Fri Jan 31 08:50:00 UTC 2025: **Dr Agarwal’s Healthcare IPO Underwhelms on Day 2, While SME IPOs Show Mixed Results**

**Mumbai, January 30, 2025** – The ₹3,027.26 crore initial public offering (IPO) of Dr Agarwal’s Healthcare Ltd. saw sluggish subscription on its second day, reaching only 42% of its target. Retail investors subscribed 24% of their allocated portion, while non-institutional investors (NIIs) showed even less interest at 12%. However, the Qualified Institutional Buyers (QIBs) quota was fully subscribed. The IPO, priced between ₹382 and ₹402 per share, closes on January 31st, with allotment expected on February 3rd and listing on February 5th.

In contrast, the ₹25.92 crore SME IPO of Malpani Pipes and Fittings Ltd. experienced significantly higher demand, being oversubscribed nearly 34 times overall on day two. The retail portion was oversubscribed more than 50 times, and the NII segment almost 40 times.

Another SME IPO, CLN Energy Ltd., listed on the BSE SME platform today at a premium of only 2.4% (₹256 vs. ₹250 IPO price). While initially showing a modest increase, the share price subsequently rose 5% to hit its upper circuit at ₹268.80. Its IPO, which concluded on January 27th, was subscribed 5.09 times.

Overall, market sentiment remained subdued, with only a few IPOs attracting significant investor attention. The contrasting performance of the Dr Agarwal’s Healthcare IPO and the Malpani Pipes IPO highlights the current volatility and selectivity in the primary market.

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