Adroit raises $4.7M from anchors before US$20.5M IPO
What's the deal? Adroit Industries (India)Dealroom has a profile for this one. Try Dealroom →, a Madhya Pradesh-based maker of propeller shafts and torque-transmission components for driveline systems, has raised US$6.14M (≈$4.7 million) from six anchor investors ahead of its initial public offering. The company allotted 33.74 lakh shares on September 22 at US$1.82, the top of its US$1.71-US$1.82 price band.
Why now? The IPO opens for public subscription on September 23 and closes on September 25. Adroit is raising US$20.5M through a fresh issue of 98.97 lakh shares and an offer for sale of 13.5 lakh shares by promoter entity Mukesh Sangla HUF.
Who's backing it? Investor Sunil Singhania's AbakkusDealroom has a profile for this one. Try Dealroom → was among the anchors, with Abakkus Venture Opportunities Fund buying 7.46 lakh shares worth US$1.36M. The fund already held a 3.18% stake before the IPO. Chhattisgarh Investments matched that share count, while Valour Capital Trust and Cognizant Capital Dynamic Opportunities Fund each took 5.59 lakh shares worth US$1.02M.
Aarth AIF Growth Fund acquired 3.88 lakh shares for US$706.2K, and Fortune Hands Growth FundDealroom has a profile for this one. Try Dealroom → Scheme bought 3.73 lakh shares for US$679K.
What's the endgame? Adroit plans to spend US$8.66M of the net fresh issue proceeds on machinery, equipment, and transport vehicles to expand its Dewas and Pithampur facilities. A further US$3.27M will repay debt of its subsidiary Adroit DriveshaftsDealroom has a profile for this one. Try Dealroom →, with the rest going to general corporate purposes.
Choice Capital AdvisorsDealroom has a profile for this one. Try Dealroom → is the sole merchant banker managing the offering.
The signal: The anchor allotment, led by a prominent domestic investor, points to steady appetite for India's auto-components manufacturers as suppliers tap public markets to fund capacity and cut debt.
Image credit: Generated with Gemini
