IPO Allotment on 28 September 2026: Check Adroit, ArMee Infotech, Swastika Infra & Elevate Campuses Status
Four mainboard IPOs — Adroit Industries, ArMee Infotech, Swastika Infra and Elevate Campuses — closed their three-day subscription windows on Friday, 25 September 2026. Focus now shifts to the basis of allotment, which is expected to be finalised on Monday, 28 September 2026, ahead of a joint market debut on 30 September 2026.
Adroit Industries was the standout of the group with an overall subscription of 176.85 times, while Elevate Campuses closed at 1.89 times with its non-institutional investor (NII) quota undersubscribed. Below is the complete guide: the allotment and listing calendar, final subscription numbers, the latest grey market premium (GMP) for each issue, and step-by-step instructions to check your allotment status online.
IPO Allotment and Listing Calendar: 28–30 September 2026
| Event | Date |
|---|---|
| Subscription window | 23–25 September 2026 (closed) |
| Basis of allotment finalisation | 28 September 2026 (Monday) |
| Refunds initiated / shares credited to demat | 29 September 2026 |
| Listing on NSE & BSE | 30 September 2026 (tentative) |
1. Adroit Industries IPO — 176.85x subscribed, strongest GMP
The ₹150.71 crore Adroit Industries IPO closed as one of the most oversubscribed issues of the season. The issue comprised a fresh issue of 98.97 lakh shares (₹132.62 crore) and an offer for sale of 13.50 lakh shares (₹18.09 crore), with the final issue price set at ₹134 per share.
| Detail | Value |
|---|---|
| Issue size | ₹150.71 crore |
| Final issue price | ₹134 per share |
| QIB subscription | 195.04x |
| NII subscription | 332.35x |
| Retail subscription | 99.81x |
| Overall subscription | 176.85x |
| GMP today (unofficial) | ₹48 — estimated listing ₹182 (+35.82%) |
| Registrar | Bigshare Services |
GMP note: Grey market premium is an unofficial, market-reported indicator and can change quickly; it is not a guarantee of the listing price.
Founded in January 1995, Adroit Industries (India) is a vertically integrated manufacturer and supplier of propeller shafts and torque-transmission components used in driveline systems. With NII bids at 332.35 times, allotment in the retail category will be heavily diluted — most retail applicants should expect either a single-lot allotment or no allotment.
2. ArMee Infotech IPO — 2.6x subscribed
The ₹300 crore ArMee Infotech IPO is an entirely fresh issue of 80 lakh equity shares, priced in the band of ₹350–375 per share with a lot size of 40 shares (minimum investment ₹15,000).
| Detail | Value |
|---|---|
| Issue size | ₹300 crore (fully fresh issue) |
| Price band | ₹350–375 per share |
| QIB subscription | 3.2x |
| NII subscription | 2.24x |
| Retail subscription | 2.65x |
| Overall subscription | 2.6x |
| GMP today (unofficial) | ₹8 — estimated listing ₹383 (+2.13%) |
| Registrar | Cameo Corporate Services |
The company is backed by book-running lead managers Khandwala Securities and Saffron Capital Advisors. Founded in 2003 and based in Ahmedabad, ArMee Infotech operates in the IT sector, offering IT infrastructure solutions and managed services. Net proceeds are earmarked for business expansion through government and PSU projects (₹155 crore), working capital (₹60 crore) and debt repayment (₹6.50 crore).
3. Swastika Infra IPO — 7.91x subscribed
The ₹160.88 crore Swastika Infra IPO combined a fresh issue of 69.46 lakh shares (₹128.50 crore) with an offer for sale of 17.50 lakh shares (₹32.38 crore), priced at ₹175–185 per share.
| Detail | Value |
|---|---|
| Issue size | ₹160.88 crore |
| Price band | ₹175–185 per share |
| QIB subscription | 3.31x |
| NII subscription | 19.35x |
| Retail subscription | 5.64x |
| Overall subscription | 7.91x |
| GMP today (unofficial) | ₹4.5 — estimated listing ₹189.5 (+2.43%) |
| Registrar | MUFG Intime India |
Incorporated in August 2019, Swastika Infra is an engineering, procurement and construction (EPC) company specialising in power transmission and distribution (T&D) infrastructure projects.
