Apollo Techno Industries files for SME IPO, sets price band at ₹123–130 per share

Gujarat-based Apollo Techno Industries Limited, a manufacturer of specialised construction and drilling equipment, is set to enter the capital markets with its Initial Public Offering (IPO) opening on December 23, 2025 . The company aims to raise ₹47.96 crore through a fresh issue of 36.89 lakh equity shares , with the shares proposed to be listed on the BSE SME platform.

The IPO has been priced in a band of ₹123 to ₹130 per equity share , with a face value of ₹10 and a lot size of 1,000 shares . The anchor investor portion will open on December 22, 2025 , a day ahead of the public issue, while the IPO will close on December 26, 2025 .

According to the Red Herring Prospectus (RHP) prepared for the issue, the net proceeds from the IPO will primarily be utilised to meet the company’s working capital requirements and for general corporate purposes. The issue is being managed by Beeline Capital Advisors Private Limited, which is acting as the Book Running Lead Manager, while MUFG Intime India Private Limited has been appointed as the Registrar to the Issue.

The equity shares on offer are distributed across investor categories, with up to 10.50 lakh shares reserved for anchor investors. The Qualified Institutional Buyer (QIB) portion accounts for up to 7 lakh shares , while Non-Institutional Investors (NIIs) are allocated not less than 5.26 lakh shares . Retail individual investors will have access to not less than 12.28 lakh shares , and 1.85 lakh shares are earmarked for the market maker.

Apollo Techno Industries Limited is the only domestic manufacturer in India engaged in the manufacturing of Horizontal Directional Drilling (HDD) rigs and Diaphragm Wall Drilling Rigs, and is also among the manufacturers of Rotary Drilling Rigs. The company caters to infrastructure, construction and utility sectors across India and select export markets.

Its equipment is used in the installation of gas and water pipelines, sewer lines, optical fibre cables and electrical conduits, as well as in large infrastructure projects such as metros, airports, bridges, deep basements and high-rise building foundations. The company also provides warranties, on-site support and technical training, supported by in-house design and engineering capabilities and SAP-ERP-enabled manufacturing processes.

For the financial year ended March 31, 2025 , Apollo Techno reported revenue from operations of ₹9,914.09 lakh , with an EBITDA of ₹1,815.31 lakh , translating into an EBITDA margin of 18.31% . The company posted a profit after tax (PAT) of ₹1,378.84 lakh , with a PAT margin of 13.84% . Its Return on Equity (ROE) stood at 74.75% , while Return on Capital Employed (ROCE) was 30.98% .

Commenting on the IPO, Parth Rashmikant Patel, Managing Director of Apollo Techno, said the company has focused on building strong indigenous manufacturing capabilities to meet India’s growing infrastructure needs while expanding in export markets. He added that the IPO proceeds would support the company’s growth plans and strengthen its position in the drilling equipment segment.

The issue is likely to draw attention from retail investors, high-net-worth individuals, and institutional investors seeking exposure to India’s infrastructure-led growth story, particularly in the trenchless technology and foundation equipment space. With strong margins, a niche manufacturing position and a focus on domestic substitution, Apollo Techno’s SME IPO could be of interest to investors tracking specialised industrial and capital goods companies.