Most BSE SME IPOs that cross 1x total subscription do so on the final day, only after retail investors pile in during the closing hours. Antala Industries Limited followed exactly that pattern, but with a split-category story that set it apart: QIB quota fired at 66.72x on Day 1 while retail (RII) stayed below 0.1x for the first two days. Every applicant tracking Antala Industries IPO Subscription Status needed to understand why that gap existed and what it meant for allotment odds. The answer lies in the structure of the issue, the size of each category’s quota, and the behaviour of each investor class across six days of bidding.
Antala Industries IPO at a Glance
| Parameter | Detail |
|---|---|
| Company | Antala Industries Limited |
| Exchange | BSE SME |
| Issue Type | Fresh Issue (Book Built) |
| Price Band | Rs 62 to Rs 66 per share |
| Face Value | Rs 10 |
| Lot Size | 2,000 shares |
| Minimum Retail Application | 2 lots (4,000 shares) = Rs 2,64,000 |
| Issue Size | 34,82,000 shares (~Rs 22.98 crore) |
| Issue Open Date | October 29, 2026 |
| Issue Close Date | November 5, 2026 |
| Allotment Date | November 6, 2026 |
| Refund / Share Credit | November 9, 2026 |
| Listing Date | November 11, 2026 (BSE SME) |
| Registrar | Bigshare Services Pvt. Ltd. |
| Lead Manager | Vatsa Capital Venture Pvt. Ltd. |
| Market Maker | Asnani Stock Broker Pvt. Ltd. |
The Antala Industries IPO Subscription Status snapshot above covers all key dates. Full category-wise Antala Industries IPO Subscription Status data appears in the section below.
Antala Industries IPO Subscription Status: Day-Wise Bidding Data Across Six Days
The Antala Industries IPO ran from October 29 to November 5, 2026, a six-day window. The bidding data tells a clear story: institutional demand locked in early, NII built momentum from Day 3 onward, and retail closed well below 1x.
| Day | Date | QIB | NII | Retail (RII) | Total |
|---|---|---|---|---|---|
| Day 1 | October 29, 2026 | 66.72x | 0.01x | 0.05x | 0.77x |
| Day 2 | October 30, 2026 | 66.72x | 0.02x | 0.10x | 0.81x |
| Day 3 | November 2, 2026 | 66.72x | 0.65x | 0.42x | 1.18x |
| Day 4 | November 3, 2026 | 66.72x | 1.70x | 0.47x | 1.38x |
| Day 5/6 | November 4-5, 2026 | 66.72x | 3.71x | 0.55x | 1.76x+ |
Final figures subject to official BSE SME confirmation post close on November 5, 2026.
The Day 1 picture looked unusual at first read. Total subscription at 0.77x suggested tepid demand, yet QIB was already at 66.72x. The explanation is structural: the QIB quota was only 36,000 shares, just 1.09% of the net issue. Institutional bids for 24.02 lakh shares against a 36,000-share quota produced that outsized multiple on day one. On that same day, retail had placed bids for fewer than 1.4 lakh shares out of 27.60 lakh available.
Days 2 and 3 showed the NII segment beginning to engage, rising from 0.02x to 0.65x as the issue crossed 1x overall. By Day 4, NII had reached 1.70x and the total crossed 1.38x. The final two days pushed NII to 3.71x and total to approximately 1.76x. Retail closed at 0.55x, confirming that individual investors were cautious. The GMP remained at Rs 0 throughout the subscription window, which explains the lack of retail rush that typically accompanies high-GMP SME IPOs.
Category-Wise Antala Industries IPO Subscription Status: QIB, NII, and Retail in Detail
Understanding what each investor category subscribed and how much they were offered reveals the actual demand structure behind the headline numbers.
| Category | Shares Offered | Shares Applied | Times Subscribed |
|---|---|---|---|
| QIB | 36,000 | 24,02,000 | 66.72x |
| NII (Total) | 5,10,000 | 18,92,000 | 3.71x |
| bHNI (above Rs 10 lakh) | 3,42,000 | ~18,00,000 | 5.26x |
| sHNI (below Rs 10 lakh) | 1,68,000 | ~94,000 | 0.56x |
| Retail (RII) | 27,60,000 | ~15,18,000 | 0.55x |
| Market Maker | 1,76,000 | 1,76,000 | 1.00x (firm) |
Source: IPOJi, Chittorgarh, InvestorGain. Figures as of Day 4-5, November 3-4, 2026. Verify final numbers on BSE SME.
