The issue was subscribed 176.85 times by the close of bidding on September 25. Investors placed bids for 139.23 crore shares against 78.73 lakh shares on offer.
The non-institutional investor (NII) category was subscribed 332.35 times, while the retail portion was subscribed 99.81 times. The qualified institutional buyers (QIBs) category was subscribed 195.04 times.
In the grey market, the grey market premium (GMP) stood at ₹55, implying an indicative listing price of around ₹189 against the upper issue price of ₹134. This translates into a premium of nearly 41%.
GMP is an unofficial indicator and does not guarantee the actual listing price or post-listing returns.
The Adroit Industries IPO had a price band of ₹126-134 per share, with a lot size of 111 shares.
The issue comprised a fresh issue of 98.97 lakh shares and an offer for sale of 13.50 lakh shares by promoter entity Mukesh Sangla HUF.
Ahead of the IPO, Adroit Industries raised ₹45.21 crore from anchor investors by allotting 33.74 lakh shares at ₹134 apiece.
Abakkus Venture Opportunities Fund acquired 7.46 lakh shares worth ₹10 crore. Chhattisgarh Investments also picked up 7.46 lakh shares, while Valour Capital Trust and Cognizant Capital Dynamic Opportunities Fund each acquired 5.59 lakh shares worth ₹7.5 crore.
Aarth AIF Growth Fund and Fortune Hands Growth Fund Scheme were among the other anchor investors.
Adroit Industries plans to use the fresh issue proceeds towards capacity expansion and strengthening its manufacturing operations.
According to the IPO documents, around ₹63.8 crore is earmarked for procuring machinery and equipment for its Dewas and Pithampur facilities, along with transportation vehicles for moving goods between manufacturing locations.
Another ₹24.12 crore will be invested in its subsidiary, Adroit Driveshafts, towards repayment or prepayment of borrowings. The remaining funds will be used for general corporate purposes.
Adroit Industries (India) is headquartered in Madhya Pradesh and manufactures propeller shafts and torque-transmission components used in driveline systems.
The company has manufacturing facilities in Dewas, Pithampur and Sanwer and offers more than 5,000 torque-transmission components and assemblies. Its operations cover processes including forging, precision machining, heat treatment, assembly, balancing and testing.
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