 November. The ₹667.53 crore issue was a mix of fresh shares and an offer for sale (OFS).
How strong was the demand?
Bidding ended on 29 October. QIBs, the big institutions, bid the most. Retail demand was modest.
| Category | Subscribed (times) |
|---|---|
| QIB | 18.81 |
| NII (HNI), total | 12.81 |
| bNII (bids above ₹10 lakh) | 14.49 |
| sNII (₹2 lakh to ₹10 lakh) | 9.44 |
| Retail | 2.71 |
| Total | 9.47 |
Retail bids were 2.71 times the quota, so about one retail application in three would get a lot. See our final-day subscription post for the detail.
What has the GMP done?
The grey market has moved in a narrow band since bidding closed. It rose for three days and then slipped on the last one.
The SFC Environmental Technologies IPO GMP fell to ₹18 on 2 November from ₹26 the day before. That is about 5.5% of the issue price. The grey market quote is unofficial and not an exchange price, so the open can differ.
| Date | GMP (₹) | Implied gain |
|---|---|---|
| 28 October | 10 | 3.03% |
| 29 October | 19 | 5.76% |
| 30 October | 20 | 6.06% |
| 31 October | 23.5 | 7.12% |
| 1 November | 26 | 7.88% |
| 2 November | 18 | 5.45% |
At ₹18, the grey market points to a listing near ₹348. A single lot of 45 shares needed ₹14,850 at the top of the band, so the quote implies a paper gain of about ₹810 per lot.
What our data shows
Demand was below this year's typical IPO. Half of all mainboard issues in 2026 got more than 21 times. Across the ten most recent mainboard listings, the last GMP missed the actual gain by 3.45 points on average.
What does the company do?
SFC Environmental Technologies, set up in 2005, builds systems for wastewater treatment, recycling and solid waste treatment. It had commissioned 728 wastewater installations by 31 July 2026.
| Financial year | Total income (₹ crore) | Profit after tax (₹ crore) |
|---|---|---|
| FY2024 | 676.74 | 144.17 |
| FY2025 | 726.96 | 152.01 |
| FY2026 | 821.27 | 160.21 |
For the quarter ended 30 June 2026, total income was ₹137.90 crore and profit after tax was ₹1.48 crore. From the fresh issue, ₹42.23 crore is for repaying loans and ₹74.92 crore is for working capital. The promoters hold 45.24% before the issue and 38.37% after it.
What happens next?
The stock opens for trading on 3 November, and the listing-day post will follow. The price band was ₹313 to ₹330. Our IPO performance page shows how earlier listings did, and we will publish the opening price after the open.