Qualified institutional buyers placed bids for 24.02 lakh shares against a quota of 36,000. The 66.72x reading is a function of a tiny denominator, not evidence of institutional conviction on the scale seen in large mainboard issues. QIB quotas on BSE SME IPOs routinely run below 50,000 shares, and even a few institutional block bids create extremely high multiples. The number is real, but its significance is different from a 60x QIB on a Rs 1,000 crore mainboard issue.
Within NII, the split between bHNI and sHNI is telling. Big HNIs applying above Rs 10 lakh subscribed at 5.26x, while small HNIs applying below Rs 10 lakh reached only 0.56x. Informed, large-ticket investors saw the packaging company’s valuation as reasonable at Rs 66. Smaller HNI participants were less convinced, or simply chose to allocate capital elsewhere during the same window. Approximately 465 total applications were received across all categories, a relatively low count for a BSE SME IPO.
What Retail Below 1x Means for Antala Industries Allotment
When RII subscription closes below 1x, SEBI’s allotment framework mandates full allotment to every valid retail applicant. No lottery is conducted. No partial allotment is processed. Every retail investor who submitted a valid application with an accepted UPI mandate gets the full applied lot.
For Antala Industries IPO, retail closed at approximately 0.55x, meaning only 55% of the available retail quota was subscribed. The unsubscribed retail shares are not transferred to other categories in SME IPOs the way they are on mainboard issues. Retail applicants who applied for two lots (4,000 shares at Rs 2,64,000) will receive all 4,000 shares. This is a material advantage over oversubscribed SME IPOs where even retail applicants submitting 10 or 15 lot applications receive a lottery for one lot.
Antala Industries Limited: Company Profile and Financial Track Record
Antala Industries Limited was incorporated in August 2024 and is based in Rajkot, Gujarat. The company manufactures BOPP (Biaxially Oriented Polypropylene) bags, BOPP printing and lamination rolls, and PP (Polypropylene) woven bags and laminated rolls. Its end-markets include food processing companies, fertilizer manufacturers, chemical producers, cement plants, and seed companies.
The company holds ISO 9001:2015, ISO 14001:2015, ISO 22000:2018, and ISO 45001:2018 certifications. As of September 30, 2026, it had 11 employees. The promoter group is led by Rajeshkumar Chandulal Antala, with family members including Lataben Rajeshbhai Antala, Pankajkumar Chandulal Antala, Hetalben Pankajkumar Antala, Nevil Pankajbhai Antala, Aaryan Rajesh Antala, and Shaily Rajeshkumar Antala.
| Parameter | Sep 2026 (6M) | FY26 | FY25 | FY24 |
|---|---|---|---|---|
| Revenue (Rs Cr) | 30.20 | 47.53 | 31.98 | 12.59 |
| PAT (Rs Cr) | 4.19 | 4.24 | 1.82 | 0.89 |
| EBITDA (Rs Cr) | 5.76 | 6.15 | 2.82 | 1.36 |
| Net Worth (Rs Cr) | 22.17 | 17.03 | 12.19 | 3.54 |
| Total Borrowings (Rs Cr) | 1.75 | 4.19 | 3.85 | 0.36 |
| PAT Margin (%) | 13.90% | 8.94% | 5.69% | 7.07% |
Revenue grew from Rs 12.59 crore in FY24 to Rs 47.53 crore in FY26, a 277% increase over two years. The company achieved Rs 30.20 crore in revenue in just the first six months of FY27 (April to September 2026), putting it on a run rate that exceeds FY26 on an annualised basis. PAT margin expanded from 8.94% in FY26 to 13.90% in H1 FY27, suggesting operational leverage is beginning to show.
The company carries minimal debt. Total borrowings dropped from Rs 4.19 crore in FY26 to Rs 1.75 crore by September 2026. Debt to equity stands at 0.25, well within the range considered healthy for a small manufacturing company. ROE is 33.26% and ROCE is 42.23%, ratios that reflect efficient use of capital in the packaging segment.
IPO proceeds will fund working capital requirements of Rs 10.68 crore, machinery purchase (capex) of Rs 5.89 crore, and general corporate purposes. Post-issue EPS is Rs 6.89 against Rs 4.88 pre-issue. At the issue price of Rs 66, the post-issue P/E works out to approximately 9.58x. The packaging sector, particularly flexible packaging for food and agrochemical end-users, has seen sustained volume growth linked to India’s processed food and agricultural input supply chains.
