Adroit Industries’ IPO was subscribed nearly 177 times, while Swastika Infra, ArMee Infotech and Elevate Campuses also attracted investor interest ahead of their September 30 listings

Four companies — Adroit Industries, Swastika Infra, ArMee Infotech and Elevate Campuses — are set to make their stock-market debut on Wednesday, September 30, following the completion of their initial public offerings between September 23 and September 25.

Among the four issues, Adroit Industries has generated the strongest grey-market interest. Its reported grey market premium (GMP) of ₹54 over the ₹134 issue price implies an indicative listing level of around ₹188, or approximately 40 per cent above the issue price. However, GMP is an unofficial market indicator and actual listing prices can differ materially.

The other three IPOs have been showing much more modest grey-market premiums, pointing towards relatively limited listing-day gains based on the prevailing unofficial indications.

Adroit Industries IPO: Strongest Subscription and GMP

Adroit Industries attracted exceptionally strong demand during its three-day offering.

The ₹150.71-crore IPO was subscribed 176.85 times, with investors placing bids for more than 1.39 billion shares against around 7.87 million shares on offer. The non-institutional investor category was subscribed 332.35 times, while the QIB portion was subscribed 195.04 times and the individual investor category 99.81 times.

The issue was priced in the ₹126-134 range, with the final issue price fixed at ₹134. The minimum lot comprised 111 shares, requiring an investment of ₹14,874 at the upper price band.

At a GMP of ₹54, the unofficial market is indicating a potential listing price of approximately ₹188.

That would represent a gain of around 40 per cent over the issue price if the indication were to translate into the actual opening price. However, investors should treat the GMP only as a sentiment indicator rather than a reliable forecast.

Where Adroit Industries Will Use the IPO Money

Adroit Industries manufactures and supplies propeller shafts and torque-transmission components used in driveline systems.

The IPO comprises a fresh issue of ₹132.62 crore and an offer for sale of ₹18.09 crore. The company plans to deploy the fresh capital towards capital expenditure, including machinery and equipment for enhancing its Dewas facility, as well as investment in its subsidiary.

The strong subscription indicates substantial investor demand for the issue, but the post-listing performance will ultimately depend on business execution, earnings growth, valuation and broader market conditions.

Swastika Infra IPO: 7.60 Times Subscription

Swastika Infra attracted a considerably more moderate but still healthy response.

The IPO was subscribed 7.60 times, with bids received for 4.81 crore shares against 63.35 lakh shares on offer. The NII portion was subscribed 18.50 times, the QIB category 3.22 times and the retail portion 5.39 times.

The price band was ₹175-185 per share and the minimum lot size was 81 shares, translating into a minimum investment of ₹14,985 at the upper band.

The issue comprised a fresh issue of ₹128.50 crore and an offer for sale of 17.50 lakh shares. Of the fresh proceeds, ₹90 crore is earmarked for incremental working-capital requirements, with the balance intended for general corporate purposes.

Power Infrastructure Exposure

Swastika Infra operates in engineering, procurement and construction, with a focus on power transmission and distribution infrastructure.

Its activities include underground cabling, substations, rural and urban electrification, street lighting and renewable-energy infrastructure.

As of July 31, 2026, the company had laid more than 18,500 km of distribution lines. Its unexecuted order book stood at ₹916.55 crore, equivalent to roughly 1.8 times FY26 revenue, according to Business Standard's issue data.

The company reported consolidated FY26 revenue of ₹503.57 crore, up 44 per cent from ₹350.76 crore in FY25. Operating profit increased 61 per cent to ₹70.87 crore, while net profit rose about 51 per cent to ₹41.43 crore.

The reported GMP before listing had indicated only a modest premium, suggesting that investors were assigning greater importance to the company's underlying business prospects than to a sharp listing-day move.

Elevate Campuses: ₹2,100-Crore Issue Heads to the Market

Elevate Campuses is the largest of the four IPOs by issue size, raising ₹2,100 crore through a completely fresh issue.

The company operates in education infrastructure, including on-campus student accommodation for higher education institutions and K-12 school assets.

The price band was ₹343-362 per share, with a lot size of 41 shares. At the upper band, the minimum application amount was ₹14,842. The shares are scheduled to list on both BSE and NSE on September 30.

