Apollo Techno Industries shares to debut today. GMP steady ahead of listing

Apollo Techno Industries is set to make its debut on the BSE SME platform on December 31, with the grey market indicating a premium of around 5% over the issue price. The modest but positive grey market signal suggests measured optimism among investors after the Rs 48 crore IPO saw strong demand across categories.

The IPO was priced at Rs 130 per share, valuing the company at a pre-issue market cap of about Rs 178 crore.

The public issue was subscribed 50.63 times by the close of bidding on December 26, reflecting robust investor appetite. Non-institutional investors led the demand with a subscription of 98 times, while retail investors subscribed their portion nearly 45 times. Qualified institutional buyers subscribed about 25 times. The company had also raised Rs 13.65 crore from anchor investors ahead of the issue, which provided early institutional validation.


Apollo Techno Industries operates in the niche segment of trenchless technology and foundation equipment for the construction and infrastructure sector. Its product portfolio includes horizontal directional drilling rigs, diaphragm drilling rigs, rotary drilling rigs, and related spare parts, catering to infrastructure projects such as metros, bridges, utilities, and urban construction. Gujarat, Maharashtra, and Haryana are key domestic markets, while the company is also eyeing overseas opportunities.

Financially, Apollo Techno Industries reported sharp improvement in FY25, with revenue rising 44% to Rs 99.66 crore and profit after tax surging to Rs 13.79 crore. Return ratios are elevated, with ROE of nearly 75% and ROCE of about 31%.

The company plans to use a majority of the IPO proceeds towards meeting working capital requirements, which management believes will support order execution and growth momentum.

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