Ardee Industries IPO Oversubscribed 3.08x on Day 1

Ardee Industries’ Initial Public Offering (IPO) saw bids exceeding 3.08 times the shares on offer during its first day of bidding. The company received bids for 17,96,75,896 shares against 5,84,22,516 shares available.

Non-institutional investors demonstrated particularly strong engagement, alongside robust participation from retail investors, contributing significantly to the oversubscription.

• The Non-institutional investor category was subscribed 5.32 times.
• The Retail investor quota received 3.22 times subscription.
• Qualified Institutional Buyers (QIBs) subscribed 1.10 times.

Pre-IPO Funding Snapshot

Before the public offering, Ardee Industries secured significant capital from anchor investors and through a pre-IPO secondary transaction.

• Anchor investors provided Rs 128 crore in funding.
• A pre-IPO secondary transaction generated Rs 115 crore at Rs 53 per share.

IPO Structure and Valuation

The IPO’s price band was fixed between Rs 50 and Rs 53 per equity share. This valuation placed the company at Rs 1,671 crore.

The total issue size is estimated at approximately Rs 426 crore. This includes both a fresh issue and an offer-for-sale component.

• The price band was set at Rs 50-53 per equity share.
• The company’s valuation stands at Rs 1,671 crore.
• This includes a fresh issue of equity shares worth up to Rs 320 crore.
• An offer-for-sale (OFS) by promoters covers up to 1.99 crore shares.

Ardee Industries operates within the circular economy sector. Its core activities include the recovery and recycling of end-of-life energy storage products and non-ferrous scrap.

The company also manufactures pure lead and lead alloys, catering to a range of industries. The IPO concluded on August 7.