In December 2025, India’s IPO market continued to witness steady momentum, with several companies from diverse sectors approaching the capital markets. After a strong rebound earlier in the year, investor sentiment remained supported by improved market stability and rising participation from retail and institutional investors. Infrastructure-led businesses and capital goods manufacturers, in particular, attracted attention amid ongoing investments in construction, transportation, and urban development projects across the country.
Against this backdrop, Apollo Techno Industries Ltd is set to open its IPO on December 23, 2025. Below is a detailed overview of the company, its IPO details, and key financial highlights.
About Apollo Techno Industries Ltd.
Incorporated in 2016, Apollo Techno Industries Ltd operates in the manufacturing and technology space, catering primarily to the construction and infrastructure sector. The company specialises in trenchless technology and foundation equipment used in large-scale infrastructure projects.
Apollo Techno Industries manufactures and supplies equipment such as Horizontal Directional Drilling (HDD) rigs, Diaphragm Drilling Rigs, and Rotary Drilling Rigs, along with spare parts and refurbishment services. With in-house design and engineering capabilities, the company focuses on delivering quality products and sustainable solutions.
The company’s domestic sales are led by Gujarat, contributing 34.52% of revenue, followed by Maharashtra and Haryana. As of June 30, 2025, Apollo Techno Industries employed 154 personnel supporting its manufacturing, engineering, and operational functions.
Apollo Techno Industries IPO Details
Apollo Techno Industries plans to raise ₹47.96 crore through a bookbuilding IPO, comprising a fresh issue of 0.37 crore shares. The proceeds from the issue will primarily be used to meet working capital requirements and general corporate purposes.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Tuesday, December 23, 2025 |
| IPO Close Date | Friday, December 26, 2025 |
| Tentative Allotment | Monday, December 29, 2025 |
| Initiation of Refunds | Tuesday, December 30, 2025 |
| Credit of Shares to Demat | Tuesday, December 30, 2025 |
| Tentative Listing Date | Wednesday, December 31, 2025 |
| UPI Mandate Cut-off Time | 5 PM on December 26, 2025 |
Key IPO Details
| IPO Date | 23 to 26 Dec, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹123 to ₹130 |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 36,89,000 shares (agg. up to ₹47.96 Cr) |
| Reserved for Market Maker | 1,85,000 shares (agg. up to ₹2.41 Cr) Spread X Securities Pvt.Ltd. |
| Net Offered to Public | 35,04,000 shares (agg. up to ₹45.55 Cr) |
| Share Holding Pre Issue | 1,00,00,000 shares |
| Share Holding Post Issue | 1,36,89,000 shares |
Beeline Capital Advisors Pvt. Ltd. is the book-running lead manager, and MUFG Intime India Pvt. Ltd. is the registrar of the issue. The Market Maker of the company is Spread X Securities Pvt. Ltd.
Apollo Techno Industries IPO Reservation
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 1,85,000 (5.01%) |
| QIB Shares Offered | 17,50,000 (47.44%) |
| NII (HNI) Shares Offered | 5,26,000 (14.26%) |
| Retail Shares Offered | 12,28,000 (33.29%) |
| Total Shares Offered | 36,89,000 (100.00%) |
Apollo Techno Industries IPO Lot Size
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 2,000 | ₹2,60,000 |
| Individual investors (Retail) (Max) | 2 | 2,000 | ₹2,60,000 |
| S-HNI (Min) | 3 | 3,000 | ₹3,90,000 |
| S-HNI (Max) | 7 | 7,000 | ₹9,10,000 |
| B-HNI (Min) | 8 | 8,000 | ₹10,40,000 |
Apollo Techno Industries Ltd. Financials
The Apollo Techno Industries IPO has a pre-issue market capitalisation of ₹177.96 crore. As of March 31, 2025, the company reported strong growth across profitability metrics, supported by improved operational efficiency.
Key Performance Indicators
| KPI | Value |
| ROE | 74.75% |
| ROCE | 30.98% |
| Debt/Equity | 3.74 |
| RoNW | 54.45% |
| PAT Margin | 13.84% |
| EBITDA Margin | 18.31% |
| Price to Book Value | 11.27 |
Valuation
| Pre IPO | Post IPO | |
| EPS (₹) | 13.79 | 3.16 |
| P/E (x) | 9.43 | 41.16 |
| Promoter Holding | 100.00% | – |
Mr. Parth Rashmikant Patel, Mr. Rashmikant Haribhai Patel, Mrs. Manjulaben Rashmikant Patel, Parth Patel (HUF), and Rashmikant Haribhai Patel HUF are the promoters of the company.
Key Company Financials
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Cr) | 75.06 | 76.25 | 67.03 | 65.09 |
| Total Income (₹ Cr) | 24.67 | 99.66 | 69.28 | 72.57 |
| Profit After Tax (₹ Cr) | 1.08 | 13.79 | 3.23 | 0.90 |
| EBITDA (₹ Cr) | 2.07 | 18.15 | 7.65 | 2.97 |
| Net Worth (₹ Cr) | 26.38 | 25.32 | 11.57 | 8.21 |
| Reserves & Surplus (₹ Cr) | 16.38 | 15.32 | 9.07 | 5.71 |
| Total Borrowing (₹ Cr) | 30.57 | 31.75 | 43.29 | 43.97 |
Apollo Techno Industries IPO: Peer Comparison
Apollo Techno Industries’ IPO can be evaluated by comparing its operational scale, financial performance, and return ratios with those of other listed players operating in the construction equipment and infrastructure machinery segment. Such a comparison helps investors assess Apollo Techno Industries’ competitive positioning within the capital goods and infrastructure equipment space.
Objects of the Issue
| S.No. | Objects of the Issue | Expected Amount (₹ million) |
| 1 | To meet working capital requirements | 385 |
| 2 | General corporate purposes | — |
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Conclusion
Apollo Techno Industries Ltd offers exposure to the infrastructure equipment and trenchless technology segment, supported by in-house engineering capabilities and a growing domestic presence. The company has demonstrated strong growth in profitability and return ratios in recent years. However, investors should carefully evaluate factors such as high leverage levels, dependency on infrastructure spending cycles, and SME market-related risks before making an investment decision.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
