Acme India Industries IPO is subscribed 2.05 times by the end of Day 3, driven by robust institutional demand. QIBs have subscribed 5.7x, maintaining momentum from previous days, while Retail participation remains subdued at 0.48x.

Subscription Status

The issue has maintained a cumulative subscription of 2.05x since Day 2. The progression shows stability in institutional interest, with no significant change in the overall multiple on Day 3 compared to the previous day's close.

Category-wise Breakdown

Institutional investors continue to dominate the subscription landscape. The QIB category is fully subscribed at 5.7x, reflecting strong confidence in the company's order book and sector positioning. Non-Institutional Investors (NII) show mixed trends, with bHNIs at 0.39x and sHNIs at 1.07x. The Retail category trails significantly at 0.48x, indicating hesitation among individual investors despite the institutional backing.

Intra-day Timeline on 02-10-2026

Offer Details

The Acme India Industries IPO is priced in a band of ₹186.00 to ₹196.00 per share. The issue size ranges from ₹223200 crore to ₹500000 crore based on the final price. The minimum bid quantity is set at 1200 shares. The offer opened on September 30, 2026, and closes on October 6, 2026.

About the Company

Acme India Industries Limited operates in the Indian railway rolling stock sector, specializing in turnkey furnishing of new railway coaches, refurbishment of old coaches, and modernization of toilet facilities. The company has delivered 1,610 turnkey coaches, refurbished 1,888 coaches, and completed 10,948 toilet upgrades. It maintains an order book of ₹73,797.33 lakhs as of June 30, 2026.

Financial Highlights

The company reported revenue from operations of ₹263.71 crores in FY2026, up from ₹210.00 crores in FY2025. Profit after tax stood at ₹24.36 crores in FY2026, compared to ₹16.46 crores in FY2025.

Objects of the Issue

The net proceeds from the fresh issue will be utilized for:

• Working Capital: ₹38.00 crores to fund long-term working capital requirements.
• Debt Repayment: ₹41.00 crores to repay or pre-pay borrowings.
• Capital Expenditure: ₹6.27 crores for purchasing machinery and equipment.
• General Corporate Purposes: Balance amount for operating expenses and marketing.

Risk Factors

• Dependency on Indian Railways: The company's revenue is heavily dependent on Indian Railways, which contributed 91.54% of total revenue in FY2025.
• Working Capital Risks: High working capital gap and negative cash flows from operations pose liquidity risks.
• Contingent Liabilities: Significant contingent liabilities of ₹9,463.66 lakhs as of March 31, 2026, could impact financial position if materialized.

What's Next

The subscription for the Acme India Industries IPO will remain open until October 6, 2026. Allotment is expected to be finalized by October 6, 2026, with shares listed on stock exchanges by October 8, 2026.

Acme India Industries IPO is subscribed 2.05 times by the end of Day 3, driven by robust institutional demand. QIBs have subscribed 5.7x, maintaining momentum from previous days, while Retail participation remains subdued at 0.48x.

Subscription Status

The issue has maintained a cumulative subscription of 2.05x since Day 2. The progression shows stability in institutional interest, with no significant change in the overall multiple on Day 3 compared to the previous day's close.

Category-wise Breakdown

Institutional investors continue to dominate the subscription landscape. The QIB category is fully subscribed at 5.7x, reflecting strong confidence in the company's order book and sector positioning. Non-Institutional Investors (NII) show mixed trends, with bHNIs at 0.39x and sHNIs at 1.07x. The Retail category trails significantly at 0.48x, indicating hesitation among individual investors despite the institutional backing.

Intra-day Timeline

Retail demand accelerated sharply after 2pm, jumping from 0.36x to 0.42x in the final two hours. bHNI interest also ticked up, contributing to the overall lift in the issue's subscription multiple. The total subscription moved from 1.82x at 11:15 IST to 1.92x at 16:15 IST.

Offer Details

The Acme India Industries IPO is priced in a band of ₹186.00 to ₹196.00 per share. The issue size ranges from ₹223200 crore to ₹500000 crore based on the final price. The minimum bid quantity is set at 1200 shares. The offer opened on September 30, 2026, and closes on October 6, 2026.

About the Company

Acme India Industries Limited operates in the Indian railway rolling stock sector, specializing in turnkey furnishing of new railway coaches, refurbishment of old coaches, and modernization of toilet facilities. The company has delivered 1,610 turnkey coaches, refurbished 1,888 coaches, and completed 10,948 toilet upgrades. It maintains an order book of ₹73,797.33 lakhs as of June 30, 2026.

Financial Highlights

The company reported revenue from operations of ₹263.71 crores in FY2026, up from ₹210.00 crores in FY2025. Profit after tax stood at ₹24.36 crores in FY2026, compared to ₹16.46 crores in FY2025.

Objects of the Issue

The net proceeds from the fresh issue will be utilized for:

• Working Capital: ₹38.00 crores to fund long-term working capital requirements.
• Debt Repayment: ₹41.00 crores to repay or pre-pay borrowings.
• Capital Expenditure: ₹6.27 crores for purchasing machinery and equipment.
• General Corporate Purposes: Balance amount for operating expenses and marketing.

Risk Factors

• Dependency on Indian Railways: The company's revenue is heavily dependent on Indian Railways, which contributed 91.54% of total revenue in FY2025.
• Working Capital Risks: High working capital gap and negative cash flows from operations pose liquidity risks.
• Contingent Liabilities: Significant contingent liabilities of ₹9,463.66 lakhs as of March 31, 2026, could impact financial position if materialized.

What's Next

The subscription for the Acme India Industries IPO will remain open until October 6, 2026. Allotment is expected to be finalized by October 6, 2026, with shares listed on stock exchanges by October 8, 2026.