Adisoft Technologies IPO sees over 3x subscription on day 2, offer closes next week

The maiden public issue of Adisoft Technologies, an industrial digital automation solutions provider, continued to receive a good response from investors, witnessing over three times subscription on April 24, the second day of bidding. The offer will remain open until April 27.

The company has tapped the capital markets to raise Rs 74.10 crore via an initial public offering (IPO) of 43.08 lakh shares at the upper end of the price band of Rs 163–172 per share. Of this, Rs 21.08 crore has already been raised by allocating 12.25 lakh shares to eight anchor investors on April 22.

The IPO has received bids for 97.43 lakh shares in the last two days, which is 3.16 times higher than the offer size of 30.82 lakh shares. A total of 3,119 applications have been submitted for the issue.

Demand was seen across investor categories, with the portion set aside for non-institutional investors subscribed 4.25 times, qualified institutional buyers 3.66 times, and retail investors 2.88 times.

Adisoft Technologies is engaged in the business of designing, developing, procuring, assembling, testing, installing, and commissioning, as well as providing engineering services related to automated assembly lines, material handling machines, robotic work cells, and special-purpose machinery designed to address customer-specific operational requirements.

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Its services include the application of digital technologies and control systems to automate industrial processes by integrating shop-floor equipment and processes with the IT layer, thereby reducing or eliminating human intervention.

The company will utilise Rs 10 crore of the IPO proceeds for repayment of certain borrowings and another Rs 10 crore for working capital requirements.

Further, Rs 37.77 crore will be used to set up a new factory unit at the Pimpri Industrial Area in Pune to provide additional space and increase seating capacity for employees, with the remaining amount allocated for general corporate purposes.

Currently, the company operates its business through an assembly unit in the same industrial area. Construction of the new factory unit is expected to be completed by October 2026, followed by the commencement of commercial production from December 2026.