India, Sept. 24 -- A Bhiwandi-based manufacturer of propeller shafts and driveline components has just crossed the halfway mark of its three-day bidding window, and the early read is more encouraging than most mainboard debuts get. Adroit Industries (India) Ltd opened its books on September 23 at a Rs. 126-134 price band, looking to raise Rs. 150.71 crore through a mainboard listing.

The company supplies torque-transmission parts to commercial vehicle makers, defence contractors and off-highway equipment manufacturers, arriving at a time when India's auto component exporters have held their ground even as global manufacturing sentiment stays choppy. A minimum application of Rs. 14,874 keeps this within retail reach, and unlike much of ...