Adroit Industries Surges Over 86% on Debut While Elevate Campuses and ArMee Infotech Open Muted

Dalal Street witnessed a packed listing session on Wednesday, September 30, as four companies made their secondary market debuts on the National Stock Exchange (NSE) and BSE. The four issuers—Adroit Industries (India), Swastika Infra, ArMee Infotech, and Elevate Campuses—had collectively raised approximately ₹2,712 crore from public markets between September 23 and September 25.

Investor returns on debut reflected the stark divergence in primary market demand seen during their respective subscription windows. While heavily oversubscribed smaller issues scored listing day premiums, larger and mildly subscribed offerings faced listing pressure.

Adroit Industries Delivers Bumper Listing

Propeller shaft and driveline component manufacturer Adroit Industries (India) emerged as the star performer of the day. The stock listed at ₹250 on the BSE, delivering an 86.57% premium over its issue price of ₹134. On the NSE, the shares debuted at ₹235, marking a 75.37% gain. Post-listing buying pushed the stock to lock into its 5% upper circuit at ₹248.39 on the NSE.

The company's ₹150.71-crore public issue had seen extraordinary investor interest, closing with an overall subscription of 176.85 times. The non-institutional investor (NII) segment led the bidding with 332.35 times subscription, qualified institutional buyers (QIBs) subscribed 195.04 times, and the retail category recorded 99.81 times demand.

Swastika Infra Debuts at 8% Premium

Power transmission and distribution infrastructure contractor Swastika Infra posted steady debut gains. The equity shares listed at ₹200 on both the NSE and BSE, representing an 8.11% premium against the issue price of ₹185.

Following the open, momentum gathered further as the stock hit a 5% upper circuit at ₹210 on the NSE. Swastika Infra's ₹160.88-crore public offer had garnered an overall subscription of 7.60 times during the three-day bidding window, supported by 18.50 times bidding in the NII portion and 5.39 times in the retail quota.

Elevate Campuses and ArMee Infotech Experience Flat to Discounted Starts

In contrast to the buoyant response for smaller engineering issues, student housing and education infrastructure firm Elevate Campuses had a subdued start. The ₹2,100-crore IPO—the largest of the four listings—opened at ₹355.10 on the NSE (a 1.91% discount to its issue price of ₹362) and at ₹356.50 on the BSE (a 1.52% discount). The stock slipped further post-listing, hitting an intraday low of ₹321 on the NSE. The issue had received a lukewarm subscription of 1.79 times.

Meanwhile, Ahmedabad-based IT solutions provider ArMee Infotech recorded a flat market start. The company's ₹300-crore issue had priced shares at ₹375. The stock listed at par at ₹375 on the NSE and opened at a mild 1.64% discount at ₹368.85 on the BSE. ArMee Infotech's offering had closed with an overall subscription of approximately 2.44 to 2.6 times.

Key Listing Day Summary Across the Four IPOs:

• Adroit Industries (India): Issue Price ₹134 | BSE Listing ₹250 (+86.57%) | NSE Listing ₹235 (+75.37%)
• Swastika Infra: Issue Price ₹185 | BSE Listing ₹200 (+8.11%) | NSE Listing ₹200 (+8.11%)
• Elevate Campuses: Issue Price ₹362 | BSE Listing ₹356.50 (-1.52%) | NSE Listing ₹355.10 (-1.91%)
• ArMee Infotech: Issue Price ₹375 | BSE Listing ₹368.85 (-1.64%) | NSE Listing ₹375 (Flat)

Tags: Adroit Industries Elevate Campuses Swastika Infra ArMee Infotech BSE NSE