How a market maker and its subsidiary ended up with 89% of S.K. Offset's IPO shares

Markets No. 43 6 October 2026 · 3 min read

S.K. Offset, a printing and packaging company from Meerut, raised ₹29.06 crore in its SME IPO, selling 23.25 lakh shares at ₹125 each. It listed on BSE on 30 September. Look at who ended up with those shares, and it gets interesting.

SMC Global Securities showed up at every stage. Its wholly owned subsidiary, Moneywise Financial Services, was the biggest anchor investor, with 4.20 lakh shares. Moneywise then got 5.41 lakh more in the portion for institutional investors. SMC itself was the market maker, the broker that has to keep buying and selling the stock, and got 1.20 lakh shares for that role.

Then, on listing day, SMC bought 9.85 lakh shares on the market at about ₹126. BSE recorded 10.20 lakh shares traded that day, so SMC bought 97% of them.

Add it up, and SMC and Moneywise hold 20.66 lakh shares, or 26.68% of the company. That is 89% of all the shares sold in the IPO. Together they spent about ₹25.92 crore, close to the ₹29.06 crore the whole IPO raised.

Who sold SMC those shares? Not the promoters, because their shares are locked in for 1 to 3 years, and the anchors' for 30 and 90 days. So the sellers must have been investors who got shares in the IPO and sold at about the issue price. SMC's filing says it bought them "in its capacity as the Market Maker".

It matters because the promoters' 69.97% is locked in and SMC's group holds most of the rest, so few shares are left for anyone else to trade. On the second day only 18,000 shares traded, and the price fell 5% to ₹120.05, below the IPO price.

None of this proves anything improper, though. A market maker can build up shares while keeping trading going, and Moneywise can invest in an IPO. But this much concentration is unusual.

It may not be a one-off. SMC was also the market maker for Kheria Autocomp, which listed on NSE on 24 September. There, SMC bought 25% of the listing-day volume, and SMC's group ended up with 10.57% of the company.

The question is whether this is just how SMC runs its market-making business, or whether it is becoming a big investor in the SME companies where it is also the market maker.

Stream chart of who held the 23.25 lakh shares S.K. Offset sold in its IPO: after the allotment on 29 September 2026, Moneywise held 9.61 lakh, SMC Global 1.20 lakh and other investors 12.44 lakh; after listing day on 30 September, Moneywise 9.61 lakh, SMC Global 11.05 lakh and other investors 2.59 lakh.

Sources