Adroit Industries’ ₹151-crore IPO was subscribed 5.18 times on its opening day, led by strong demand from retail and non-institutional investors.
The initial public offering of Adroit Industries (India) Ltd received bids for 4,07,67,969 shares against 78,72,900 shares available, resulting in an overall subscription of 5.18 times on the first day.
Retail investors subscribed their allocated portion 7.24 times, while the non-institutional investor category received 7.20 times subscription.
The qualified institutional buyer portion was subscribed 5%.
The ₹151-crore issue will remain open until September 25 and has a price band of ₹126–₹134 per share.
The offering comprises a fresh issue of up to 98,97,000 equity shares and an offer for sale of up to 13,50,000 shares.
Established in 1966, Adroit Industries is a vertically integrated manufacturer and supplier of propeller shafts and related torque-transmission components. Its manufacturing capabilities include forging, precision machining, heat treatment, assembly, balancing and testing.
Choice Capital Advisors is the book-running lead manager for the offering.
