Acme India Industries IPO Day 2: Subscribed 1.84x; QIB holds at 5.7x; retail ticks up
- Acme India Industries IPO subscribed 1.84x on Day 2
- QIB demand remains strong at 5.7x
- Retail subscription rises to 0.29x; bHNI jumps to 0.31x
- Issue closes on October 6, 2026
*this image is generated using AI for illustrative purposes only.
Acme India Industries IPO is subscribed 1.84x on Day 2, with QIBs leading demand at 5.7x while retail and NII segments remain subdued but showing marginal improvement.
Subscription Status
The issue has crossed the 1x mark, indicating full subscription, but overall momentum is heavily skewed towards institutional investors. The cumulative subscription on Day 2 stands at 1.84x, a slight increase from 1.76x on Day 1. The steady QIB participation continues to anchor the issue's success, while non-institutional categories are picking up pace slowly.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 30-09-2026 | 5.70x | 0.14x | 0.24x | 0.17x | 1.76x |
| Day 2 | 01-10-2026 | 5.70x | 0.31x | 0.27x | 0.29x | 1.84x |
Category-wise Breakdown
Qualified Institutional Buyers (QIB) continue to dominate the subscription landscape with 5.7x bids, unchanged from Day 1. Non-Institutional Investors (NII) have shown improvement, with bHNIs moving from 0.14x to 0.31x and sHNIs from 0.24x to 0.27x. Retail Individual Investors (RII) remain the weakest segment, ticking up marginally from 0.17x to 0.29x. Employees have not participated in the issue so far.
Intra-day Timeline
On Day 2, the bHNI segment saw a notable 12.5% jump between the 11:15 AM and 12:15 PM snapshots, moving from 0.24x to 0.27x in that hour before settling higher by close. Retail demand also picked up pace, rising 7.4% during the same window.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 5.70x | 0.24x | 0.27x | 1.82x |
| 12:15 | 5.70x | 0.27x | 0.29x | 1.84x |
Offer Details
The IPO for Acme India Industries is open for subscription until October 6, 2026. The price band is set between ₹186 and ₹196 per share. The minimum bid quantity is 1200 shares. The total issue size ranges from ₹223,200 crore to ₹500,000 crore based on the final pricing.
About the Company
Acme India Industries Limited operates in the Indian railway rolling stock sector, specializing in turnkey furnishing of new coaches, refurbishment of old coaches, and toilet modernization. The company has delivered 1,610 turnkey coaches and refurbished 1,888 coaches across 16 railway zones. Its order book stood at ₹73,797.33 lakhs as of June 30, 2026.
Financial Highlights
The company reported consolidated revenue from operations of ₹263.71 crores in FY2026, up from ₹210.00 crores in FY2025. Profit before tax increased to ₹33.22 crores in FY2026 from ₹24.14 crores in FY2025.
| Metric (₹ Crores) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations | 263.71 | 210.00 | 213.43 |
| Total Revenue | 267.89 | 213.45 | 215.02 |
| Profit Before Tax | 33.22 | 24.14 | 25.94 |
| Total Profit | 24.36 | 16.46 | 19.21 |
Objects of the Issue
The proceeds from the fresh issue will be utilized for:
- Funding working capital requirements including executing increased order volumes and high inventory levels.
- Repayment or pre-payment of certain borrowings to reduce indebtedness.
- Capital expenditure for purchasing machinery such as 3D Printers and Welding Machines.
- General corporate purposes subject to a cap of 15% of Gross Proceeds or ₹10 crores.
Will the continued dominance of QIBs at 5.7x influence the final pricing decision, potentially pushing it toward the upper band of ₹196?
How might the significant gap between institutional and retail subscription levels impact the stock's volatility and liquidity during its initial trading days?
Given the modest improvement in retail interest, what specific market catalysts or company announcements could accelerate retail participation before the October 6 deadline?
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