ADMACH SYSTEMS LIMITED

(Formerly known as Admach Systems Private Limited)

Corporate Identification Number: U29299PN2008PLC131530

Our Company was originally incorporated as "Admach Systems Private Limited" on February 29, 2008, as a private limited company under the provisions of the Companies Act, 1956, pursuant to Certificate of Incorporation issued by Registrar of Companies, Pune, Maharashtra. Our Company was converted into a public limited company pursuant to shareholders' resolution passed at the extra-ordinary general meeting of our Company held on August 20, 2024, and the name of our Company was changed to "Admach Systems Limited", and a Fresh Certificate of Incorporation dated October 10, 2024, was issued by the Registrar of Companies, CPC. The Corporate Identification Number of our Company is U29299PN2008PLC131530. For details of incorporation, change of name and registered office of our Company, please refer to chapter titled "General Information" and "History and Certain Corporate Matters" beginning on page 82 and 227 respectively of this Prospectus.

1. Risk to Investors: Top 5 Risk factors:

a. Our business is dependent on the performance of Steel and Non-Destructive Testing equipment industry with a large portion of revenue being derived from it. Any downturn in these industries can adversely impact our business, results of operations, cash flow and financial condition of our Company.

b. We are significantly dependent on the sale of our products namely, Steel Machines, Non-destructive testing equipment and Packaging machine. Our aggregate revenue from sale of Steel Machines accounted for 76.11%, 88.48%, 55.13% and 33.66% of our revenue from operations for the period ended June 30, 2025 and Fiscal 2025, 2024 and 2023 respectively. Failure to anticipate and adapt to changing consumer preferences or maintain product quality could harm demand for our products, weaken brand loyalty, and negatively affect our business, financial results, and cash flow.

c. We derive our revenue from the domestic market and substantial portion of revenue from the region of Maharashtra. Any adverse developments affecting our operations in this region, could have an adverse impact on our business, financial condition, results of operations and cash flows.

d. We do not have long-term agreements with most of our suppliers. Further, our inability to accurately forecast demand for our products or manage our inventory or working capital requirements may have an adverse effect on our business, results of operations and financial condition.

e. Our manufacturing facility is located on property acquired pursuant to the Agreement of Assignment of Business dated November 30, 2009, and the ownership details in the revenue records have not yet been updated in the Company's name; failure to complete such recordal procedure may adversely affect our business, results of operations, financial condition, and cash flows.

2. Our Equity Shares have never been publicly traded, and may experience price and volume fluctuations following the completion of the Offer. Further, our Equity Shares may not result in an active or liquid market and the price of our Equity Shares may be volatile and you may be unable to resell your Equity Shares at or above the Offer Price or at all.

3. The Merchant Banker associated with the offer is newly incorporated and has not handled any public issue in the past.

4. The average cost of acquisition of Equity Shares by our Promoters is set forth in the table below:

Based on the disclosures in (a) above, the weighted average cost of acquisition of Equity Shares as compared with the Issue Price is set forth below:

The Equity Shares offered through the Prospectus are proposed to be listed on SME Platform of BSE ("BSE SME") in terms of Chapter IX of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (the "SEBI (ICR) regulations"), as amended read with rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended. Our company has received In Principle approval letter dated October 24, 2025, from Bombay Stock Exchange of India Limited ("BSE") for using its name in the Offer Document for listing of our shares on SME Platform of BSE. It is to be distinctively understood that the permission given by Bombay Stock Exchange of India Limited ("BSE") should not in any way be deemed or construed that the content of the Prospectus or the price at which equity shares are offered has been cleared, solicited or approved by BSE, nor does it certify the correctness, accuracy or completeness of any of the content of the Prospectus. The investors are advised to refer to the prospectus for the full text of the Disclaimer clause pertaining to BSE. For the purpose of this Issue, the Designated Stock Exchange will be Bombay Stock Exchange of India Limited ("BSE"). The trading is proposed to commence on December 31, 2025.

