Adisoft Technologies IPO: GMP ₹10, P/E near 13x

Adisoft Technologies’ SME IPO has become a busy discussion thread on social media for three reasons - the grey market premium (GMP) is modest, ticket size is high, and valuation metrics are being compared with other IT-software names. Posts circulating on Reddit and market forums highlight a GMP of about ₹10 and describe the listing outlook as “limited” or “modest”. At the same time, users are cross-checking the Red Herring Prospectus (RHP) snippets being shared, because some posts show different lot sizes and slightly different price bands. The IPO is a book-built issue and the offer is entirely a fresh issue, with no offer-for-sale component mentioned in the shared summaries. The issue size is repeatedly quoted at about ₹74.1 crore, though a few trackers also show figures like ₹70.38 crore or ₹50.24-53.02 crore. The common core details across posts are the April 23 to April 27 bidding window and the SME segment positioning. Below is a clean, context-only roundup of what is being discussed.

IPO timeline and expected listing date

The Adisoft Technologies IPO is shown as open from April 23, 2026 to April 27, 2026 across multiple trackers shared online. Several posts also list the bidding cut-off time as April 27, 2026 at 5 PM. The basis of allotment is widely stated to be April 28, 2026. Refunds and demat credit are both mentioned for April 29, 2026. The tentative listing date being discussed is April 30, 2026. Social posts also mention that the shares are likely to list on the NSE SME platform, while some summaries also refer to BSE and NSE. Investors are watching these dates closely because SME IPOs can see sharp post-listing moves. The table below captures the dates as repeated in the shared context.

Price band, application size, and the lot-size confusion

Most posts agree that the IPO price band is ₹163 to ₹172 per share. However, some social snippets also show a different band of ₹168 to ₹175 per share, which is being flagged by users as a mismatch. The lot size is another point of confusion in discussions. Many IPO explainers mention a lot size of 800 shares, but several application tables and “minimum investment” figures use 1,600 shares. One widely circulated table says retail minimum is 2 lots (1,600 shares) and retail maximum is also 2 lots (1,600 shares). Using the upper price, that table pegs the retail ticket at ₹275,200, which matches 1,600 x ₹172. Separately, some posts still quote ₹137,600 for 800 shares, which matches 800 x ₹172. In short, social chatter suggests 800 shares per lot, but a minimum retail application being shown as 2 lots in some trackers.

Issue structure: fresh issue only

The offer is described as entirely a fresh issue in the content being shared. Multiple posts state that the fresh issue includes up to 43,08,000 equity shares. Several summaries explicitly note there is no offer-for-sale component. This structure matters to investors because the proceeds go to the company rather than selling shareholders, based on the way the issue is being described. Some snippets also mention that the total number of shares and aggregate amount were “yet to be finalised” in draft language, which is likely why investors are re-checking the final RHP links. The commonly quoted issue size is around ₹74.1 crore, and one tracker calls it a book-built SME IPO. Another post calls it a book-built issue worth ₹70.38 crore, showing that different market pages are not perfectly aligned. The key point consistent in the context is that it is a fresh issue-led fundraise. That consistency is driving most of the discussion rather than any single number.

Use of proceeds: capex, debt, and working capital

Social posts share an “Objects of the Issue” table with a clear capex tilt. The largest item cited is capital expenditure for a new factory unit at ₹41.11 crore. Repayment or pre-payment of borrowings is shown as ₹10.00 crore. Working capital requirements are also shown as ₹10.00 crore. A “general corporate purpose” line is visible, but the amount is not clearly specified in the snippets. Separately, another discussion thread summarises the business as an industrial digital automation player providing customised automation solutions. It also states that proceeds will fund a new manufacturing facility, which aligns with the capex line item being circulated. The same thread references cautious sentiment and modest listing expectations, which readers are linking to the GMP. These use-of-funds details are being shared as a way to judge whether the IPO is more about expansion or balance-sheet clean-up. Based on the context, it appears to be both, with the bigger allocation towards capex.

GMP talk: ₹10 premium and a “modest” signal

The grey market premium being discussed is around ₹10 as of April 24, 2026 in the shared posts. A day-by-day table in circulation shows ₹10 GMP on April 23 and April 24. That table also shows a 5.81% figure, which some users interpret as implied upside. Other summaries simplify this as “around 4%” GMP, again pointing to a modest tone. Importantly, multiple posts warn that listing gains are uncertain with a limited GMP. This has led to debate on whether a low GMP is a red flag or simply reflects broader market caution. Traders in comment threads also point out that GMP is an unofficial indicator and can change quickly during the bidding period. Still, the current chatter is clearly anchored around ₹10 rather than a large premium. Here is the GMP snapshot as shown in one circulating table.

Valuation debate: EPS and P/E figures being compared

Valuation is another focal point because multiple EPS and P/E numbers are being posted. One RHP snippet shows FY25 EPS (in ₹) at 13.41. Another IPO explainer says FY25 EPS is ₹12.95 and calculates P/E at about 13.51x at the upper band. A separate comparison card shows a P/E ratio of about 12.83, and another mention places it at 12.82. Users are essentially triangulating P/E in the 12.8x to 13.5x zone, depending on which EPS figure they use. The same comparison card also shares debt-to-equity at 0.58 and NAV at ₹41.01, along with ROE of 39.11% and ROCE of 29.12%. Because these are summary cards, commenters are checking whether the inputs are consistent with the RHP. One card also compares the IPO’s P/E with a “sector” number, but that sector reference is being treated cautiously in threads. Overall, the discussion is less about a single definitive P/E and more about whether the valuation looks reasonable for an SME automation and software-linked business.

Subscription and anchor updates shared on day one

One widely shared update says the IPO was subscribed 1.85 times on April 23, the first day of bidding. The same update breaks it down as 1.13 times for retail and 1.8 times for non-institutional investors. This day-one subscription snapshot is being used by commenters to judge whether demand is building despite a modest GMP. Anchor participation is also part of the narrative, but the amount varies by source. One thread says anchor investors have committed around ₹21 crore, while another specific report says the company mobilised ₹12.08 crore from eight anchor investors at the upper price band. That report also names Motilal Oswal Finvest, Meru Investment Fund, Tattvam AIF Trust, Bharat Venture Opportunities Fund, and Vikasa India among the anchors. Posts also mention that nearly 50% of the net offer is reserved for qualified institutional buyers, while retail investors have a 35% allocation. These details are being read as a sign of institutional interest, though the GMP remains muted. For many retail investors, the high minimum application size is also influencing participation.

What investors are debating: ticket size, GMP limits, and business description

A recurring concern in threads is the elevated SME ticket size shown by some trackers. Several posts state that retail investors can apply for a minimum of 2 lots (1,600 shares), which pushes the minimum to about ₹2.75 lakh at the upper band. Some earlier snippets still show 800 shares and about ₹1.376 lakh, adding to confusion for first-time SME IPO applicants. Another debate is about how much weight to put on a ₹10 GMP, since multiple posts call it a “limited” premium. On business positioning, the company is described as operating in industrial digital automation and providing customised automation solutions, with clients referenced as automobile manufacturers, automotive OEMs, and component and sub-component makers. Users are linking this to the capex plan for a new manufacturing unit and asking whether expansion will translate into sustained earnings. Financial cards shared in the context also mention “strong revenue growth” and a 3-year CAGR figure, but investors are focusing more on the disclosed subscription and anchor details. There is also a reference to PAT at ₹3.74 crore for the period ended October 2025, which some interpret as “moderation” in recent performance. The most consistent takeaway from the discussion is that expectations are being kept measured rather than aggressive.