Stories
Adroit Industries IPO Soars 87% on Blockbuster Debut, Strong Investor Demand
- •Adroit Industries shares debuted with an 87% jump on the BSE, opening at ’250 against an IPO price of ’134.
- •The ’150.71-crore IPO was oversubscribed 176.85 times, with NIIs subscribing 332.35 times and retail investors 99.81 times.
- •The company raised ’45.21 crore from anchor investors, including Abakkus Venture Opportunities Fund and Chhattisgarh Investments.
- •Proceeds from the fresh issue will fund capacity expansion, machinery procurement for Dewas and Pithampur facilities, and investment in subsidiary Adroit Driveshafts.
- •Adroit Industries, headquartered in Madhya Pradesh, manufactures propeller shafts and torque-transmission components, offering over 5,000 products.
Key Questions Answered
On the BSE, Adroit Industries shares opened at ₹250, marking a blockbuster premium of 86.57% against the IPO price of ₹134 per share.
The IPO was subscribed 176.85 times overall by September 25, with bids placed for 139.23 crore shares against 78.73 lakh shares on offer. The non-institutional investor category saw a subscription of 332.35 times, the QIB portion reached 195.04 times, and the retail category was subscribed 99.81 times.
Adroit Industries plans to allocate around ₹63.8 crore to procure machinery, equipment, and transportation vehicles for its Dewas and Pithampur facilities. Additionally, ₹24.12 crore will go toward debt repayment or prepayment for its subsidiary, Adroit Driveshafts, with the rest designated for general corporate purposes.
