# Four IPOs open for subscription, Adroit Industries sees 63x bids

2026-09-25T07:21:41+00:00 | Business & Economy | Indian Opinion Desk

Corroboration: 2 independent outlets

Adroit Industries, ArMee Infotech, Swastika Infra and Elevate Campuses are among the 10 IPOs open for subscription. Adroit Industries, an auto-component maker, received bids for over 63 times its issue, driven by HNI and retail investors. The company is raising Rs 151 crore at Rs 126-134 per share. Swastika Infra, a Jaipur-based EPC firm, saw 3.07 times subscription on its final day for its Rs 161 crore issue at Rs 175-185 per share. Elevate Campuses, an education infrastructure player raising Rs 2,100 crore at Rs 343-362 per share, received bids for only 34 per cent on its last day. Businesstoday.in notes brokerages flagged concerns over elevated debt and valuation for Elevate Campuses, while Adroit Industries' rich valuations and export exposure are risks. The issues close on September 25. Other IPOs open include Moneyview, A-One Steels, Runwal Enterprises, Orient Cables and AceVector. Moneyview, a digital lending platform, was booked 3.4 times by the second day. Runwal Enterprises saw only 20 per cent subscription on its first day.

## Indian Opinion Analysis

Both sources report subscription numbers neutrally, but businesstoday.in consistently pairs each IPO's positive brokerage view with explicit risk factors, while ndtvprofit.com leads with the GMP-implied listing gain. The critical framing in businesstoday.in on AceVector (weakest performance, six per cent booked) contrasts with ndtvprofit.com's omission of that detail. The combined reading suggests retail investors are selective, flocking to Adroit Industries while shunning Elevate Campuses and AceVector. All IPOs close by September 29. The tribunal hears the appeal on 12 September

## Coverage

- ndtvprofit.com (neutral report) <https://www.ndtvprofit.com/markets/adroit-industries-vs-armee-infotech-vs-swastika-infra-vs-elevate-campuses-ipo-gmp-listing-gain-12094213#publisher=newsstand>
  Focuses on GMP and listing gains without adding risk analysis
- businesstoday.in (neutral report) <https://www.businesstoday.in/markets/ipo-corner/story/ipo-rush-10-issues-open-for-subscription-today-check-price-band-subscription-status-and-key-risks-557818-2026-09-25?utm_source=rssfeed>
  Leads with risks and concerns alongside positives for each IPO

Tags: Adroit Industries, ArMee Infotech, Elevate Campuses, SEBI
Canonical: https://indianopinion.org/4-ipos-show-varied-gmps-as-bidding-enters-day-3/
License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources.
Cite: https://indianopinion.org/4-ipos-show-varied-gmps-as-bidding-enters-day-3/#story-in-brief