SFC Environmental Technologies IPO Day 2: Subscribed 0.24x; Retail Demand at 0.31x
Key Highlights
SFC Environmental Technologies IPO (₹467 crore mainboard IPO) was subscribed 0.24x on Day 2 of 3, with Retail at 0.31x.
Last updated: Wed, Oct 28, 2026, 5:00 PM IST · mainboard · & · Day 2 of 3
- SFC Environmental Technologies IPO subscribed 0.24x overall on Day 2, up from 0.10x on Day 1
- Total bids: 33,76,350 shares against 1,41,59,744 shares on offer
- Category-wise: 0.08x, 0.28x, 0.31x
- Price band: ₹313 to ₹330 per share
- The issue closes on Thu, Oct 29, 2026
The SFC Environmental Technologies IPO reached a subscription multiple of 0.24x as of 5:00 PM IST on day 2 of 3. This follows a subscription level of 0.10x on the first day of the issue. The retail category recorded the highest interest at 0.31x. Overall bidding activity increased from 14,07,195 bids on day 1 to 33,76,350 bids by the end of the second day.
SFC Environmental Technologies IPO Status: Day 2
Day-wise subscription
| Day | Date | Total bids (shares) | Bid value at upper band (₹ crore) | Subscribed (x) |
|---|---|---|---|---|
| Day 1 | Tue, Oct 27, 2026 | 14,07,195 | 46.44 | 0.10x |
| Day 2 | Wed, Oct 28, 2026 | 33,76,350 | 111.42 | 0.24x |
Category-wise subscription
| Category | Shares offered | Day 1 bids | Day 1 (x) | Day 2 bids | Day 2 (x) |
|---|---|---|---|---|---|
| QIB | 40,45,641 | 3,060 | — | 3,12,210 | 0.08x |
| NII | 30,34,231 | 2,75,175 | 0.09x | 8,39,925 | 0.28x |
| of which individual NII | — | 2,70,855 | — | 7,99,605 | — |
| of which corporate NII | — | 3,060 | — | 15,165 | — |
| of which other NII | — | 1,260 | — | 25,155 | — |
| Retail | 70,79,872 | 11,28,960 | 0.16x | 22,24,215 | 0.31x |
| Total | 1,41,59,744 | 14,07,195 | 0.10x | 33,76,350 | 0.24x |
Subscription levels across all categories remained below their respective quotas by the end of day 2. The retail category led with 0.31x, followed by non-institutional investors (NII) at 0.28x. Qualified institutional buyers (QIB), which are large financial institutions, recorded a subscription of 0.08x. The total number of shares bid for reached 33,76,350 against the 1,41,59,744 shares offered.
SFC Environmental Technologies IPO Offer Details
| Field | Value |
|---|---|
| IPO date | Tue, Oct 27, 2026 to Thu, Oct 29, 2026 |
| Listing date | To be announced |
| Face value | ₹2 per share |
| Price band | ₹313 to ₹330 per share |
| Lot size | 45 shares |
| Total issue size | 2,04,75,082 shares (₹467 crore) |
| Listing at | NSE & BSE |
| Lead managers | IIFL Capital Services Ltd., JM Financial Ltd., Nuvama Wealth Management Ltd. |
| MUFG Intime India Pvt Ltd. |
About SFC Environmental Technologies
SFC Environmental Technologies Ltd. provides design, engineering, technology, and equipment supply services for wastewater treatment, wastewater recycling and reuse, and solid waste treatment. As per the DRHP, the company has over 20 years of industry experience and has commissioned 728 installations with a total treatment capacity of 17,511.11 MLD. The company primarily serves private engineering, procurement, and construction companies that work on municipal and government projects. Its core operations include manufacturing and supervising the installation of equipment for wastewater treatment, holding a significant market share in sequencing batch reactor technology in India.
SFC Environmental Technologies Financial Highlights
| Metric | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|
| from operations (₹ crore) | 803.63 | 697.86 | 657.50 |
| Total income (₹ crore) | 821.27 | 726.96 | 676.74 |
| Profit after tax (₹ crore) | 160.21 | 152.01 | 144.17 |
| Net worth (₹ crore) | 804.17 | 648.68 | 534.29 |
| Total borrowings (₹ crore) | 146.12 | 23.89 | 85.11 |
| (₹) | 16.52 | 15.42 | 15.16 |
Revenue from operations grew to ₹803.63 crore in FY 2025-26, up from ₹697.86 crore in FY 2024-25. Profit after tax reached ₹160.21 crore in FY 2025-26, compared to ₹152.01 crore in FY 2024-25. The company reported a debt-to-equity ratio of 0.18x for FY 2025-26.
Objects of the Issue
| Purpose |
|---|
| Prepayment of all or a portion of certain outstanding borrowings and our |
| Funding our working capital requirements |
Risk Factors as per the DRHP
- The company faces significant revenue dependence on its top 10 customers, which could impact financial performance if these relationships are disrupted or if project demand changes.
- Operations are heavily reliant on government-funded projects, which are subject to potential policy changes and payment delays that may affect cash flow and project timelines.
- The company faces concentration risk due to its reliance on a limited number of third-party suppliers for the raw materials and components required for its equipment manufacturing.
- The company is involved in various legal proceedings, including criminal and tax-related matters, which could adversely affect its financial condition and reputation if outcomes are unfavorable.
How to Check SFC Environmental Technologies IPO Subscription Status
Live bidding figures are published by NSE & BSE while the issue is open. Once it closes, allotment status is published by the registrar, MUFG Intime India Pvt Ltd. (https://in.mpms.mufg.com/).
This article is for information only and is not investment advice. Subscription figures are based on exchange data as of Wed, Oct 28, 2026, 5:00 PM IST and can change. IPO investments are subject to market risks; read the offer document carefully before investing.