The Adroit Industries IPO listing came in well above what the grey market had quoted. The shares opened at ₹235 on the NSE on 30 September 2026, 75.37 per cent above the ₹134 issue price. On the BSE they opened at ₹250, a premium of 86.57 per cent.
The issue had closed on 25 September with bids worth 176.85 times the shares on offer, going by our subscription data. That book was the clearer signal. The grey market was not.
What the grey market got wrong
Our tracker showed a grey market premium of ₹55 on the morning of 30 September, or 41.04 per cent of the issue price. Add that to ₹134 and you get ₹189. The NSE open was ₹235. The unofficial quote was ₹46 a share short, and the BSE open left it ₹61 behind.
The premium also barely moved through the week. Here is how our GMP record for Adroit Industries reads.
| Date | GMP | Premium to ₹134 |
|---|---|---|
| 25 September 2026 | ₹47 | 35.07% |
| 26 September 2026 | ₹53.50 | 39.93% |
| 27 September 2026 | ₹58 | 43.28% |
| 28 September 2026 | ₹58 | 43.28% |
| 29 September 2026 | ₹55 | 41.04% |
| 30 September 2026 | ₹55 | 41.04% |
For six straight days the quote stayed between 35 and 43 per cent. The open was outside that range on both exchanges. GMP is a price a handful of unofficial dealers quote to each other. It is not an exchange price and nobody has to honour it.
The order book said more
Every category was heavily oversubscribed, and the wealthy individual investors bid hardest of all.
| Category | Subscribed |
|---|---|
| Qualified institutional buyers (QIB) | 195.04x |
| Non-institutional investors (NII), total | 332.35x |
| NII above ₹10 lakh (bNII) | 345.97x |
| NII ₹2 lakh to ₹10 lakh (sNII) | 305.09x |
| Retail | 99.81x |
| Total | 176.85x |
Retail at 99.81 times means the retail portion drew almost 100 times the shares set aside for it. In plain terms, roughly one retail application in 100 would have picked up a lot in the draw. QIB at 195.04 times matters for a different reason. Institutions read the prospectus and price the business, and a book of that size usually leaves very little stock loose on day one. That is the part the grey market quote did not price in.
What one lot was worth
The lot size was 111 shares, so the smallest application at the upper band cost ₹14,874. At the ₹235 NSE open that lot was worth ₹26,085, a paper gain of ₹11,211. At the ₹250 BSE open it was worth ₹27,750, or ₹12,876 more than the application. Our IPO page showed the stock at ₹248.39 shortly after the open.
What the price now assumes
At ₹134 the issue was priced at 22.95 times post issue earnings, on earnings per share of ₹5.84. At ₹235 the same earnings work out to about 40 times. The market value of the company moves with it. At the issue price it was ₹600.43 crore. At ₹235 it is close to ₹1,053 crore, on our arithmetic.
The business behind that number is 60 years old. Adroit Industries was incorporated in 1966 and makes propeller shafts and torque transmission parts, the rotating assembly that carries power from a gearbox to the wheels. Its parts go into commercial vehicles, defence equipment, mining machinery and industrial gear, and it exports to more than 25 countries. Customers include Godrej and Boyce, BEML, VE Commercial Vehicles and Sandvik Mining and Rock Technology India.
Total income was ₹136.61 crore in FY2025 with profit after tax of ₹18.14 crore. For the half year to 30 September 2025, income was ₹71.45 crore and profit ₹10.64 crore. Borrowings came down from ₹30.44 crore in FY2023 to ₹5.11 crore by 30 September 2025.
The offer was fresh capital along with an offer for sale, and ₹74 crore of the identified spending goes to machinery at the Dewas and Pithampur plants and to repaying debt at subsidiary Adroit Driveshafts. Promoter holding falls from 96.1 per cent to 71.86 per cent. The latest audited column in the offer document ends 30 September 2025, so the numbers you see are about a year old.
How it sits against recent listings
Three other issues listed the same morning, and none of them did anything like this. Elevate Campuses, which ran on the same dates, opened at ₹355.10 on the NSE against a ₹362 issue price. Varmora Granito opened at ₹155 on 29 September, 4.73 per cent above its ₹148 price, as we covered in our listing note on Varmora Granito. You can see where a 75 per cent open sits in the full record on our mainboard IPO listing performance table.
What happens next
The dates are done. The issue closed on 25 September, allotment was finalised on 28 September, and refunds and demat credits went out on 29 September. Bigshare Services was the registrar and Choice Capital Advisors ran the book. The shares now trade on both the NSE and the BSE, so the allotment page has served its purpose and the price takes over.
The next date on the calendar is the anchor investor lock in. Anchor investors are the large funds allotted shares a day before the issue opens, and their shares stay locked for a set period after allotment. Watch for the December quarter results too, since that will be the first set of numbers the company reports as a listed firm. Prices and volumes are on our Adroit Industries IPO page as they move.
Frequently asked questions
What was the Adroit Industries IPO listing price?
₹235 on the NSE and ₹250 on the BSE on 30 September 2026, against an issue price of ₹134.
How much was one lot of the Adroit Industries IPO?
One lot was 111 shares, which cost ₹14,874 at the upper band of ₹134.
How many times was the Adroit Industries IPO subscribed?
176.85 times overall, with QIB at 195.04 times, NII at 332.35 times and retail at 99.81 times.