This Issue is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR") read with Regulation 229 of the SEBI ICDR Regulations and in compliance with Regulation 253 of the SEBI ICDR Regulations wherein not more than 50.00% of the Net Issue shall be available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIBs") (the "QIB Portion"), provided that our Company in consultation with the BRLM may allocate up to 60.00% of the QIB Portion to Anchor Investors on a discretionary basis ("Anchor Investor Portion") of which one-third of the Anchor Investor Portion shall be reserved for domestic Mutual Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price in accordance with the SEBI ICDR Regulations. Forty-percent of the Anchor Investor Portion shall be reserved for (i) 33.33 per cent for domestic Mutual Funds; and (ii) 6.67 per cent for Life Insurance Companies and Pension Funds and subject to valid Bids being received from the domestic Mutual Funds and Life Insurance Companies and Pension Funds, as applicable, at or above the price at which allocation will be made to Anchor Investors ("Anchor Investor Allocation Price") in accordance with the SEBI ICDR Regulations. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion) ("Net QIB Portion"). Further, 5.00% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Issue Price. However, if the aggregate demand from Mutual Funds is less than 5.00% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to QIBs. Further, not less than 15.00% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Investors ("NIls") ("Non-Institutional Portion") out of which (a) one third of such portion is reserved for applicants with application size of more than 2 lots and up to such lots equivalent to not more than Rs. 10,00,000 and (b) two-third of such portion was reserved for applicants with application size of more than Rs. 10,00,000 provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Investors and not less than 35.00% of the Net Issue shall be available for allocation to Individual Investors in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Issue Price. All Potential Bidders, other than Anchor Investors, are required to participate in the Issue by mandatorily utilising the Application Supported by Blocked Amount ("ASBA") process by providing details of their respective ASBA Accounts and UPI ID in case of UPI Bidders, if applicable, in which the corresponding Bid Amounts will be blocked by the Self Certified Syndicate Banks ("SCSBs") or by the Sponsor Bank(s) under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts. Anchor Investors are not permitted to participate in the Issue through the ASBA process. For details, see "Issue Procedure" on page 330.

If the retail individual investor category is entitled to more than allocated portion on proportionate basis, accordingly the retail individual investors shall be allocated that higher percentage. For further details, please refer to chapter titled "Issue Structure" beginning on page no. 318 of the Prospectus.

All investors have participated in this issue through Application Supported by Blocked Amount ("ASBA") process including through Unified Payment Interface ("UPI") mode (as applicable) by providing the details of the respective bank accounts / UPI ID as applicable in which the corresponding application amounts were blocked by Self Certified Syndicate Banks (the "SCSBs") / Sponsor Bank as the case may be.

The bidding for Anchor Investors was opened and closed on Monday, December 22, 2025. The Company received 04 Anchor Investors applications for 3,36,000 Equity Shares. The Anchor Investor Allocation price was finalized at Rs. 239/- per Equity Share. A total of 2,10,600 Equity Shares were allotted under the Anchor Investors portion aggregating to Rs. 5,03,33,400/-

The Issue (excluding Anchor Investors Portion) received 3,094 Applications for 62,85,600 Equity Shares (after considering invalid bids but before technical rejections) resulting 3.98 times subscription (including reserved portion of market maker and excluding anchor investor portion). The details of the Applications received in the Issue from various categories are as under (before rejections):

A summary of the final demand as per BSE as on the Bid/ Issue Closing Date at different Bid prices is as under:

The Basis of Allotment was finalized in consultation with the designated Stock Exchange, being BSE ("BSE SME") on December 29, 2025.

1) Allotment to Individual Investors (After Rejections): The Basis of Allotment to the individual Investors, who have Bid at cut-off Price or at or the Issue Price of Rs. 239 per Equity Share, was finalized in consultation with BSE. The category has been subscribed to the extent of 3.85 times. The total number of Equity Shares Allotted in this category is 7,21,200 Equity Shares to 601 successful applicants. The details of the Basis of Allotment of the said category are as under:

The Basis of Allotment to the Non-Institutional Investors upto Rs. 10 lakhs category, who have bid at the Issue Price of Rs. 239 per Equity Share was finalized in consultation with BSE. The category has been subscribed to the extent of 3.70 times (after rejection). The total number of Equity Shares Allotted in this category is 1,26,000 Equity Shares to 70 successful applicants. The details of the Basis of Allotment of the said category are as under:

The Basis of Allotment to the Non-Institutional Investors above Rs. 10 lakhs category, who have bid at the Issue Price of Rs. 239 per Equity Share was finalized in consultation with BSE. The category has been subscribed to the extent of 9.19 times (after rejection). The total number of Equity Shares Allotted in this category is 2,53,800 Equity Shares to 141 successful applicants. The details of the Basis of Allotment of the said category are as under:

