Robokidz Eduventures IPO Day 1: Subscribed 7.08x; Retail surges 366.8%; NII bHNI up 253.5%
- Robokidz Eduventures IPO subscribed 7.08x on Day 1
- Retail demand surged 366.8% to reach 11.53x
- NII (bHNI) subscription rose 253.5% to 7.60x
- QIB category remains largely unsubscribed at 0.07x
- Total subscription jumped from 1.54x to 7.08x intra-day
*this image is generated using AI for illustrative purposes only.
Robokidz Eduventures IPO closed Day 3 with a massive cumulative subscription of 809.27x, driven by explosive institutional demand that saw QIBs surge to 299.71x and bHNIs hit 1,945.97x.
Subscription Status
The issue witnessed unprecedented demand across all categories, with the total subscription rising from 7.08x on Day 1 to 72.56x on Day 2, before closing at 809.27x on Day 3. The most dramatic acceleration occurred in the final hours of the issue, particularly among Qualified Institutional Buyers (QIBs), who moved from negligible interest at the start of the day to robust participation by close.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 21-09-2026 | 0.07x | 7.60x | 5.25x | 11.53x | 7.08x |
| Day 2 | 22-09-2026 | 0.97x | 85.71x | 120.58x | 97.67x | 72.56x |
| Day 3 | 23-09-2026 | 299.71x | 1945.97x | 847.44x | 768.24x | 809.27x |
Category-wise Breakdown
The Non-Institutional Investors (NII) segment led the charge, with the Big High Net Individuals (bHNI) category recording the highest subscription multiple at 1,945.97x. Small High Net Individuals (sHNI) followed closely with 847.44x. Retail investors also showed strong appetite, subscribing 768.24 times over the offered portion. QIBs, despite starting slowly, finished with a healthy 299.71x, reflecting late-day institutional conviction.
Intra-day Timeline
Subscription activity picked up pace after the morning open on 21-09-2026.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 2.15x | 2.47x | 1.54x |
| 12:15 | 0.00x | 3.15x | 4.54x | 2.69x |
| 13:15 | 0.05x | 4.12x | 6.25x | 3.74x |
| 14:15 | 0.05x | 5.41x | 8.14x | 4.90x |
| 15:15 | 0.05x | 6.80x | 10.55x | 6.47x |
| 16:15 | 0.07x | 7.60x | 11.53x | 7.08x |
| 17:15 | 0.07x | 7.60x | 11.53x | 7.08x |
| 20:16 | 0.07x | 7.60x | 11.53x | 7.08x |
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹100.00000 – ₹106.00000 per share |
| Minimum Bid Quantity | 2,400 shares |
| Issue Open | 21-09-2026 |
| Issue Close | 23-09-2026 |
About the Company
Robokidz Eduventures Limited, incorporated in December 2014 and headquartered in Pune, Maharashtra, provides technology-enabled learning and skill development solutions for K-12 students in Robotics, AI, Coding, Electronics, and STEM. The company operates through two verticals: Educational Laboratory Setup Projects and Subscription Services & Other Educational Services. Proprietary platforms include Drag-on.ai, an LMS, and the Robokidz RC mobile application. Franchise-led expansion is conducted through its wholly owned subsidiary, Robokidz Retails Private Limited, under the Young Engineers Academy (YEA) brand. The company has established presence across 27 states, with Maharashtra's revenue share declining from 89.86% in FY2024 to 53.04% in FY2026.
Financial Highlights
| Particulars (₹ crore) | FY 2026 (Consolidated) | FY 2025 (Standalone) | FY 2024 (Standalone) |
|---|---|---|---|
| Revenue from Operations | 93.22 | 58.75 | 38.17 |
| Total Revenue | 93.72 | 59.16 | 38.31 |
| Profit Before Tax | 13.63 | 6.72 | 3.26 |
| Profit After Tax | 10.06 | 4.98 | 2.42 |
| Total Assets | 95.22 | 34.16 | 30.11 |
| Net Worth | 25.02 | 10.61 | 4.38 |
Objects of the Issue
- Funding Working Capital Requirements: ₹23.46 crore towards working capital for FY 2026-27, covering inventories, trade receivables, and short-term advances.
- Repayment of Borrowings: ₹2.20 crore for pre-payment or repayment of outstanding secured and unsecured borrowings, including term loans.
- General Corporate Purposes: A portion of proceeds towards general corporate purposes, subject to specified caps.
Risk Factors
- Working Capital Intensity: Operating cash flows were negative across FY2024 (-₹364.47 lakhs), FY2025 (-₹209.81 lakhs), and FY2026 (-₹509.61 lakhs), raising liquidity concerns.
- Customer Concentration: Top 5 customers accounted for 63.25% of revenue in FY2026, with no binding long-term agreements in place.
- Supplier Dependency: The top supplier contributed 45.16% of total purchases in FY2026, with no long-term supply contracts.
- Geographic Concentration: Revenue from Maharashtra constituted 53.04% of total revenue in FY2026.
- Regulatory Non-Compliances: Multiple historical non-compliances under the Companies Act, 2013, including pending compounding applications before the Registrar of Companies, Pune.
What's Next
Allotment for the Robokidz Eduventures IPO is scheduled for September 24, 2026. Shares are expected to list on stock exchanges on September 28, 2026.
Will the lack of Qualified Institutional Buyer (QIB) interest signal potential liquidity issues or volatility for Robokidz shares upon listing?
How might the company's negative operating cash flows and high customer concentration risk impact its ability to sustain growth post-IPO?
Given the heavy reliance on Maharashtra for revenue, what strategies does Robokidz have to mitigate geographic concentration risks in future quarters?
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