Adisoft Technologies Sees IPO Subscription Surge Exceeding 72 Times on Final Day

Adisoft Technologies' Maiden Public Issue Sees 72.09 Times Subscription

Pune-based industrial digital automation solutions provider Adisoft Technologies' initial public issue closed with a massive 72.09 times subscription on April 27, the final day of bidding. Investors submitted bids for 22.22 crore equity shares in the last three days - April 23-27 - compared to the offer size of 30.82 lakh shares via 56,664 applications.

The demand was seen from across categories of investors, with non-institutional investors leading the charge. The portions set aside for qualified institutional buyers and retail investors were subscribed 98.1 times and 47.27 times, respectively.

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The IPO share allotment will be finalised by April 28, while the trading in Adisoft shares will commence on the NSE Emerge on April 30. Adisoft IPO shares traded at nearly 10 percent in the grey market, market observers said. The grey market is an unofficial market for trading in IPO shares till their listing on the bourses.

Adisoft Technologies approached capital markets to raise Rs 74.1 crore via initial public offering (IPO) of 43.08 lakh equity shares. The price band for the offer was Rs 163-172 per share. Of which, Rs 21.08 crore has already been raised by the company by issuing 12.25 lakh shares to eight anchor investors, including Bharat Venture Opportunities Fund, Motilal Oswal Finvest, Hem Growth Opportunities Fund, and Tattvam AIF Trust.

Adisoft Technologies, which involves in designing, developing, procurement, assembling, testing, installation, commissioning & providing engineering services related to automated assembly lines, material handling machines, robotic work cells and special purpose machinery, intends to utilise Rs 37.77 crore of proceeds from the IPO for setting up of a new factory unit. Currently, the company operates business through an assembly unit situated in Pimpri Industrial Area, Pune. In the same area, it has commenced construction of the proposed factory unit, which is expected to be completed by October 2026 and commenced commercial production from December 2026.

Further, Rs 10 crore each will be utilised for repayment of part borrowing, and working capital requirements. And the remaining funds will be used for general corporate purpose. Adisoft provides customized automation solutions primarily to automobile manufacturers, OEMs and component & subcomponent manufacturers that require establishment, expansion, upgradation, modification, repair or reconfiguration of existing production lines, or operational set-up.

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Hem Securities is acting as the merchant banker for the Adisoft Technologies IPO.