4. Elevate Campuses IPO — 1.89x subscribed, NII quota undersubscribed
The largest of the four issues, the ₹2,100 crore Elevate Campuses IPO, is an entirely fresh issue of 5.80 crore equity shares priced at ₹343–362 per share. Book-running lead managers are JM Financial, IIFL Capital Services and Morgan Stanley India.
| Detail | Value |
|---|---|
| Issue size | ₹2,100 crore (fully fresh issue) |
| Price band | ₹343–362 per share |
| QIB subscription | 2.66x |
| NII subscription | 0.89x (undersubscribed) |
| Retail subscription | 1.07x |
| Overall subscription | 1.89x |
| GMP today (unofficial) | ₹4 — estimated listing ₹366 (+1.1%) |
| Registrar | KFin Technologies |
Incorporated in 2005, Elevate Campuses is an education infrastructure company that owns, operates and manages on-campus student accommodation for higher education institutions, alongside K-12 school assets. The grey market signals a muted debut at roughly a 1% premium, though GMP is unofficial and can move with market sentiment.
How to Check Your IPO Allotment Status (Step by Step)
Once the basis of allotment is finalised on 28 September, you can check whether you have been allotted shares through the exchange websites or the registrar of the specific IPO. You will need your PAN or application number.
Option 1: Check on the BSE website
- Go to the BSE allotment page (bseindia.com → Investors → Application Status).
- Select "Equity" as the issue type.
- Choose the IPO name (Adroit Industries, ArMee Infotech, Swastika Infra or Elevate Campuses) from the dropdown.
- Enter your application number or PAN (select "Permanent Account Number" for PAN-based search).
- Complete the "I am not a robot" verification and click Search — your allotment status will be displayed.
Option 2: Check on the NSE website
- Visit the NSE "Check trades, bids, verify IPO bids" page.
- Select "Equity and SME IPO bids".
- Choose the issue name from the dropdown.
- Enter your PAN and application number, then click Submit.
Option 3: Check on the registrar's website
Each IPO's registrar hosts a dedicated allotment page:
| IPO | Registrar | Allotment portal |
|---|---|---|
| Adroit Industries | Bigshare Services | bigshareonline.com/ipo_Allotment.html |
| ArMee Infotech | Cameo Corporate Services | ipo.cameoindia.com |
| Swastika Infra | MUFG Intime India | in.mpms.mufg.com/Initial_Offer/public-issues.html |
| Elevate Campuses | KFin Technologies | ipostatus.kfintech.com |
Select the issue name, enter your application number or PAN, complete the captcha and submit to view your allotment status.
If you are new to the IPO process, read the site's beginner's guide to applying for an IPO in India, which explains UPI mandates, ASBA and what happens after allotment.
What Happens After Allotment
- If you are allotted shares: The application amount is debited from your blocked funds, and the shares are credited to your demat account on 29 September, before the 30 September listing.
- If you are not allotted: The blocked amount is released back to your bank account as part of the refund process.
- Partial allotment: Only the amount corresponding to the allotted shares is debited.
FAQs: IPO Allotment on 28 September 2026
Which IPOs have allotment on 28 September 2026?
Adroit Industries, ArMee Infotech, Swastika Infra and Elevate Campuses — all four closed subscription on 25 September and are expected to finalise allotment on Monday, 28 September 2026.
Where can I check my IPO allotment status?
On the BSE or NSE allotment pages, or on the registrar's website: Bigshare Services (Adroit), Cameo Corporate Services (ArMee), MUFG Intime India (Swastika Infra) or KFin Technologies (Elevate Campuses).
When will the four IPOs list?
The shares are tentatively scheduled to list on the NSE and BSE on 30 September 2026.
When will I get a refund if I am not allotted?
Refunds are expected to be initiated on 29 September 2026, alongside demat credit for successful allottees.
What is the GMP of these IPOs today?
As of 26 September, Adroit Industries commands a ₹48 premium, ArMee Infotech ₹8, Swastika Infra ₹4.5 and Elevate Campuses ₹4. GMP is unofficial and subject to change.
Conclusion
Monday, 28 September will be the key date for investors in four recently closed IPOs: Adroit Industries, ArMee Infotech, Swastika Infra and Elevate Campuses. Adroit stands out with 176.85x subscription and a ₹48 grey market premium pointing to a strong listing, while Elevate Campuses' muted demand suggests a flat debut. Check your allotment status on the BSE, NSE or registrar websites using your PAN or application number, and keep an eye on the 30 September listing for debut-day performance.
Disclaimer: This article is for informational and educational purposes only and is not investment advice. Please consult a registered investment advisor before making investment decisions.