Adroit Industries IPO Subscribed 5.18x on Day One
By Business Desk
Adroit Industries sees strong demand for its INR 151-crore IPO, achieving 5.18 times subscription on day one, driven by retail and NII investors.
Adroit Industries (India) Ltd secured a 5.18 times total subscription on the opening day of bidding for its INR 151-crore initial public offering. Retail and non-institutional investors drove the initial demand, while the bidding process is scheduled to conclude on September 25.
Subscription Breakdown
The issue featured a price band of INR 126-134 per share and drew bids for over 40 million shares against an offer of approximately 7.87 million shares. Investor interest was heavily concentrated in specific categories during the opening session.
Category-wise subscription levels on day one include the following figures:
Retail investors subscribed 7.24 times.
Non-institutional investors subscribed 7.20 times.
Qualified institutional buyers accounted for 5% of the subscription.
Company Background and Offering Details
Established in 1966, Adroit Industries operates as a long-standing manufacturer of propeller shafts and torque-transmission components. The company utilizes vertically integrated manufacturing capabilities to supply both original equipment manufacturers and the replacement parts market.
The current offering comprises both a fresh issue and an offer for sale. Bidding remains open until September 25 for market participants evaluating the manufacturing firm.