Adroit Industries India IPO Subscribed 176.85 Times as Bidding Closes

The initial public offering (IPO) of Adroit Industries (India) Limited concluded its three-day bidding window with blockbuster demand across investor categories, racking up an overall subscription of 176.85 times. Bidding for the public issue commenced on September 23, 2026, and closed on September 25, 2026.

The ₹150.71-crore issue had fixed its price band at ₹126 to ₹134 per equity share with a face value of ₹10 each, with a minimum lot size of 111 equity shares.

Category-Wise Subscription Breakdown

Non-institutional investors (NIIs) and institutional participants generated significant momentum, resulting in heavy oversubscription across all investor buckets:

• Non-Institutional Investors (NIIs): The category witnessed the most aggressive bidding, getting subscribed 332.35 times.
• Qualified Institutional Buyers (QIBs): The institutional quota was subscribed 195.04 times.
• Retail Individual Investors (RIIs): Retail bidders booked their reserved portion 99.81 times.

Issue Structure and Capital Utilization

The IPO comprises a fresh issue of 98.97 lakh equity shares aggregating up to ₹132.62 crore and an offer for sale (OFS) of 13.50 lakh equity shares worth up to ₹18.09 crore by promoter group entity Mukesh Sangla HUF. Ahead of the issue opening, the company raised funds by allotting 33.74 lakh shares to anchor investors at the upper price band of ₹134 per share.

The proceeds from the fresh issue are earmarked to fund growth and balance sheet deleveraging:

• Capital Expenditure: Approximately ₹19.90 crore will be utilized for purchasing machinery, equipment, and a transport vehicle for the company's Dewas manufacturing facility in Madhya Pradesh.
• Subsidiary Expansion: Around ₹43.95 crore will be invested in its subsidiary, Adroit Driveshafts, for machinery and equipment at its Pithampur plant.
• Debt Prepayment: Approximately ₹24.19 crore will be deployed to prepay or repay outstanding borrowings of Adroit Driveshafts, with the remainder allocated towards general corporate purposes.

As of July 31, 2026, the company's total outstanding borrowings stood at ₹57.46 crore.

Business Profile and Next Steps

Incorporated in 1995, Adroit Industries (India) Limited operates as a vertically integrated manufacturer and supplier of propeller shafts, driveline components, and torque-transmission assemblies. The company caters to leading commercial vehicle, passenger vehicle, and industrial machinery original equipment manufacturers (OEMs), alongside maintaining a footprint in export and replacement markets.

Following the close of bidding, the basis of share allotment is expected to be finalised on Monday, September 28, 2026. Initiations of refunds and credit of equity shares to successful applicants' demat accounts are scheduled for September 29, 2026, followed by the trading debut of the equity shares on the BSE and the National Stock Exchange (NSE) on Wednesday, September 30, 2026.

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