The Aditya Infotech IPO, launched on July 29, 2025, has sparked significant interest among investors, particularly in the retail segment. Known for its flagship ‘CP Plus’ brand, Aditya Infotech Limited is a leading player in India’s video security and surveillance market. With a price band of ₹640-675 per share and an aim to raise ₹1,300 crore, the IPO has already shown strong demand, achieving a subscription rate of 1.95 times on its first day. This article provides a comprehensive analysis of the Aditya Infotech IPO, covering its subscription status, grey market premium (GMP), business strengths, risks, and expert reviews to help you decide whether to invest in this promising opportunity.
Overview of Aditya Infotech IPO
Aditya Infotech Limited, headquartered in Noida, Uttar Pradesh, opened its initial public offering (IPO) for subscription on July 29, 2025, with the bidding window set to close on July 31, 2025. The IPO is designed to raise ₹1,300 crore, comprising a fresh issue of equity shares worth ₹500 crore and an offer for sale (OFS) of shares valued at ₹800 crore by the promoters, including Hari Shanker Khemka, Aditya Khemka, Ananmay Khemka, and the Hari Khemka Business Family Trust. The price band is set at ₹640 to ₹675 per share, with a minimum lot size of 22 shares, requiring retail investors to invest at least ₹14,850.
The proceeds from the fresh issue, amounting to ₹375 crore, will primarily be used to repay outstanding borrowings, with the remaining funds allocated for general corporate purposes. As of March 2024, the company’s total borrowings stood at approximately ₹405 crore, according to its draft documents. The IPO is managed by ICICI Securities and IIFL Capital Services, with MUFG Intime India Private Limited (Link Intime) acting as the registrar. The shares are expected to list on the BSE and NSE on August 5, 2025, with the allotment likely to be finalized on August 1, 2025.
Day 1 Subscription Status: Strong Retail and NII Demand
The Aditya Infotech IPO saw robust participation on its first day, achieving an overall subscription of 1.95 times by 4:48 PM IST. The retail portion was subscribed 6.25 times, reflecting strong enthusiasm from individual investors. The non-institutional investor (NII) category was booked 2.98 times, while the qualified institutional buyer (QIB) segment saw a modest 1% subscription. The employee portion, reserved up to ₹6 crore, was subscribed 1.43 times. By the close of Day 1, the company received bids for 2,18,90,814 shares against the 1,12,23,759 shares offered, according to BSE data.
This strong response, particularly from retail and NII segments, underscores the market’s confidence in Aditya Infotech’s growth potential and its established position in the security and surveillance industry. The retail quota was fully booked within hours, signaling high investor optimism about the company’s future performance.
Grey Market Premium (GMP): Promising Listing Gains
The grey market premium (GMP) for the Aditya Infotech IPO is a key indicator of investor sentiment. As of July 29, 2025, the GMP stood at ₹255, according to investorgain.com. This suggests an estimated listing price of ₹930 per share, representing a potential gain of 37.78% over the upper price band of ₹675. The GMP has shown an upward trend over the past six sessions, with a minimum of ₹210 and a maximum of ₹255, indicating strong market expectations for a robust listing.
The grey market premium reflects investors’ willingness to pay a premium for the shares before listing, driven by the company’s strong fundamentals and market position. However, GMP is an unofficial indicator and subject to volatility, so investors should consider it alongside other factors before making decisions.
Aditya Infotech’s Business Model and Strengths
Aditya Infotech, operating under its flagship ‘CP Plus’ brand, is India’s largest Indian-owned provider of video security and surveillance products. Established in 1994, the company has grown to become a leader in the sector, offering a comprehensive portfolio of over 2,900 SKUs, including AI-driven solutions like automatic number plate recognition, people counting, and heat mapping. Its products range from smart IoT cameras for homes to advanced network cameras, thermal cameras, and body-worn cameras, catering to both enterprise and consumer markets across sectors like banking, healthcare, defense, and retail.
