Adisoft Technologies Ltd., a Pune-based industrial digital automation solutions provider, launched its SME IPO today, April 23, 2026, aiming to raise ₹74.10 crore through a fresh issue of 43.08 lakh shares. The issue is priced at ₹163 to ₹172 per share and is open until April 27, with listing planned on NSE SME on April 30.
Timeline and allotment
- Open: April 23, 2026
- Close: April 27, 2026
- Allotment Finalization: April 28, 2026
- Listing Date: April 30, 2026 (NSE SME)
IPO overview
Adisoft Technologies specializes in customized automation solutions for automobile manufacturers, OEMs, and component makers. The company is debt-free, with strong revenue CAGR and profits growing from ₹38 lakh to ₹4 crore over three years.
The IPO is entirely a fresh issue with no offer-for-sale. Minimum lot size is 800 shares (₹1,37,600 at upper price), making it accessible for retail investors but requiring higher commitment. Anchor investors committed ₹21 crore, including Motilal Oswal and Bharat Venture.
Adisoft Technologies IPO Subscription status
As of April 23, 2026 (Day 1, latest at 18:54 IST):
- Qualified Institutions (QIB): 3.65x
- Non-Institutional Investors (NII): 1.81x
- Retail Individual Investors (RII): 1.19x
- Total Subscription: 2.03x
How To Apply for the IPO ?
- Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of IPO?
Steps to check IPO allotment status on JM Pro app:
- Log in to the JM Pro app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
JM Financial Services will notify you of your IPO allotment status via push notification and email
Pros
Strong Financial Performance
- Revenue grew from ₹76.15 Cr (FY23) to ₹133.02 Cr (FY25), 27.7% CAGR
- PAT increased 36.9% YoY to ₹16.11 Cr in FY25 with 12.23% margins
- Exceptional ROE 39.11% and ROCE 29.12% show efficient capital
Niche Market Leadership
- Specialized automation solutions for auto OEMs and Tier-1 suppliers
- In-house Pune facility ensures quality control and delivery speed
- Debt repayment + new factory capex strengthens growth platform
Healthy IPO Metrics
- Day 1 subscription 2.03x led by QIBs at 3.65x
- Anchor allocation ₹21 Cr from quality investors (Motilal Oswal, Bharat Ventures)
- Fresh issue structure benefits company growth, no promoter exit
Growth Catalysts
- New factory (completion Oct 2026) boosts capacity for order growth
- Working capital funding supports scaling operations
- Automotive automation demand remains structurala2zipo+1
Cons
Customer Concentration Risk
- Top 10 customers drive major revenue, creating dependency risk
- Automotive cyclicality could impact order flows during slowdowns
Moderate Debt Levels
- Debt/Equity ratio 0.58x with borrowings up 56.7% YoY to ₹28.42 Cr
- IPO proceeds largely for debt repayment limits pure growth fundinga2zipo+1
Premium Valuation
- Post-IPO P/E 17.42x appears rich for SME segment
- GMP only 4-5.81% signals limited listing pop potential
SME Liquidity Concerns
- Minimum lot ₹1,37,600 (800 shares) excludes small investors
- Post-listing liquidity typically thin in SME space
Execution Risks
- New factory timeline (commercial production Dec 2026) carries delays
- Automotive capex cycles remain volatile amid global uncertainties
FAQs
