Aditya Infotech (CP Plus) has seen blockbuster demand in its ₹1,300 crore IPO, with subscriptions crossing 11× on the final day (July 31, 2025). Backers expect a strong listing pop as the grey market premium (GMP) has surged to around ₹285–₹293, pointing to a potential ~42% jump from the ₹675 upper price band.
IPO Structure Summary
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Total size: ₹1,300 crore
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Fresh issue: ₹500 crore
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Offer-for-Sale by promoters: ₹800 crore
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Price range: ₹640–675 per share
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Lot size: Minimum 22 shares (~₹14,850 at ₹675)
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Listings planned on both NSE and BSE
Subscription Breakdown Highlights
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Day 1: 2.05× overall; retail subscribed 6.52×; QIB minimal (0.01×)
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Day 2: ~7× overall; retail subscribed ~21–30×; NII ~12×; QIB ~0.25×
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Day 3: Over 11× overall, led by retail (~26×), NII (~20×), and modest QIB (~0.26×) demand
Grey Market Insight & Expected Listing Performance
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GMP rose from ~₹210–₹260 to ₹285–293 by Day 3, implying listing price around ₹960 per share—or ~42% gain over upper band of ₹675.
Company At a Glance
Aditya Infotech is a leading provider of video surveillance and enterprise communication products, primarily under the CP Plus brand. It boasts:
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A manufacturing facility in Kadapa, Andhra Pradesh
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Presence in 550+ cities, 41 branches, over 30,000 dealer partners
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Strategic manufacturing/export partnerships with Dahua and Hikvision
In FY25:
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Revenue: ₹3,112 crore (12% YoY growth)
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PAT: ₹351 crore (205% YoY growth); PAT margin at 11.3%
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ROE/ROCE: ~34.5% / ~33.3%
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Debt-to-equity: Moderate at 0.41×
Analyst Views & Valuation Debate
Broker opinions vary widely:
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Positive:
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Anand Rathi rated IPO “Subscribe for Long-Term,” citing strong brand and growth
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Geojit, Reliance Securities, Ventura recommend subscribing, praising domain leadership and industry tailwinds
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Caution:
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SBI Securities flagged high valuations—FY25 P/E of ~77× and weak cash flows
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Canara Bank Securities advised “Subscribe with Caution” (P/E ~20–22× vs peers)
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Pros & Cons for Investors
| Strengths | Risks |
|---|---|
| Market leader in surveillance products | High valuation multiples |
| Strong revenue & profit growth | Dependence on China for key components |
| Wide distribution network and manufacturing presence | Hardware-sector volatility |
| Government and policy tailwinds (Smart Cities, surveillance mandates) | Limited liquidity in QIB segment |
IPO Timeline & Listing Schedule
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Subscription window: July 29–31, 2025
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Basis of allotment: August 1
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Refunds & demat credit: by August 4
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Listing date: August 5 on NSE & BSE
Final Take: Should You Subscribe?
Given strong retail appetite, a sizable GMP, and favorable long-term fundamentals, many analysts view the IPO as a good long-term opportunity. However, risk-averse investors should account for high valuation and limited QIB uptake. If you’re confident in CP Plus’s leadership and industry tailwinds, consider subscribing—especially within the retail quota.
