Robokidz Eduventures IPO Day 3: Subscribed 809.27x; QIB demand hits 299.71x
- Robokidz Eduventures IPO closed Day 3 with a total subscription of 809.27x.
- QIB demand surged to 299.71x, while bHNIs subscribed 1,945.97x times over.
- Retail investors subscribed 768.24x, showing strong retail participation.
- Allotment is scheduled for September 24, 2026, with listing on September 28, 2026.
*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 on 23-09-2026
Demand accelerated sharply throughout Day 3. QIBs jumped from 0.98x at 11:15 IST to 299.71x by 16:15 IST, a rise of +30482.7%. The total subscription grew by +372.8% during the trading session, moving from 171.18x to 809.27x.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.98x | 191.62x | 217.53x | 171.18x |
| 12:15 | 11.51x | 279.47x | 316.70x | 257.32x |
| 13:15 | 54.76x | 407.22x | 421.55x | 382.23x |
| 14:15 | 105.33x | 543.41x | 542.85x | 512.12x |
| 15:15 | 224.59x | 713.84x | 672.73x | 685.57x |
| 16:15 | 299.71x | 847.44x | 768.24x | 809.27x |
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.
How might the extreme 809x oversubscription influence Robokidz Eduventures' listing price and first-day trading volatility on September 28?
Given the negative operating cash flows in FY2026, how will the IPO proceeds specifically impact the company's liquidity position and working capital cycle in the next fiscal year?
Will the massive institutional demand signal sustained long-term confidence, or does the late-day QIB surge suggest potential short-term speculative positioning that could lead to post-listing profit booking?
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