u/Substantial-Bite-398

Quick weekly SME IPO roundup. 6 issues in the bidding window right now, no mainboards. All numbers as of ~3:35 PM IST May 21.

CLOSING THIS WEEK (May 21-22):

1. Teamtech Formwork — ₹61-63 — Closes today

Sub: 6.35x | QIB 3.58x / NII 12.40x / Retail 5.33x

→ NII at 12.40x is the loudest signal of the week

2. Vegorama Punjabi Angithi — ₹73-77 — Closes May 22 | Issue: ₹38.38 cr

Sub: 3.48x | QIB 0.84x / NII 5.51x / Retail 3.82x

→ NII heavy again, QIB still tepid at sub-1x

3. Harikanta Overseas — ₹91-96 — Closes May 22

Sub: 0.15x | QIB 1.00x / NII 0.20x / Retail 0.07x

→ Tracking weak across the board

OPENED TODAY (Close May 25):

4. Q-Line Biotech — ₹326-343 | Issue ₹214 cr (fully fresh) | NSE Emerge | Min ₹2,74,400

Sub: 3.51x Day 1 | QIB 4.15x / NII 3.99x / Retail 2.94x

→ Broad-based Day 1 demand, all three categories above 2.9x

5. Bio Medica Laboratories — ₹132-139

Sub: 0.56x Day 1 | QIB 11.97x / NII 0.02x / Retail 0.86x

→ QIB anchor-loaded at nearly 12x, retail/NII still to come

6. Autofurnish — ₹41 (fixed)

Sub: 0.06x Day 1 — very early stage

https://preview.redd.it/i4a8arnltg2h1.png?width=1517&format=png&auto=webp&s=811d4e2e64503c1ca90f8c7de0a8c49755200ee1

Sources: IPO Cracker

https://preview.redd.it/e54qrej4pg2h1.png?width=1572&format=png&auto=webp&s=fbe738ce73ac1de84d11369f0e91bc91e6ec76e7

6 SME IPOs are in their bidding window this week. Subscription, dates, and price band for each below (figures as of ~3 PM IST May 21).

Closing window:

1. Teamtech Formwork — Price ₹61-63 | Open May 19 → Close May 21 | Sub: 5.20x (QIB 3.11x / NII 9.65x / Retail 4.49x)

2. Harikanta Overseas — Price ₹91-96 | Open May 20 → Close May 22 | Sub: 0.15x (QIB 1.00x / NII 0.20x / Retail 0.07x)

3. Vegorama Punjabi Angithi — Price ₹73-77 | Open May 20 → Close May 22 | Sub: 3.38x (QIB 0.84x / NII 5.41x / Retail 3.66x) | Issue: ₹38.38 cr

Opened today (May 21):

4. Autofurnish — Price ₹41 (fixed) | Open May 21 → Close May 25 | Sub: 0.06x Day 1

5. Q-Line Biotech — Price ₹326-343 | Open May 21 → Close May 25 | Sub: 3.32x Day 1 (QIB 4.15x / NII 3.63x / Retail 2.71x) | Issue: ₹214 cr (fully fresh) |

Listing: NSE Emerge | Min lot: ₹2,74,400

6. Bio Medica Laboratories — Price ₹132-139 | Open May 21 → Close May 25 | Sub: 0.54x Day 1 (QIB 11.97x / NII 0.02x / Retail 0.82x)

Sources: IPO Cracker

I've been building a free PDF tools site (pdfgrover.com) for the last few months and went down a rabbit hole comparing the actual limits on every "free"

PDF tool I could find. Wanted to share the surprising bits.

Most "free" PDF tools cap quietly. The exact numbers move around between sites and they change them often, but the pattern is consistent: small per-file

size caps, a low daily operation count, or a watermark on the output unless you upgrade. The headline says "free", the day-to-day reality tends to be

"free up to roughly 1-2 documents per session before something gets in the way".

I shipped my own deliberately more generous — bigger merges, bigger conversions, no watermarks, no signup. The biggest learning so far is that the tight

caps on most competing sites aren't there because the operations don't scale technically. They're there because uncapped free users hurt per-user

economics on a freemium model. If you're not trying to convert free users to paid, you can afford to be more generous out of the box.

A few things I picked up along the way:

1. Smaller PDFs can run entirely in the browser, so they never hit a server at all. Most of the big "free" sites still upload everything because their

conversion pipelines are server-only — that's part of why they need to cap.

2. The genuinely expensive operations are the ones that have to run on a server. Anything that runs in the browser is essentially free to host.

3. You can keep the size caps reasonable on the operations that matter most (merge, compress, sign) and still stay sustainable, as long as you're not

paying a per-document fee somewhere in the pipeline.

What's still hard / limited on the site:

- True per-page redaction is content removal, not just visual hiding. It's harder to build than people think and most "redact" tools online don't actually do it.

Honest pitch: free, no signup, no watermarks, no daily caps. Happy to hear feedback if anything feels off.

pdfgrover

https://preview.redd.it/riowsy5pvv0h1.png?width=1515&format=png&auto=webp&s=7695a213ec5700f144cb81a3008f0053142a398f

Five IPO actions scheduled for May 12, 2026. Current data from BSE/NSE official streams:

CLOSING (May 12)

1. Simca Advertising — SME, BSE

- Price Band: ₹174-183

- Lot: 1,200 shares | Min: ₹2,19,600

- Subscription: 4.20x (open until May 12)

- Pre-listing premium: +₹21 (+11.5%)

- Listing: May 15

LISTING (May 12)

2. Bagmane Prime Office REIT — Mainboard

- Price Band: ₹95-100

- Lot: 150 units | Min: ₹15,000

- Final Subscription: 24.96x

- Pre-listing premium: +₹5 (+5.0%)

- Issue Size: ₹3,405 cr (₹2,390 cr fresh + ₹1,015 cr OFS)

- Listing: BSE + NSE

3. Recode Studios — SME, BSE

- Price Band: ₹150-158

- Lot: 1,600 shares | Min: ₹2,52,800

- Final Subscription: 217.83x (QIB 137.99x | NII 298.06x | Retail 216.51x)

- Pre-listing premium: +₹42 (+26.6%)

- Issue Size: ₹45 cr (88% fresh issue)

- Listing: BSE SME

OPENING (May 12)

4. Goldline Pharmaceutical — SME

- Pre-open premium: +₹17 (+39.5%)

- Open: May 12 | Close: May 14 | Listing: May 19

5. RFBL Flexi Pack — SME

- Pre-open premium: not surfaced

- Open: May 12 | Close: May 14 | Listing: May 19

Source IPO Cracker

https://preview.redd.it/8rkwn9z11j0h1.png?width=1806&format=png&auto=webp&s=e8fe26550eee1a0f15e7920afe3e788b40609648