The issue received a relatively subdued overall response compared with Adroit Industries. It was subscribed 1.79 times, with the QIB portion receiving 2.52 times subscription, while the NII portion was subscribed 0.84 times and the retail portion 1.01 times.

Use of Elevate Campuses IPO Proceeds

Since the issue is entirely fresh equity, the funds raised will flow to the company.

The proceeds are intended for purposes including the purchase of K-12 entities and campuses, repayment or prepayment of borrowings, acquisitions, strategic initiatives and general corporate requirements.

The relatively limited grey-market premium indicated ahead of listing suggests that the market is not pricing in a significant immediate listing gain based solely on unofficial trading signals.

ArMee Infotech: Modest GMP Despite 2.44 Times Subscription

ArMee Infotech is the fourth company scheduled to debut on September 30.

The IT infrastructure and managed-services company raised ₹300 crore through a completely fresh issue. The price band was ₹350-375 per share, with a minimum lot size of 40 shares.

The IPO received bids for around 1.81 crore shares against 74.30 lakh shares on offer, resulting in overall subscription of 2.44 times.

The QIB category was subscribed 2.99 times, NII 2.09 times and retail investors 2.47 times.

The company intends to use the proceeds for business expansion, including securing performance bank guarantees for new projects, working capital, repayment or prepayment of borrowings and general corporate purposes.

Comparing the Four IPOs Ahead of Listing

GMP figures are unofficial and can change before listing. Actual opening prices may differ.

Subscription Numbers Offer Different Signals

The four issues demonstrate how subscription data and grey-market sentiment can diverge.

Adroit Industries attracted exceptionally high demand across institutional, non-institutional and individual categories. Swastika Infra also received strong participation, while ArMee Infotech recorded more than two times overall subscription.

Elevate Campuses, despite being the largest issue by size, recorded a lower overall subscription multiple of 1.79 times.

This difference is important because a large subscription multiple does not necessarily translate into a sustained post-listing performance. Similarly, a strong GMP does not establish the fundamental value of a company.

Listing Day Could Bring Volatility

September 30 is likely to be closely watched by IPO investors as all four companies are scheduled to debut on the same day.

Adroit Industries will attract particular attention because of the sharp difference between its issue price and prevailing unofficial GMP. A substantial gap between issue price and listing expectations can also result in heightened volatility if market sentiment changes before the opening bell.

For the other three companies, the relatively modest GMP indications suggest that the listing-day focus could shift more quickly towards business fundamentals, valuation and future earnings prospects.

What Investors Should Watch After Listing

Once the shares begin trading, investors will have access to actual market prices rather than unofficial GMP indications.

Key factors to monitor include:

• Post-listing valuation compared with earnings

• Revenue and profit growth

• Order-book visibility

• Utilisation of IPO proceeds

• Debt levels and cash flows

• Promoter shareholding and selling activity

• New project wins and customer concentration

• Management commentary on future growth

• Broader market liquidity and risk appetite

For Adroit Industries, investors may particularly track whether the company's manufacturing expansion translates into higher capacity utilisation and earnings.

For Swastika Infra, execution of its power-infrastructure order book and working-capital requirements will remain important.

For Elevate Campuses, the deployment of the ₹2,100-crore proceeds and the pace of campus and accommodation expansion will be key.

For ArMee Infotech, project additions, working-capital requirements and the company's ability to convert its technology and infrastructure pipeline into sustainable revenue will remain significant.

Market Outlook

The September 30 listing session will provide a fresh test of investor appetite for recently issued equities after a busy primary-market period.

Adroit Industries enters the market with the strongest subscription statistics among these four issues and a substantial reported GMP, while Swastika Infra also recorded strong demand. Elevate Campuses and ArMee Infotech saw more moderate subscription levels.

The key distinction for investors will be between listing sentiment and long-term business performance. GMP can provide a snapshot of unofficial market expectations before listing, but it is not a regulated price-discovery mechanism and should not be treated as a guaranteed return.

Once trading begins, valuation, earnings growth, cash flows, order-book execution and capital allocation will become more relevant indicators of how these newly listed companies perform over the longer term.