Adroit Industries IPO Booked Over 8x on Day 2 as Grey Market Premium Surges to 25 Percent

The initial public offering (IPO) of auto-component manufacturer Adroit Industries (India) Limited received significant bidding traction on its second day of subscription, September 24, 2026. Pushed by heavy demand from retail participants and high-net-worth individuals, the public issue was booked over 8.4 times in the morning session. Concurrently, the unlisted market sentiment brightened, with the grey market premium (GMP) rising to roughly 25% over the upper end of the price band.

The Rs 150.71-crore public issue, which opened for bidding on September 23, is scheduled to close on Friday, September 25, 2026.

Subscription Details Across Categories

The IPO had concluded Day 1 with 5.18 times total subscription. Momentum accelerated sharply on Day 2, particularly across non-institutional and retail segments:

• Retail Individual Investors (RIIs): The retail quota saw bidding surge to over 11.7 times the allotted portion, building upon the 7.24 times subscription recorded at the end of the opening day.
• Non-Institutional Investors (NIIs): High-net-worth bidding saw aggressive activity, with both small HNI (sHNI) and big HNI (bHNI) segments crossing 16 times subscription.
• Qualified Institutional Buyers (QIBs): Institutional participation remained muted at approximately 0.06 times, a standard pattern for primary market offerings where large institutional bids typically arrive on the final day.

Grey Market Premium and Pricing

Adroit Industries has set its price band at Rs 126 to Rs 134 per equity share, with a minimum bid lot of 111 shares. At the ceiling price, retail investors require a minimum outlay of Rs 14,874 per application.

In the unofficial grey market, shares of Adroit Industries were trading at a premium of Rs 34 per share. This translates to a GMP of approximately 25.37% over the cap price of Rs 134, implying an estimated listing price near Rs 168 per share.

Issue Structure and Financials

The book-built issue consists of a fresh issue of 98.97 lakh shares valued at Rs 132.62 crore and an offer for sale (OFS) of 13.50 lakh shares worth Rs 18.09 crore. Choice Capital Advisors Private Limited is acting as the sole book-running lead manager, while Bigshare Services Private Limited is the registrar.

Adroit Industries manufactures precision torque-transmission components and propeller shaft assemblies, catering to commercial vehicles, SUVs, defence, and off-highway heavy equipment. Financed partly by export business across North America, Europe, and Asia-Pacific, the company’s financial performance improved in the fiscal year ended March 2026:

• Total Income: Rose 5% to Rs 143 crore in FY26 compared to Rs 137 crore in FY25.
• Profit After Tax (PAT): Advanced 44% year-on-year to Rs 26 crore in FY26 from Rs 18 crore in FY25, highlighting operating leverage and bottom-line expansion.

Timeline Ahead

Following the close of bidding on September 25, the basis of allotment is expected to be finalised on Monday, September 28, 2026. Successful bidders will see shares credited to their demat accounts by September 29, and the equity shares are scheduled to debut on both the BSE and NSE on Wednesday, September 30, 2026.

Tags: Adroit Industries IPO Primary Market BSE NSE Grey Market Premium