New Delhi, October 7(HS): The stock market witnessed two contrasting market debuts today, with financial services firm Sodhani Capital delivering a spectacular listing gain, while engineering solutions provider Fabtech Technologies failed to impress investors with its flat and subsequently weak performance.
Sodhani Capital Delivers Sharp Listing Gains
Sodhani Capital’s shares opened strongly on the BSE SME platform, debuting at ₹80 — a hefty 56.86% premium to the IPO issue price of ₹51. Buoyed by aggressive buying in early trade, the scrip quickly hit the upper circuit at ₹84, giving IPO investors an impressive 64.71% return on the first day of trading.
The company’s ₹10.71-crore IPO was open from September 29 to October 1, 2025, and saw an overall subscription of 4.79 times. The non-institutional investors’ portion was subscribed 5.99 times, while the retail segment saw bids 4.85 times the allotted quota.
Sodhani Capital issued 4.10 lakh fresh shares with a face value of ₹10 each in the offering.Funds raised from the IPO will be utilised for purchasing an office in Mumbai, developing a mutual fund mobile application, upgrading IT infrastructure, and meeting general corporate requirements.
Financially, Sodhani Capital has shown steady growth. The company’s net profit rose from ₹1.20 crore in FY 2022–23 to ₹2.21 crore in FY 2023–24, before settling slightly lower at ₹2.18 crore in FY 2024–25. Revenue increased at a compounded annual growth rate (CAGR) of over 29%, reaching ₹4.13 crore. Debt levels declined from ₹7 lakh in FY 2022–23 to ₹5 lakh in FY 2023–24 and remained unchanged in FY 2024–25. Its reserves grew from ₹2.01 crore in FY 2022–23 to ₹3.84 crore in FY 2023–24 before falling to ₹1.16 crore in FY 2024–25.
Fabtech Technologies’ Lacklustre Debut
In stark contrast, Fabtech Technologies, which caters to the pharmaceutical, biotech, and healthcare sectors with turnkey engineering solutions, entered the market without fanfare. Shares debuted flat on the BSE at ₹191 — the exact IPO issue price — and at ₹192 on the NSE, reflecting a mere ₹1 premium. However, selling pressure quickly set in, pushing the stock down to ₹181.50 by 11:30 a.m., translating into a 9.50% intraday loss for IPO investors.
Fabtech’s ₹230.35-crore IPO, also open between September 29 and October 1, 2025, saw modest interest, with subscriptions amounting to 2.04 times overall. The QIB portion was subscribed 2.02 times, the NII portion 1.97 times, the retail segment 2.09 times, and the employees’ allotment 2.01 times. The offering involved the issuance of 1,20,60,000 fresh shares, each with a face value of ₹10.Proceeds from the issue are earmarked to meet working capital requirements and general corporate purposes.
Financial disclosures show Fabtech’s net profit grew from ₹21.58 crore in FY 2022–23 to ₹27.22 crore in FY 2023–24, and surged to ₹46.33 crore in FY 2024–25. Revenue expanded at a CAGR exceeding 46%, touching ₹335.94 crore.Debt levels saw fluctuations — falling sharply from ₹34.29 crore in FY 2022–23 to ₹9.88 crore in FY 2023–24, before rising again to ₹54.62 crore in FY 2024–25. Reserves stood at ₹86.18 crore in FY 2022–23, climbing to ₹128.94 crore in FY 2023–24, and further to ₹140.72 crore in FY 2024–25.
While Sodhani Capital rewarded its IPO backers handsomely on debut day, Fabtech Technologies’ disappointing listing highlights the unpredictable nature of market sentiment despite strong reported financials.
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Hindusthan Samachar / Jun Sarkar
