Adroit Industries IPO fully subscribed in 2 hours, 1.5x demand
Business
Adroit Industries's IPO got snapped up fast: it was fully booked within two hours of opening, and by late morning, demand was already 1.5 times the available shares.
Retail investors especially jumped in, subscribing over twice the shares on offer in their category, with noninstitutional buyers not far behind.
Adroit Industries gray market 20% premium
Shares are trading at nearly 20% premium in the gray market, showing strong excitement even before official listing.
The company plans to use ₹63.8 crore from the net fresh issue proceeds to procure machinery and equipment to enhance operations at Dewas and Pithampur and ₹24.1 crore for repayment of debt of its subsidiary, Adroit Driveshafts.
If you're interested, there's still time: the IPO closes September 25.