Home / Business and Economy / Adroit IPO Allotment Today: Oversubscribed 176 Times!
Adroit IPO Allotment Today: Oversubscribed 176 Times!
28 Sep
Summary
- Adroit Industries IPO saw 176.85 times subscription during bidding.
- Share allotment finalization is scheduled for September 28.
- Expected listing price suggests a potential 43.3% premium.
The allotment for Adroit Industries' initial public offering (IPO) is scheduled to be finalized on September 28. The Rs 150.71-crore issue garnered immense interest, with bids received for over 1.39 billion shares against the 7.87 million shares available. This resulted in an overall subscription rate of 176.85 times.
The non-institutional investor segment saw exceptional demand, subscribing 332.35 times. Qualified institutional buyers subscribed 195.04 times, while the retail portion was subscribed 99.81 times. Investors can check their Adroit Industries IPO allotment status via the registrar Bigshare Services, or on the BSE and NSE websites.
Refunds and the credit of shares to demat accounts are expected on September 29, with the shares slated for listing on September 30 on both the BSE and NSE. The grey market premium for Adroit Industries indicates a potential listing price around Rs 192, an approximately 43.3% increase from the upper issue price of Rs 134.
Adroit Industries, based in Madhya Pradesh, manufactures propeller shafts and torque-transmission components. The IPO funds will be utilized for capacity expansion, machinery procurement for its Dewas and Pithampur facilities, and general corporate purposes, including investment in its subsidiary, Adroit Driveshafts.
