4 new listings today!
4 new listings today!
Four mainboard IPOs listed on Wednesday, September 30, with the day clearly split between one blockbuster listing, one moderate debut and two weak-to-muted listings. Adroit Industries was the standout, listing at a huge premium, while Swastika Infra delivered modest gains. Elevate Campuses had a weak start despite its large issue size, and ArMee Infotech opened flat-to-lower despite being fully subscribed.
| Company | IPO Price | Listing Price (BSE) | Listing Gain / Loss | Total Subscription | QIB | HNI / NII | Retail | SPTulsian IPO View |
| Adroit Industries | Rs. 134 | Rs. 250 | +86.57% | 177x | 195x | 332x | 100x | Small yet low growth; risk-reward unfavourable, miss |
| Swastika Infra | Rs. 185 | Rs. 200 | +8.11% | 7.6x | 3.22x | 18.5x | 5.4x | Fully priced; avoid |
| Elevate Campuses | Rs. 362 | Rs. 356.50 | Around -2% on NSE | 1.79x | 2.5x | 0.84x | 1.01x | Elevated pricing |
| ArMee Infotech | Rs. 375 | Rs. 368.85 | Flat on NSE / -1.64% on BSE | 2.44x | 3x | 2.1x | 2.47x | Unimpressive; avoid |
The key takeaway from today’s listings is that subscription strength alone drove the listing pop in Adroit, but it did not change the fundamental concerns around valuation and growth. Swastika’s moderate listing was broadly in line with its decent but not euphoric demand. Elevate and ArMee showed that when pricing is stretched and subscription is modest, the market quickly reflects that caution on listing day.