Aditya Infotech (CP Plus) IPO Listing Today: Here's What Latest GMP Suggests
Aditya Infotech Ltd, which offers video security and surveillance products under 'CP Plus' brand, is set to make its stock market debut today, August 5.
Aditya Infotech IPO Listing Today: Aditya Infotech Ltd, which offers video security and surveillance products under 'CP Plus' brand, is set to make its stock market debut today, August 5. According to market observers, the grey market premium (GMP) of 45.19% suggests a strong listing.
The Rs 1,300-crore IPO was open for public subscription between July 29 and July 31. Its price band was fixed in the range of Rs 640 to Rs 675 apiece. Overall, the issue received a 106.23 times subscription, garnering bids for 1,13,04,01,778 shares as against the 1,06,41,266 shares on offer. The retail and NII participation stood at 53.81x and 75.93x, respectively. The QIB category has received a 140.50x subscription.
According to market observers, unlisted shares of Aditya Infotech Ltd are currently trading at Rs 980 against the upper IPO price of Rs 675. It means a grey market premium or GMP of Rs 305, which is 45.19% over its issue price, indicating strong listing gains.
The GMP is based on market sentiments and keeps changing. 'Grey market premium' indicates investors' readiness to pay more than the issue price.
Most brokerages recommended a 'subscribe' rating for long-term investors, on the back of Aditya Infotech's market position and industry tailwinds. However, a few have raised challenges on valuation and supplier dependency.
Anand Rathi Shares & Stock Brokers offered a 'Subscribe for long-term' view, calling Aditya Infotech 'India's leading provider of video security and surveillance products" with a market share of 20.8% in FY25. The brokerage noted its broad product portfolio and minimal competition. It sees strong growth potential through compliance with emerging cybersecurity regulations and next-gen tech upgrades.
Ventura Securities maintained a 'Subscribe' stance, stating that Aditya Infotech is poised to benefit from tailwinds such as Smart Cities and Digital India. 'The residential segment alone is expected to grow at a CAGR of 15.1 per cent in revenue from FY24 to FY29," it said, praising the company's distribution network and wide-ranging product suite.
The company's IPO is a combination of a fresh issue of equity shares worth Rs 500 crore and an Offer For Sale (OFS) of shares valued at Rs 800 crore by promoters.
Proceeds from the fresh issue to the tune of Rs 375 crore have been earmarked for payment of debt, and besides, a portion will be used for general corporate purposes.
This anchor portion witnessed participation from domestic and foreign institutional investors, including Government of Singapore, Monetary Authority of Singapore, HDFC Mutual Fund, SBI Mutual Fund, Goldman Sachs, Nomura, Ashoka Whiteoak India Opportunities Fund, and the Abu Dhabi Investment Authority, according to a circular uploaded on the BSE website.
As per the circular, Aditya Infotech has allotted 86.26 lakh equity shares to 54 funds at Rs 675 apiece. This aggregates the transaction size to Rs 582.3 crore.
As of March 2024, the company's total borrowings stood at around Rs 405 crore, according to its draft papers.
Aditya Infotech offers a comprehensive range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under 'CP Plus' brand.
In addition, the company offers solutions and services such as fully integrated security systems and security-as-a-service directly and through its distribution network.
The company announced that 75 per cent of the offer size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per for retail investors.
ICICI Securities and IIFL Securities are the book-running lead managers to the issue.
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Mohammad Haris
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h...Read More
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