Apollo Techno Industries IPO: Closes with 43.9x Retail Interest

Apollo Techno Industries has successfully concluded its subscription phase today, December 26, 2025, with an impressive response from the retail and HNI categories. As per the final bidding data, the retail portion was subscribed over 43 times, while the Non-Institutional Investor (NII) category saw even higher traction at 72x. This Mehsana-based construction equipment manufacturer has clearly hit a chord with investors betting on India’s "Trenchless Technology" and infrastructure boom.\n\nThe company specializes in Horizontal Directional Drilling (HDD) rigs, which are essential for laying underground utilities without disrupting surface traffic. With the government’s massive push for fiber-to-the-home (FTTH) and gas pipeline expansion, Apollo Techno’s order book has seen a significant surge. The IPO proceeds of ₹47.96 crore will primarily fund working capital requirements to scale up their manufacturing facility in Gujarat.\n\nFinancial performance has been a key driver for this oversubscription. The company’s PAT increased from ₹3.23 crore in FY24 to a staggering ₹13.79 crore in FY25. This rapid growth, combined with a debt-to-equity ratio of just 0.04, makes it one of the most fundamentally sound SME listings of the year. Investors are particularly impressed by the 50% Return on Capital Employed (ROCE), which indicates high capital efficiency.\n\nThe Grey Market Premium (GMP) for Apollo Techno is currently hovering around ₹18–₹20, suggesting a modest 15% listing gain. While the GMP is not as high as some recent "spice" IPOs, the high institutional interest (25x QIB subscription) provides a strong floor for the stock. Allotment is expected to be finalized on December 29, with the listing scheduled for New Year’s Eve, December 31, 2025.\n\nFor those who applied, checking the allotment status on the MUFG Intime (Link Intime) portal is the next step. Given the 43x retail subscription, the odds of allotment are approximately 1 in 43 for a single lot. Regardless of the allotment, Apollo Techno remains a solid "Make in India" play to watch in the secondary market during early 2026 as it executes its massive order book.