Adroit Industries raises Rs 45.21 crore from anchor investors ahead of Rs 151 crore IPO

As per the latest business developments, Adroit Industries (India), a manufacturer of propeller shafts and torque-transmission components used in driveline systems, has mobilised Rs 45.21 crore from six anchor market participants, including ace investor Sunil Singhania’s Abakkus Asset Manager, ahead of its initial public offering (IPO).

The Madhya Pradesh-headquartered auto parts maker allotted 33.74 lakh shares to six anchor market participants on September 22 at the upper end of its price range of Rs 126-134 per share.

The IPO will open for public subscription on September 23 and close on September 25. The firm is raising Rs 150.7 crore through the IPO, comprising a fresh offering of 98.97 lakh shares and an offer for sale (OFS) of 13.5 lakh shares by promoter entity Mukesh Sangla HUF.

Adroit Industries has allotted 33.74 lakh shares to six anchor market participants at the upper end of price range.

Abakkus Venture Opportunities Fund acquired 7.46 lakh shares worth Rs 10 crore. The fund already held a 3.18 percent stake in the firm before the IPO.

Chhattisgarh Investments additionally bought 7.46 lakh shares, while Valour Capital Trust and Cognizant Capital Dynamic Opportunities Fund each picked up 5.59 lakh shares worth Rs 7.5 crore.

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Aarth AIF Expansion Fund acquired 3.88 lakh shares for Rs 5.2 crore, while Fortune Hands Expansion Fund Scheme bought 3.73 lakh shares for Rs 5 crore.

Adroit Industries intends to use Rs 63.8 crore from the net fresh offering proceeds to procure machinery and equipment to enhance operations at its Dewas and Pithampur facilities, as well as transportation vehicles for the local movement of goods between the manufacturing facilities.

A further Rs 24.1 crore will be used to repay debt of its subsidiary Adroit Driveshafts, while the remaining proceeds will be used for general corporate purposes.

Choice Capital Advisors is the sole merchant banker managing the Adroit Industries IPO.