Adroit Industries shares make strong debut; jump 86.5 pc

New Delhi, Sep 30 (PTI) Shares of Adroit Industries (India) Ltd on Wednesday jumped 86.5 per cent in their trading debut against the issue price of Rs 134.

At the BSE, the stock listed at Rs 250, a premium of 86.56 per cent from the issue price.

The stock started trading at Rs 235, rising 75.37 per cent on the NSE.

The company’s market valuation was 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. Retail investors received 99.81 times subscription.

Adroit Industries (India) Ltd’s Rs 151-crore issue had a price band

of Rs 126-134 per share.

The IPO was 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 was established in 1966. The company 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 SUM DR

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