New Delhi, Sep 30 (PTI) Shares of Adroit Industries (India) Ltd on Wednesday ended over 85 per cent higher against the issue price of Rs 134 apiece in their debut trade.
At the BSE, the stock listed at Rs 250 at a premium of 86.56 per cent from the IPO price. It ended at Rs 248.35, up 85.34 per cent.
The stock started trading at Rs 235, rising 75.37 per cent on the NSE. It ended at Rs 248.39, up 85.36 per cent from the issue price.
The company’s market valuation stood at Rs 1,112.82 crore.
Adroit Industries’ Rs 151-crore IPO was subscribed 176.85 times, as per data available with the NSE on Friday.
The non-institutional category garnered a huge 332.35 times subscription, while the Qualified Institutional Buyers (QIB) quota was subscribed 195.04 times.
The retail segment was booked 99.81.
Adroit Industries (India) Ltd had fixed the price band at Rs 126-134 per share for the initial public offering.
The IPO was a combination of a fresh issue of up to 98,97,000 equity shares and an offer-for-sale of up to 13,50,000 equity shares.
Adroit Industries, established in 1966, is a vertically integrated manufacturer and supplier of propeller shafts (also known as a drive shaft or cardan shaft) and related torque-transmission components, with in-house capabilities across forging, precision machining, heat treatment, assembly, balancing and testing. PTI SUM SHM
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