Digilogic Systems IPO Day-Wise Subscription Update

The Initial Public Offering (IPO) of Digilogic Systems, a specialised provider of automated test and measurement solutions, is currently open for subscription.

As of 21 January 2026 (Day 2), the issue has seen a relatively muted response from the investors. Its total subscription stands at 0.45x. This was an improvement from the 0.31x subscription on Day 1. From a total of 55.89 lakh shares brought to the market (excluding the anchor portion), it has received bids for 25.26 lakh by the Day 2 end.

The IPO aims to raise ₹81.01 Cr. at the upper price band of ₹104/share. It opened on 20 January and is scheduled to close on 22 January. The Qualified Institutional Buyers (QIB) portion (excluding anchor) remained stagnant at 0.57x on Day 2. But the individual investor category showed some movement, moving up to 0.48x.

With just one day left for the subscription to close, there is an important question for the investors. Will the final day bring the much-needed liquidity from institutional and individual investors?

Why is the momentum lagging?

On IPO Day 1, the retail investors led the charge. The end of IPO Day 2 saw the overall figure moving ahead but at a slow pace. There was only a modest increase in overall subscription.

But the Non-Institutional Investors (NII) category has been particularly sluggish, recording a subscription of just 0.20x on Day 2 and 0.09x on Day 1. NIIs include investors from the High Networth Individuals (HNI) category, corporations and trusts investing over a threshold of ₹2 Lakhs in an IPO.

In the NII category, specifically, the 'Big NII' (bNII) segment, that comprises HNIs bidding >₹10 Lakhs, has registered zero bids so far.

One can associate this response with the high entry barrier for this small and medium enterprise (SME) issue. The minimum lot size is set at 1,200 shares. For individual retail investors, the required minimum investment is two lots, which totals up to ₹2,49,600/- (for 2,400 shares at the upper price band). Such a high ticket size can make smaller retail investors a bit hesitant to participate in such IPOs.

Also, the QIB portion has remained unchanged from Day 1 to Day 2 at 0.57x. This indicates that institutional players might be waiting for the final hours for placing their bids. This is a common strategy to gauge overall demand before they commit capital. But what is the strength of the Digilogic Systems business model that holds potential?

Digilogic Systems Business Potential

Digilogic Systems is operating in a high-tech niche. It develops Automated Test Systems (ATE) and software platforms. These platforms are used to verify the performance of electronic components in crucial sectors such as defence, aerospace, and telecommunications.

Digilogic Systems provides specialised services that include simulation and embedded systems design. Thus, it positions itself as an important enabler for indigenous defence production.

The company plans to use the proceeds from the IPO for tangible growth. For this, ₹51.7 Cr. will be utilised to set up a new facility and enhance their manufacturing and testing capabilities. Another ₹8 Cr. will go toward debt repayment. The remaining amount is set aside for general corporate purposes.

The issue structure is a mix of fresh equity and an exit for promoters. The majority of the funds raised will flow back into the company to fuel expansion. This can be seen as a positive signal for long-term investors.

However, the business is dealing with niche, complex and high-value contracts. This might sometimes make it difficult for general investors to evaluate the immediate growth trajectory.

What Can Investors Expect From the Final Day?

For traders and investors, the main metric to watch on 22 January can be the QIB subscription levels. A surge in it might lead to a last-minute rush in the HNI and retail categories.

Source:

Moneycontrol
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