Antala Industries IPO vs BSE SME IPO Norms: A Direct Comparison
Putting the Antala Industries IPO Subscription Status numbers in context requires comparing the issue structure against the standard framework for BSE SME listings.
| Parameter | Antala Industries IPO | Typical BSE SME IPO Benchmark |
|---|---|---|
| Issue Size | Rs 22.98 crore | Rs 10 to Rs 50 crore |
| Price Band | Rs 62 to Rs 66 | Varies; face value Rs 10 common |
| Lot Size | 2,000 shares | 1,000 to 4,000 shares |
| Min Retail Investment | Rs 2,64,000 (2 lots) | Rs 1 to Rs 3 lakh |
| QIB Quota | 1.09% (36,000 shares) | 0 to 15% |
| NII Quota | 15.43% (5,10,000 shares) | 15% standard |
| Retail Quota | 83.48% (27,60,000 shares) | 50 to 85% for SME |
| Total Subscription (Day 4) | 1.38x | 0.5x to 500x+ |
| Retail Subscription | 0.55x (final) | Below 1x triggers full allotment |
| Allotment Method (Retail below 1x) | Full allotment to all valid applicants | Same rule applies |
| Listing Exchange | BSE SME | BSE SME or NSE SME |
| Market Maker Required | Yes | Yes (mandatory for SME IPOs) |
| Registrar | Bigshare Services | Varies |
| GMP at Close | Rs 0 | Rs 50 to Rs 200 for popular issues |
For a detailed breakdown of how SME and mainboard allotment processes differ, see Mainboard IPO vs SME IPO on ipocontrol.in.
BSE SME IPOs allocate a significantly higher proportion of shares to retail investors than mainboard issues do. Retail gets 83.48% of the Antala Industries net issue versus 35% on a typical mainboard issue. This reflects SEBI’s intent to give retail investors broader access to smaller company listings, while keeping QIB and NII quotas proportionally smaller to match the company’s investor relations capacity.
The mandatory market maker reservation of 1,76,000 shares ensures post-listing liquidity. Market makers on BSE SME are obligated to provide two-sided quotes for a minimum period after listing, reducing the bid-ask spread risk that often affects thinly traded SME counters. Asnani Stock Broker Pvt. Ltd. fulfils this role for Antala Industries.
A GMP of Rs 0 through the entire subscription window is a signal from the grey market that secondary buyers see no premium opportunity at this stage. It does not mean the stock will list at a loss, but it does mean the grey market is not pricing in any gain over the issue price of Rs 66. Investors in popular SME IPOs with GMPs of Rs 80 to Rs 200 were drawn by that signal. Antala Industries attracted no such pull, which partly explains why retail stayed below 1x throughout.
Allotment and Listing Timeline: What Antala Industries Applicants Should Do Next
The Antala Industries IPO closed on November 5, 2026. The post-close schedule runs as follows: basis of allotment finalised on November 6, 2026; refunds initiated and demat credit of shares processed on November 9, 2026; and listing on BSE SME on November 11, 2026.
Retail applicants who applied with valid UPI mandates and whose blocks were accepted before 5 PM on November 5 can expect full allotment of the applied lot size. The IPO Allotment Status tracker on ipocontrol.in can help applicants monitor the allotment date and registrar links in one place.
A GMP of Rs 0 as of the close date means listing day performance is an open question. The stock could list flat, slightly above, or slightly below the Rs 66 issue price depending on BSE SME market conditions on November 11. Allotted investors should not make hold-or-sell decisions based on the grey market alone, as it offers no price discovery on this counter.
How to Check Antala Industries IPO Allotment Status
Three routes are available on November 6, 2026:
- Visit bigshareonline.com and open the IPO allotment section. Enter the PAN number or application number to retrieve allotment status for Antala Industries Limited.
- Visit bseindia.com and use the SME IPO allotment check tool under the Investors section. Allotment data is typically uploaded by the registrar to BSE by mid-to-late afternoon on the allotment date.
- Download the basis of allotment PDF from the BSE SME company disclosures page for Antala Industries. This document confirms the exact shares allotted per applicant category and whether the retail category triggered a lottery or full allotment.
Six Practical Tips for Applicants Tracking Antala Industries IPO Subscription Status
1. Verify final subscription on BSE’s official page, not just third-party trackers. BSE India publishes authoritative bidding data for all SME IPOs under the SME IPO section. Third-party trackers can lag by 30 to 60 minutes during high-volume final-day submissions , the official BSE figure is the one that counts for allotment purposes.
2. Confirm the UPI mandate was accepted before the November 5 close. For retail applicants, the UPI block request must be accepted by the bank before the IPO closing time. With RII under 1x, every valid application gets full allotment, but an unaccepted or pending mandate results in rejection regardless of subscription levels.
3. Do not read QIB 66.72x as a signal of a listing pop. The QIB quota was 36,000 shares, only 1.09% of the net issue. High QIB multiples on a quota this small are a mathematical product of a tiny denominator. They carry different weight from a 60x QIB reading on a 50-lakh-share institutional quota in a mainboard issue. Cross-referencing QIB multiple against the actual QIB quota size is a necessary step before drawing conclusions.