The company’s operations are supported by a robust distribution network, with products sold in over 550 cities and towns across India as of March 31, 2025. It has 41 branch offices, 13 return merchandise authorization (RMA) centers, and 10 strategically located warehouses in cities like Delhi, Mumbai, Kolkata, and Bengaluru. Aditya Infotech’s manufacturing facility in Kadapa, Andhra Pradesh, spans 204,157.36 square feet and has an installed capacity of 17.20 million units per annum. The facility is equipped with advanced infrastructure, including high-speed Surface Mount Technology (SMT) lines and stringent quality control systems.
Aditya Infotech has strengthened its technological capabilities through strategic partnerships. In 2017, it entered a joint venture with Dixon Technologies to establish a captive manufacturing facility, leveraging Dixon’s expertise. On September 18, 2024, Aditya Infotech acquired Dixon’s stake, and in a separate agreement, Dixon subscribed to 7.3 million equity shares. The company also collaborates with L&T Semiconductor to develop indigenous IP SoCs and AI-driven CCTV products, aligning with the ‘Make in India’ initiative.
Financial Performance and Market Position
Aditya Infotech has demonstrated strong financial growth. In FY25, the company reported revenue of ₹3,122.93 crore, a 12% increase from ₹2,795.96 crore in FY24. Its profit after tax (PAT) surged by 205% to ₹351.37 crore from ₹115.17 crore in the previous year. The company’s market capitalization is ₹7,911.89 crore, with a return on equity (ROE) of 34.50%, return on capital employed (ROCE) of 33.25%, and a debt-to-equity ratio of 0.41 as of March 31, 2025. Its margins stood at 11.25%, with EBITDA margins at 8.25%.
The company holds a dominant 25% market share in India’s video surveillance market, driven by its strong brand recall and limited competition. Its focus on innovation, including AI and IoT-enabled technologies, positions it well to capitalize on the growing demand for advanced security solutions.
Expert Reviews and Recommendations
Brokerages have largely recommended subscribing to the Aditya Infotech IPO for long-term investment. Anand Rathi Research notes that at the upper price band of ₹675, the company is valued at a FY25 price-to-earnings (P/E) ratio of 22.5x, which is considered fully priced but justified by its market leadership and consistent growth. The brokerage recommends a “SUBSCRIBE – LONG TERM” rating, citing the company’s dominant position and minimal competition.
Aditya Birla Money Ltd. also recommends subscribing, highlighting the company’s alignment with STQC norms and its manufacturing strength, which positions it to benefit from industry tailwinds. Lakshmishree Investment & Securities praises Aditya Infotech’s dominant market share, deep distribution network, and AI-powered product line, rating it a “Subscribe for long-term wealth creation.” However, Bajaj Broking advises caution due to the high valuation and moderate return ratios (ROE of 22% and ROCE of 20%), suggesting a “Subscribe with Caution” rating.
Key Risks to Consider
While Aditya Infotech presents a compelling investment opportunity, potential risks should not be overlooked. The company relies on suppliers from outside India, particularly China, for critical components, making it vulnerable to supply chain disruptions. Its dependence on a single manufacturing facility in Kadapa, Andhra Pradesh, exposes it to regulatory or geographical risks. Additionally, non-compliance with regulatory or quality standards could harm its brand image and operations.
Should You Invest in the Aditya Infotech IPO?
The Aditya Infotech IPO offers a promising opportunity for investors seeking exposure to India’s growing security and surveillance market. The company’s strong financial performance, dominant market position, and innovative product portfolio make it an attractive long-term investment. The robust subscription on Day 1 and a high GMP of ₹255 indicate strong investor confidence and potential listing gains of around 37.78%.
However, investors should weigh the risks, including supply chain dependencies and high valuation, before applying. Consulting with a certified financial advisor is advisable to align the investment with your financial goals. With its strategic focus on innovation and a solid distribution network, Aditya Infotech is well-positioned for growth, making it a worthy consideration for long-term wealth creation.
