Adisoft Technologies is poised for a flat market debut on April 30 with a grey market premium (GMP) of 0%, despite a robust subscription rate of over 77 times during its ₹74 crore (approximately $9 million USD) SME IPO priced at ₹172 per share. The strong investor interest, particularly from institutional and high-net-worth individuals, has not translated into positive listing expectations, a trend seen in recent SME offerings. The company, which specializes in industrial automation solutions for automobile manufacturers, plans to utilize the IPO proceeds primarily for capital expenditures related to a new manufacturing facility, debt repayment, and working capital needs. Financially, Adisoft reported a profit after tax of ₹16.1 crore (approximately $1.94 million USD) for FY25, up from ₹11.8 crore the previous year, although its revenue has been inconsistent due to the project-based nature of its business. The subdued listing outlook reflects broader market conditions, including geopolitical tensions and rising commodity prices, which have led to cautious sentiment among investors.