4. GMP of Rs 0 means no grey market premium is priced in. The Antala Industries IPO GMP of Rs 0 as of the close date means grey market participants are not paying any premium above Rs 66 for shares. Retail applicants should not expect a 20% to 40% listing gain of the type seen in high-GMP SME IPOs like Maxwell Engineering, which had a GMP of Rs 80 during its subscription window. Track live GMP data for other open issues at ipocontrol.in/ipo-gmp-today/.
5. Check allotment on Bigshare Services from the afternoon of November 6. The registrar Bigshare Services (bigshareonline.com) typically uploads allotment data by 2 PM to 4 PM on the allotment date. Checking before noon on November 6 is likely to return no data. Setting a reminder for the afternoon avoids unnecessary repeat visits.
6. Download the basis of allotment PDF from BSE before listing day. The basis of allotment document published on bseindia.com confirms the allotment outcome for each category. For Antala Industries, retail received full allotment since RII closed below 1x , but the PDF is the official confirmation. Reading it before November 11 removes any ambiguity about share count before the listing day hold-or-sell decision.
Frequently Asked Questions: Antala Industries IPO Subscription Status
Q1. What is the Antala Industries IPO Subscription Status as of the final day? As of Day 4-5 (November 3-4, 2026), Antala Industries IPO Subscription Status stood at approximately 1.76x overall, with QIB at 66.72x, NII at 3.71x, and retail at approximately 0.55x. The issue closed on November 5, 2026 and final verified figures will be published by BSE SME post-close. Allotment is set for November 6, 2026.
Q2. Why is QIB subscription at 66.72x when overall subscription was barely above 1x? The QIB quota for Antala Industries Limited is only 36,000 shares, just 1.09% of the net issue. Even a small volume of institutional bids translates to a very high multiple on this tiny base. QIB subscription multiples on BSE SME IPOs with sub-50,000-share QIB quotas should be read differently from mainboard QIB multiples, where the quota routinely runs into tens of lakhs or crores of shares.
Q3. Can retail investors still get full allotment even though overall subscription crossed 1x? Yes. SEBI’s allotment framework evaluates each investor category independently. The retail (RII) category for Antala Industries closed at approximately 0.55x, well below 1x. Full allotment is mandated for all valid retail applicants regardless of what QIB or NII subscribed. The overall 1.76x total does not affect the retail allotment rule.
Q4. What is the Antala Industries IPO listing date and what does GMP suggest? The listing date is November 11, 2026 on BSE SME. The GMP was Rs 0 throughout the subscription window, meaning the grey market is not pricing in any premium over the issue price of Rs 66. Actual listing price depends on market conditions on November 11 and cannot be predicted from a zero-GMP reading alone.
Q5. How does an investor check Antala Industries IPO allotment status after November 6? Allotment status is available on the registrar Bigshare Services portal at bigshareonline.com using PAN number or application number. BSE SME at bseindia.com also publishes allotment data. Results are typically available from afternoon on November 6, 2026. Refund processing and demat credit of allotted shares are scheduled for November 9, 2026.
Disclaimer: This article is for educational and informational purposes only and does not constitute investment advice or a recommendation to buy, sell, or hold any securities. ipocontrol.in is not registered with SEBI as an investment advisor. Subscription data cited above is sourced from BSE, Chittorgarh, IPOJi, InvestorGain, and other public trackers. Readers should verify all figures from the official BSE SME portal and SEBI’s investor portal before making any investment decision.
What the Numbers Actually Tell Every Antala Industries Applicant
The headline from the Antala Industries IPO Subscription Status is not the 66.72x QIB reading. The more meaningful signal is that NII big-ticket investors (bHNI at 5.26x) steadily built conviction through Days 3 to 5, while retail applicants stayed cautious. The result is a subscription outcome that worked in retail applicants’ favour: full allotment guaranteed, no lottery, no partial allocation.
The company’s fundamentals support the case. Revenue grew from Rs 12.59 crore in FY24 to Rs 47.53 crore in FY26, and the first half of FY27 alone clocked Rs 30.20 crore. PAT margin expanded from under 9% to nearly 14% in six months. At a post-issue P/E of 9.58x with a nearly debt-free balance sheet, the valuation is not aggressive. What it lacks, as the GMP confirms, is secondary market excitement. For applicants who applied on the fundamentals rather than the grey market buzz, the outcome is straightforward: full allotment on November 6, demat credit on November 9, and a listing price to discover on November 11.
Investors tracking the next round of BSE SME and mainboard subscription windows can follow the Upcoming IPOs in India 2026 calendar alongside the IPO GMP Today tracker for a combined view of what is open, what is oversubscribed, and where the grey market is active.