Key Dates and How to Apply
- IPO Open Date: July 29, 2025
- IPO Close Date: July 31, 2025
- Allotment Date: August 1, 2025
- Refund Initiation: August 4, 2025
- Share Credit to Demat: August 4, 2025
- Listing Date: August 5, 2025
Investors can apply through ASBA (Applications Supported by Blocked Amount) via their bank accounts or use UPI through stock brokers like Zerodha, Upstox, or 5Paisa. Offline applications can be submitted by filling out an IPO form and depositing it with your broker.
Aditya Infotech IPO Day 1 Live: Full Subscription Details, GMP, Review & More
The much-anticipated Aditya Infotech IPO opened for subscription on July 29, 2025, and closed its first day with strong investor interest. Known for its flagship brand CP Plus, Aditya Infotech is tapping into India’s growing security and surveillance market with a ₹1,300 crore public issue.
Aditya Infotech IPO Key Highlights
| Details | Information |
|---|---|
| IPO Opening Date | July 29, 2025 |
| IPO Closing Date | July 31, 2025 |
| Price Band | ₹640 – ₹675 per share |
| Lot Size | 22 shares |
| Issue Size | ₹1,300 crore |
| Fresh Issue | ₹500 crore |
| Offer for Sale (OFS) | ₹800 crore |
| Expected Listing Date | August 5, 2025 |
| Allotment Finalization | August 1, 2025 |
| Refunds Initiated | August 4, 2025 |
| Demat Credit | August 4, 2025 |
| Stock Exchange | BSE & NSE |
Day 1 Subscription Status (as of 5:57 PM, July 29)
| Investor Category | Subscription (Times) |
|---|---|
| Retail Investors | 6.52x |
| Non-Institutional Investors (NII) | 3.16x |
| Qualified Institutional Buyers (QIB) | 1% |
| Employees | 1.48x |
| Overall Subscription | 2.05x |
Grey Market Premium (GMP) Update
| GMP Trends | Value |
|---|---|
| Current GMP | ₹255 |
| Expected Listing Price | ₹930 (Based on upper band ₹675) |
| Listing Premium Estimate | 37.78% |
| GMP Range (last 6 sessions) | ₹210 – ₹255 |
Manufacturing and Infrastructure
| Facility | Details |
|---|---|
| Main Plant | Kadapa, Andhra Pradesh |
| Warehouses | 10 locations across India – Delhi, Noida, Chennai, Bengaluru, Guwahati, Bhiwandi, Ahmedabad, Indore, Kolkata, Gurugram |
Conclusion
The Aditya Infotech IPO has kicked off with strong momentum, driven by retail and NII enthusiasm and a promising GMP. With its leadership in the video surveillance market, robust financials, and strategic partnerships, the company is poised for growth. While risks such as supply chain dependencies exist, the long-term potential makes this IPO a compelling choice for investors. Stay updated on the subscription status and consult with financial experts to make an informed decision.
Aditya Infotech IPO Day 1 – Frequently Asked Questions (FAQ)
1. What are the Aditya Infotech IPO opening and closing dates?
The IPO opened on July 29, 2025 (Tuesday) and will close on July 31, 2025 (Thursday).
2. What is the price band of the Aditya Infotech IPO?
The price band has been set at ₹640 to ₹675 per share.
3. What is the total issue size of the IPO?
The total issue size is ₹1,300 crore, consisting of:
- Fresh issue: ₹500 crore
- Offer for Sale (OFS): ₹800 crore by promoters
4. How will the proceeds from the IPO be used?
Out of the fresh issue proceeds:
- ₹375 crore will be used for debt repayment
- Remaining funds are earmarked for general corporate purposes
5. What was the total borrowing of Aditya Infotech as of March 2024?
The company’s total borrowings were approximately ₹405 crore as of March 2024.
