Kheria Autocomp IPO Day 3: Subscribed 0.81x; Retail crosses 1x; NII bHNI up 15.5%
- Kheria Autocomp IPO is subscribed 0.81x on Day 3.
- Retail category crosses 1x threshold at 1.12x.
- NII (bHNI) jumps 15.5% intraday to 0.97x.
- QIB demand remains flat at 0.23x.
*this image is generated using AI for illustrative purposes only.
Kheria Autocomp IPO is subscribed 0.81x on Day 3, with Retail crossing 1.12x. NII (bHNI) jumped 15.5% intraday, driving total demand up from 0.73x earlier in the day.
Subscription Status
The Kheria Autocomp IPO has seen renewed momentum on Day 3, with total subscription ticking up to 0.81x. The most significant movement came from the Non-Institutional Individual (NII) category, where bHNI subscribers increased their participation by 15.5% during the day. Retail investors also added to their bids, pushing the category to 1.12x. Qualified Institutional Buyers (QIB) remained unchanged at 0.23x.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 17-09-2026 | 0.00x | 0.10x | 0.58x | 0.23x | 0.20x |
| Day 2 | 18-09-2026 | 0.23x | 0.51x | 0.65x | 0.57x | 0.48x |
| Day 3 | 21-09-2026 | 0.23x | 0.97x | 0.83x | 1.12x | 0.81x |
Category-wise Breakdown
- Retail: The leading category at 1.12x, up from 1.00x earlier in the day.
- NII (bHNI): Subscribed 0.97x, showing a strong intraday jump of +15.5% from 0.84x.
- NII (sHNI): Subscribed 0.83x, down slightly from 0.97x reported earlier.
- QIB: Remains weak at 0.23x, unchanged from Day 2.
- Employees: 0x subscribed.
Intra-day Timeline
Subscription figures picked up pace after 11:15 AM on Day 3, driven by retail and NII bHNI interest.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.23x | 0.84x | 1.00x | 0.73x |
| 12:15 | 0.23x | 0.97x | 1.12x | 0.81x |
Offer Details
- Price Band: ₹96.00000 - ₹101.00000
- Issue Size: ₹345600 - ₹500000 lakhs
- Min Bid Qty: 2400 shares
- IPO Open Date: 17-09-2026
- IPO Close Date: 21-09-2026
About the Company
Kheria Autocomp is an auto ancillary unit specializing in plastic injection moulding. Established in 2009, it operates as a Tier-II supplier, manufacturing components such as interior cabin trims, exterior plastic parts, under-hood components, and HVAC ducts for both internal combustion engine and electric vehicles. The company’s facility is located in the Tata Vendor Park at Sanand, Gujarat.
Financial Highlights
| Metric | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 120.01 | 92.07 | 62.32 |
| Profit After Tax (₹ crores) | 11.42 | 8.24 | 3.31 |
| Total Assets (₹ crores) | 106.23 | 81.79 | 53.14 |
Objects of the Issue
- Part funding of capital expenditure for setting up a new manufacturing facility for plastic moulded auto components at GIDC Sanand Industrial Park (₹39.96 crores).
- General Corporate Purposes.
Risk Factors
- Customer Concentration: Top 5 customers contribute 97-98% of revenue; top 1 customer contributes 31-50%.
- Geographic Concentration: 99.88-99.96% of revenue is derived from customers in Gujarat.
- Sector Dependence: Revenues are substantially linked to automotive sector demand cycles and OEM production.
- Raw Material Costs: Raw material costs account for 63-68% of revenue from operations.
- Single Facility: Operations are conducted from a single manufacturing unit in Gujarat.
What's Next
- Allotment Date: 22-09-2026
- Listing Date: 24-09-2026
Will the persistent under-subscription in the QIB segment (0.23x) signal institutional skepticism about Kheria Autocomp's valuation or its high customer concentration risks?
How might the company's heavy reliance on raw material costs (63-68% of revenue) impact its profit margins if commodity prices fluctuate post-listing?
Given that 99.9% of revenue comes from Gujarat, what are the implications for the company's growth strategy if regional automotive demand slows down?
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