Apollo Techno Industries Ltd, a manufacturer of trenchless technology and foundation equipment, is launching its SME IPO on BSE from December 23 to 26, 2025, with a price band of ₹123-130 per share.[1][2] As of December 19, 2025, the Grey Market Premium (GMP) has not yet started, offering no early listing gain signals, but strong financial growth makes it worth monitoring.[3]
What is Apollo Techno Industries?
Incorporated in April 2016 and based in Mehsana, Gujarat, Apollo Techno Industries (ATIL) specializes in Horizontal Directional Drilling (HDD) rigs, Diaphragm Wall Drilling Rigs, Rotary Drilling Rigs, and spare parts for the construction sector.[1] The company began commercial operations in 2017, launching products like the Apollo A800 and A1200 HDD machines, and a Diaphragm Wall Drilling Rig in 2023. It employs 137 people as of January 31, 2025, including a five-member in-house design team.[1]
ATIL targets the growing demand for trenchless technology in India’s infrastructure boom, focusing on efficient, minimally invasive construction solutions. This positions it well amid government pushes for highways, urban development, and metro projects.
Apollo Techno IPO Key Details
The IPO is a fresh issue of 36,89,000 equity shares, aiming to raise ₹45.37-47.96 crores at the upper price band.[1][2] There is no Offer For Sale (OFS) component.
| Parameter | Details |
|---|---|
| Issue Size | ₹45.37-47.96 Cr (36,89,000 shares) |
| Price Band | ₹123-₹130 per share |
| Lot Size | 1,000 shares (Min bid: 2,000 shares or ₹2,60,000) |
| Retail Allocation | 35% |
| Listing | BSE SME (Dec 31, 2025) |
Timeline: Opens Dec 23, closes Dec 26; allotment finalizes Dec 29; refunds/credit Dec 30; lists Dec 31.[1][2]
Lead manager: Beeline Capital Advisors Pvt Ltd.[1] Anchor bidding occurs Dec 22, with 10,50,000 shares allocated.[2]
Financial Performance: A Growth Story
Apollo Techno shows robust revenue and profit growth, rebounding strongly in FY2025 after a dip in FY2024. Here’s the snapshot (₹ in crores):
| Period | Revenue | Expenses | PAT | EPS |
|---|---|---|---|---|
| FY2023 | 71.73-72.57 | 71.40 | 0.90 | 0.90 |
| FY2024 | 68.98-69.28 | 64.67 | 3.23 | 3.23 |
| FY2025 | 99.14-99.66 | 84.85 | 13.79 | 13.79 |
| Q1 FY2026 (Jun 2025) | 24.54-24.67 | 23.25 | 1.08 | – |
[1][2] Revenue grew 44% YoY in FY2025, with PAT surging over 300%, driving RONW to 54.45%.[1] PE ratio at upper band: 8.92-9.43x FY2025 EPS (annualized).[1] Assets expanded modestly from ₹65 Cr to ₹76 Cr.[2]
Funds utilization: Primarily ₹38.50 Cr for working capital, supporting expansion.[2]
Apollo Techno IPO GMP Today: No Premium Yet
GMP, the unofficial premium in grey markets indicating potential listing gains, is currently unavailable or zero for Apollo Techno.[3] Sources confirm: “GMP for Apollo Techno Industries SME IPO is not yet started” as the IPO is pre-open.[3] Live updates as of Dec 19 show GMP at 0, implying flat listing at ₹130 upper band.
GMP Explanation: Positive GMP (e.g., ₹10) suggests ₹140 listing; zero means par; negative discounts. For SME IPOs, GMP ramps up post-subscription, but early zero signals cautious demand.[3]
Comparable recent SME IPOs often list 20-50% above issue price on strong subscriptions, but Apollo’s awaits GMP kickoff.
Subscription Status and Market Sentiment
Subscription opens Dec 23; live updates pending.[1] Retail minimum: ₹1,30,000-2,60,000 per lot, favoring HNI/QIB interest given financials.[1] Pre-IPO market cap: ₹177.96 Cr at upper band.
Risks and Opportunities for Investors
- Strengths: 44% revenue growth, high RONW (54%), infrastructure tailwinds, low PE valuation.[1]
- Risks: SME volatility, dependency on construction cycles, modest asset base, no GMP signal yet.[1][3]
- Opportunities: India’s capex push (e.g., ₹11 lakh Cr budget infra spend) boosts trenchless tech demand.
What Should Investors Do?
Apply if: Long-term horizon (1-2 years), belief in infra growth. At 9x PE, it’s reasonably priced for growth stock. Minimum apply for retail quota; consider 1-2 lots for HNI.[1]
Wait if: Short-term trader—monitor GMP post-Dec 23. Zero GMP now suggests no quick flip; SME listings can discount 10-20% sans buzz.[3]
Steps to Apply:
- Ensure demat account (e.g., Zerodha, Groww).
- Bid Dec 23-26 via ASBA/UPI, select cutoff.
- Track allotment on registrar site post-Dec 29.
Diversify: Allocate <5-10% portfolio to SME IPOs due to liquidity risks.
Conclusion
Apollo Techno IPO offers solid fundamentals in a high-growth niche, but with GMP at zero, proceed cautiously—apply for listing potential or hold for post-listing dips. Stay updated on subscription and GMP via credible trackers. Invest based on risk appetite, not hype.