The initial public offering (IPO) of Adroit Industries (India) Limited has drawn immense interest from investors in the Indian share market. After opening for bidding on September 23, the three-day public issue closed on September 25 with an overwhelmingly positive response. According to official data compiled from the National Stock Exchange (NSE), the Rs 151-crore public issue received bids for an astounding 1,39,22,95,200 shares against the 78,72,900 shares on offer. Consequently, the IPO was subscribed a massive 176.85 times by the time bidding concluded.
Robust Interest Across Investor Categories
The public offer saw stellar demand across all classes of market participants. Non-Institutional Investors (NII) led the charge, subscribing to their allocated portion by a staggering 332.35 times. Qualified Institutional Buyers (QIB) also showed massive interest, with their segment getting subscribed 195.04 times. Meanwhile, the portion reserved for retail individual investors was subscribed 99.81 times. Although the company had set a price band of Rs 126 to Rs 134 per share for the issue, the intense demand means that the shares will now be allotted at the upper limit of Rs 134 per share.
IPO Breakdown: Fresh Issue and OFS Components
Through this public market transaction, Adroit Industries is issuing a total of 1,12,47,000 shares to aggregate the Rs 151-crore fundraising. This offering is structured into two main parts. First, there is a fresh issue of 98,97,000 shares designed to raise Rs 133 crore, which will go directly to the company to fund its corporate needs. Second, the promoters of the company are offloading some of their holding through an Offer for Sale (OFS). Under the OFS component, 13,50,000 shares worth Rs 18 crore are being sold by the existing promoters.
Retail Investment Limits and Lot Structure
For retail investors looking to participate in the IPO, specific bidding parameters were established. The minimum lot size was set at 111 shares, requiring a capital outlay of at least Rs 14,874. On the upper end, retail individuals were permitted to apply for a maximum of 13 lots. This highest bidding bracket allowed them to apply for 1,443 shares, requiring a total investment of Rs 1,93,362.
Timeline for Allotment, Refunds, and Listing
With the subscription window now closed, the focus shifts to the allotment process. Share allotment is scheduled to take place on Monday, September 28. Successful bidders will have their allotted shares credited to their demat accounts by September 29, while investors who did not secure an allotment will receive their refunds on the same day. As a mainboard IPO, the company is scheduled to make its market debut on September 30, with listings on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Grey Market Premium Climbs to Historic Peak
In the unlisted market, shares of Adroit Industries are generating substantial buzz. According to grey market tracking data on September 26, the company's shares were commanding a grey market premium (GMP) of Rs 47. When compared against the upper issue price of Rs 134, this GMP indicates a potential listing gain of approximately 35.07%. This is the highest premium recorded for the company's shares during the entire IPO process. However, investors should note that grey market premiums are highly informal and subject to fluctuation based on overall market conditions at the time of listing.
