Deeptech company SEDEMAC’s initial public offering (IPO) continued to see tepid investor interest amid a turbulent broader market on its second day of bidding. As of 14:00 IST, the company’s IPO attracted 17.42 Lakh bids against the 56.33 Lakh shares available for subscription, translating to a 31% subscription.

Institutional investors continued to shoulder most demand for the public issue. Qualified institutional buyers (QIB) placed the highest bids for 14.04 Lakh shares against the 16.07 Lakh shares earmarked for them. This translates to a 87% subscription of their quota.

The entire bidding for the QIB portion came from mutual funds, while foreign institutional investors and domestic financial institutions haven’t shown any interest in the listing yet. 

Retail investors (RIIs) and non-institutional investors (NIIs) have comparatively shown a more muted interest in the company’s offering. Retail investors placed bids for 1.77 Lakh shares out of 28.12 Lakh shares in their quota, resulting in a 6% subscription of their quota. 

Meanwhile, NIIs have placed bids for 1.52 Lakh shares against 12.05 Lakh shares earmarked for them, translating to a 13% subscription of their quota. Investors bidding for shares worth more than ₹10 Lakh have led interest in this category, with these NIIs placing bids for 1.27 Lakh shares. 

Meanwhile, the company’s employees have oversubscribed their bidding quota by 1.27X, placing bids for 10,373 shares against 8,169 shares reserved for them. 

SEDEMAC has set a price band of ₹1,287 to ₹1,352 for its public issue, with the shares anticipated to be listed on the BSE on March 11 after the IPO closes tomorrow. On the first day of bidding, the issue was subscribed 27%. 

The public listing consists solely of an offer for sale (OFS) component of 80.43 Lakh shares. At the upper end of the price band, SEDEMAC is seeking an IPO valuation of ₹5,970 Cr ($657 Mn) while its selling shareholders are looking at netting a total of ₹1,087 Cr from the issue,

The IIT Bombay-incubated company received SEBI’s nod for the IPO earlier this month after filing draft papers in November last year.

On the financial front, SEDEMAC reported a net profit of ₹71.4 Cr in the first nine months of the current financial year (9M FY26). Operating revenue for the period under review stood at ₹770.66 Cr, while expenses came in at ₹667 Cr. 

The mixed interest shown for SEDAMAC’s fresh issue is in line with IPOs of other new-age tech startups like Aye Finance and Fractal Analytics, which also saw mixed investor demand during initial bidding in 2026. 

For SEDEMAC, muted investor interest is also reflective of the company’s grey market price (GMP), which showed a sharp decline on the second day of its subscription. As per data from investorgain.com, the company’s IPO GMP today stood at ₹20, a hefty cut from ₹55 GMP yesterday.

Meanwhile, brokerage firm SBI Securities has advised investors to subscribe to SEDEMAC’s IPO for a long term. In an IPO note, the brokerage firm noted that listing/short term gains from the IPO are unlikely.

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