Acme India Industries IPO subscribed about 2 times, QIB at 5.7x
Acme India Industries' Rs 121.69 crore BSE SME offer was subscribed roughly two times by day three, with QIB bids near 5.7x while retail and HNI demand trailed, per exchange data.
The Development
Acme India Industries Limited, a Delhi-based maker of railway coach interiors, is in the middle of its initial public offering on the BSE SME platform, and exchange bid data shows the book running well ahead among institutions while retail and wealthy-individual demand trails. As of the afternoon of 3 October 2026, the third day of bidding, the Rs 121.69 crore issue had been subscribed roughly two times overall per exchange bid data, with the qualified institutional buyer (QIB) category at about 5.7 times. The non-institutional and retail portions were each subscribed less than half a time at that point.
The offer opened on 30 September 2026 and is scheduled to close on 6 October 2026, per the red herring prospectus filed with the exchange and dated 24 September 2026. The company set a price band of Rs 186 to Rs 196 per share for the book-built offer. The day-three figures were surfaced through market coverage of the active issue.
The multiples are a fixed point on the official record, published by the exchange, and they move until the window closes. Nothing here predicts how the issue will finally close or list.
The Company
Per the RHP, Acme India Industries operates in India's railway rolling-stock ecosystem, supplying turnkey interior furnishing for new passenger coaches, the refurbishment and conversion of legacy coaches, and toilet upgradation work. The company discloses that it manufactures fibre-reinforced plastic parts, braille signage, sanitary ware, fire-retardant epoxy flooring and doors for railway coaches, and that the business traces back to a proprietorship called "Acme India" started in 2012 before the company was incorporated under the Companies Act, 2013. Its registered office is in Dwarka, New Delhi, and the promoters named in the RHP are Suraj Pandey and Sadhvi Pandey.
The offer document states that the company's order book stood at Rs 737.97 crore as of 30 June 2026, drawn from Indian Railways contracts. On financials, the RHP's restated statements show total income of Rs 267.89 crore in FY2026, against Rs 213.45 crore in FY2025 and Rs 215.02 crore in FY2024. Profit for the year was Rs 24.36 crore in FY2026, Rs 16.46 crore in FY2025 and Rs 19.21 crore in FY2024, per the same restated accounts. These are the company's own disclosed figures and carry no independent valuation view from this desk.
The Offer Structure
Per the RHP, the total offer is for up to 62,08,800 equity shares of face value Rs 10 each. It comprises a fresh issue of up to 54,07,200 shares and an offer for sale of 8,01,600 shares by promoter selling shareholder Suraj Pandey, whose weighted average cost of acquisition the document puts at Rs 4.88 per share. A market-maker reservation of 3,14,400 shares leaves a net offer to the public of up to 58,94,400 shares. The RHP also records a pre-IPO private placement of 10,80,000 shares at Rs 190 each, which reduced the offer size.
At the Rs 186 to Rs 196 band, the issue aggregates to about Rs 121.69 crore. The minimum application is one lot of 600 shares, which works out to Rs 1,17,600 at the upper end of the band. The stated objects of the fresh issue are Rs 38 crore towards working capital, Rs 41 crore towards repayment or pre-payment of borrowings, Rs 6.27 crore towards capital expenditure on plant and machinery, and the balance for general corporate purposes. The book-running lead manager is Hem Securities and the registrar is Bigshare Services. Readers working through the arithmetic of a one-lot allotment can use Oquilia's lumpsum calculator or CAGR calculator, and prior primary-market coverage sits on the Oquilia news desk.
Risk Factors
The RHP sets out a detailed risk-factors section, and the first risk the company discloses is that its business operations and revenues are "entirely dependent on the Indian Railways", so any adverse change in railway policy, specifications or budgetary allocation could hurt it. The RHP lists a related concentration risk: a significant portion of the order book is awarded by Indian Railways on a tender and competitive-bidding basis, which exposes margins to pricing pressure.
Among the other risk factors the company discloses are outstanding legal and tax proceedings involving the company, its directors and its promoters, including an income-tax demand of Rs 267.98 lakh contested before the Income Tax Appellate Tribunal. The RHP also flags high working capital requirements, with funds blocked in bank guarantees, receivables and inventories; a dependence on a limited number of suppliers for raw materials; and the fact that the company does not own its registered office, factory and warehouse premises. These are the company's own required disclosures, not this desk's assessment.
What Happens Next
The mechanics from here follow the standard SME timetable in the RHP. The three-day bidding window runs to 6 October 2026, after which the basis of allotment is finalised by the registrar in consultation with the exchange, typically on the next working day, with refunds and the unblocking of ASBA or UPI mandates following for applications that are not allotted. Shares are then credited to demat accounts ahead of listing on the BSE SME platform, tentatively around 9 October 2026 per the issue schedule.
Where a category is oversubscribed, allotment within it is decided by the process in the offer document and SEBI's rules, which for the retail portion generally means a lottery-based allocation of the minimum lot. The subscription multiples quoted above are a record of demand at a stated time and will change until the book closes; they are stated here as process, not as a signal about the listing.
FAQ
Should I apply for this IPO?
Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on the exchange - read it directly before making any decision.
What is the price band and lot size?
Per the offer terms, the price band is Rs 186 to Rs 196 per equity share of face value Rs 10, and the minimum application is one lot of 600 shares. At the upper end of the band, one lot works out to Rs 1,17,600.
When does the issue open and close?
Per the red herring prospectus, the bid/offer opened on 30 September 2026 and is scheduled to close on 6 October 2026, with anchor bidding one working day before opening. The issue is listed on the BSE SME platform.
What does the subscription figure mean?
Subscription multiples report how many times the shares on offer in each category have been bid for, per exchange bid data at a stated time. They move until the window closes and are a record of demand, not a forecast of the listing outcome.
Where can I read the RHP?
The red herring prospectus is hosted on the BSE website and carries the full business description, restated financial statements, objects of the offer and the complete risk-factors section. The lead manager is Hem Securities and the registrar is Bigshare Services.
This report is based on the red herring prospectus filed with BSE and the exchange's category-wise bid data. It was surfaced via day-three subscription coverage carried via Google News.