Railway rolling-stock interiors maker Acme India Industries has closed its ₹121.69 crore SME IPO at a final subscription of about 124x, and will list on the BSE SME platform on October 9, 2026.
The issue ran September 30–October 6 at a price band of ₹186–196 per share (lot size 600 shares; minimum investment ₹2,35,200). It comprised a fresh issue of ₹105.98 crore and an offer for sale of ₹15.71 crore, with Hem Securities as lead manager and Bigshare Services as registrar. Final numbers: QIBs ~138x, NIIs ~196x, individual investors ~86x, with 1,89,465 applications and total bids of ₹10,053 crore. The grey market indicated an estimated listing near ₹264 — about 35% above the issue price.
The company designs, manufactures and maintains railway coach interiors — turnkey furnishing for new coaches, refurbishment and upgradation of old coaches, toilet modernisation and components for Indian Railways. It began as a sole proprietorship making braille signage for Divyangjan passengers and expanded into fire-retardant epoxy flooring in 2016. It is led by MD Suraj Pandey.
Financials show steady growth: FY26 revenue ₹263.7 crore, EBITDA ₹39.82 crore and PAT ₹24.36 crore, with a market capitalisation of about ₹438.89 crore at the issue price. Allotment was finalised on October 7; refunds initiate and shares credit on October 8.
The issue continues the red-hot SME IPO season, with six more SME listings on October 8 and three on October 9, even as investors weigh the company's concentration risk — a significant share of revenue depends on Indian Railways tenders.
Why it matters for founders
A railway-interiors manufacturer pulling 124x subscription shows SME investors are hunting beyond tech — profitable, tender-backed manufacturing businesses are listing at healthy premiums. For founders in industrial and railway-adjacent sectors, the SME route now offers real liquidity at 18.9x PE multiples.