3) Allotment to QIBs excluding Anchor Investors (After Rejections): Allotment to QIBs, who have bid at the Issue Price of Rs. 239/- per Equity Share has been done on a proportionate basis in consultation with BSE. This category has been subscribed to the extent of 1.55 times of QIB portion. The total number of Equity Shares allotted in the QIB category is 3,81,600 Equity Shares, which were allotted to 3 successful Applicants. The Category wise details of the Basis of Allotment are as under:

4) Allotment to Anchor Investors (After Technical Rejections): The Company in consultation with the BRLM has allocated 2,10,600 Equity Shares to 4 Anchor Investors at the Anchor Investor Issue Price of Rs. 239/- per Equity Shares in accordance with the SEBI (ICDR) Regulations. This represents upto 60% of the QIB Category:

5) Allotment to Market Maker: The Basis of Allotment to Market Maker who have bid at Issue Price of Rs. 239/- per Equity Share, was finalized in consultation with BSE. The category was subscribed by 1.00 times i.e. for 89,400 Equity shares, the total number of shares allotted in this category is 89,400 Equity Shares. The category wise details of the Basis of Allotment are as under:

The Board of Directors of our Company at its meeting held on December 29, 2025 has taken on record the basis of allotment of Equity Shares approved by the designated Stock Exchange, being BSE and has allotted the Equity Shares to various successful applicants. The Allotment Advice Cum Refund Intimation will be dispatched to the address of the investors as registered with the depositories. Further, instructions to the SCSBs have been dispatched / mailed for unblocking of funds and transfer to the Public Issue Account on or before December 30, 2025. In case the same is not received within ten days. Investors may contact the Registrar to the Issue at the address given below. The Equity Shares allotted to the successful allottees shall be uploaded on December 30, 2025 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company is in the process of obtaining the listing and trading approval from BSE and the trading of the Equity Shares is expected to commence trading on December 31, 2025.

Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus dated December 29, 2025 filed with the Registrar of Companies, Pune, Maharashtra, ("RoC").

The details of the allotment made has been hosted on the website of the Registrar to the Issue, Maashitla Securities Private Limited at website: ipo@maashitla.com TRACK RECORD OF BOOK RUNNING LEAD MANAGER: The BRLM associated with the Issue has not handled any public issues so far.

All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the first/ sole applicants, serial number of the application form, number of shares applied for and Bank Branch where the application had been lodged and payment details at the address of the Registrar given below:

LEAD MANAGERS TO THE ISSUE	REGISTRAR TO THE ISSUE	COMPANY SECRETARY AND COMPLIANCE OFFICER
AFTERTRADE BROKING PRIVATE LIMITED	MAASHITLA SECURITIES PRIVATE LIMITED	ADMACH SYSTEMS LIMITED
Address: 206, 2nd Floor, Time Square, Besides Pariseema Building, C. G. Road, Navrangpura, Ahmedabad 380 009, India.	Address: 451, Krishna Apra Business Square, Netaji Subhash Place, Pitampura, Delhi 110 034, India.	Mr. Aniruddha Shrikant Deshmukh
Telephone: +91 97250 09939	Telephone: 011 -47581432	Company Secretary and Compliance Officer
E-mail: mb@aftertrade.in	Email: investor.ipo@maashitla.com	Address: Survey No 122 Sanas Nagar- Nandoshi Off Pune Sinhagad Road, Taluka Haveli, Pune - 411 041, Maharashtra, India.
Investors Grievance e-mail: mb@aftertrade.in	Investor grievance email: investor.ipo@maashitia.com	Telephone: 91-8983074510
Contact Person: Mr. Vanesh Panchal	Contact Person: Mukul Agarwal	Email: csadmach@admach.co.in
Website: www.aftertrade.in	Website: https://maashitla.com	Website: https://www.admach.co.in/
SEBI Registration Number: INM000013110	SEBI Registration Number: INR000004370
Investors can contact the Company Secretary and Compliance Officer or the Registrar to the Issue in case of any pre-issue or post-issue related grievances, grievances including non- receipt of letters of allotment, non-credit of allotted equity shares in the respective beneficiary account, non-receipt of refund orders or non-receipt of funds by electronic mode, etc. For all issue related queries and for redressal of complaints, investors may also write to the BRLMs.