6. How was the response on Day 1 of the IPO?
As of the end of Day 1:
- Overall Subscription: 2.05x
- Retail Investors: 6.52x
- Non-Institutional Investors (NII): 3.16x
- Qualified Institutional Buyers (QIBs): 1%
- Employee Quota: 1.48x
Over 2.18 crore shares were bid against 1.12 crore shares on offer.
7. What is the Grey Market Premium (GMP) for the Aditya Infotech IPO?
As of July 29:
- GMP: ₹255
- Expected Listing Price: ₹930 (based on the upper price band of ₹675)
- Estimated Listing Gain: ~37.78%
8. When will the Aditya Infotech IPO allotment be finalized?
The basis of allotment will be finalized on Friday, August 1, 2025.
9. When will the IPO refunds be processed and shares credited?
- Refunds: Monday, August 4, 2025
- Credit to Demat Accounts: August 4, 2025 (same day)
10. What is the tentative listing date for Aditya Infotech shares?
The shares are expected to list on Tuesday, August 5, 2025, on both BSE and NSE.
11. What is the lot size and minimum investment?
- Lot Size: 22 shares
- Minimum Investment: ₹14,850 (at upper price band)
12. What are the IPO reservations for different investor categories?
- Qualified Institutional Buyers (QIBs): Not less than 75%
- Non-Institutional Investors (NIIs): Not more than 15%
- Retail Investors: Not more than 10%
- Employee Reservation: Shares worth ₹6 crore
13. Who are the anchor investors in this IPO?
Aditya Infotech raised ₹582.3 crore from anchor investors, including:
- Government of Singapore
- Monetary Authority of Singapore
- HDFC Mutual Fund
- SBI Mutual Fund
- Goldman Sachs
- Nomura
- Abu Dhabi Investment Authority
- Ashoka Whiteoak India Opportunities Fund
A total of 86.26 lakh shares were allocated to 54 funds at ₹675 each.
14. What does Aditya Infotech do?
Aditya Infotech is a leading provider of video security and surveillance solutions under the brand ‘CP Plus’. It serves both enterprise and consumer segments and offers:
- CCTV cameras with AI/ML capabilities
- IoT-enabled smart home security
- Cloud-based HMS & AMS systems
- End-to-end integrated security infrastructure
15. Where is the company’s manufacturing facility located?
Aditya Infotech operates a large-scale manufacturing plant in Kadapa, Andhra Pradesh, with 10 strategically placed warehouses across India.
16. What are some of its key strategic collaborations?
- Former JV with Dixon Technologies (stake acquired back in Sept 2024)
- Partnership with L&T Semiconductor to develop indigenous AI-based IP SoCs
These partnerships align with the ‘Make in India’ initiative.
17. What are the company’s competitive strengths?
- Strong brand recognition with CP Plus
- AI-powered, locally manufactured security products
- Pan-India sales and support network
- Deep-rooted channel and technology partnerships
- Diversified portfolio across verticals
18. What are the risks associated with Aditya Infotech?
- Dependence on China for critical components
- Single manufacturing unit exposes it to geographical risks
- Any regulatory non-compliance could damage the brand reputation
- Revenue is heavily concentrated in surveillance and related services
19. What is the market outlook for video surveillance in India?
India’s video surveillance market is growing rapidly due to:
- Smart city projects
- Cybersecurity regulations
- Demand for AI-powered surveillance and analytics
- Increasing adoption across retail, residential, and industrial sectors
20. What are experts saying about this IPO?
| Brokerage | Recommendation | Reasoning |
|---|---|---|
| Lakshmishree Securities | Subscribe (Long-Term) | Dominant market share, strong brand, AI-led solutions |
| Aditya Birla Money Ltd. | Subscribe | Fairly valued at 43x P/E; strong growth outlook |
| Anand Rathi | Subscribe – Long-Term | Leading sector position, proven financials |
21. Should I subscribe to the Aditya Infotech IPO?
If you’re a long-term investor looking to gain exposure to India’s growing AI-based security infrastructure, Aditya Infotech offers:
- Scalable growth
- Industry leadership
- Consistent financial performance
- Strong investor confidence