Ardee Industries’ US$5.1M IPO subscribed 1.90 times on day 1 with retail portion booked 2.03 times

INDIA – Ardee Industries’ ₹425.87 crore (US$5.1 million) IPO has been subscribed 1.90 times on the first day of bidding, with the retail portion booked 2.03 times and non-institutional investors subscribing 2.64 times.

The initial public offering, which opened on 5 August 2026, comprises a fresh issue of equity shares worth up to ₹320 crore (US$3.8 million) and an offer-for-sale of ₹105.87 crore (US$1.3 million) by promoters Sandeep Aggarwal and Nikunj Aggarwal. 

The Qualified Institutional Buyers category was booked 1.10 times. 

IPO Structure and Key Details

The company raised ₹128 crore (US$1.53 million) from anchor investors ahead of the IPO, including Bank of India Mutual Fund, Winro Commercial (India) Ltd, and Ashish Kacholia-led Bengal Finance & Investment Pvt Ltd. 

With a price band of ₹50 to ₹53 (US$0.60 to US$0.63) per share, a lot consists of 281 shares, requiring a minimum investment of ₹14,893 (US$178) at the upper band. 

The subscription period closes on 7 August, with allotment expected on 10 August and listing scheduled for 12 August on both the National Stock Exchange and BSE. 

Pantomath Capital Advisors is the book-running lead manager, while KFin Technologies serves as registrar.

Business Model and Market Position

Ardee Industries specialises in the environmentally responsible recovery and recycling of end-of-life energy storage products and non-ferrous scrap, reclaiming critical resources from waste streams to produce pure lead and lead alloys utilised in energy storage, automotive, e-mobility, and chemicals. 

The company’s 7.61-acre facility in Tirupati, Andhra Pradesh, has an installed recycling capacity of approximately 104,000 tonnes per annum. 

For the financial year ending March 2026, Ardee Industries reported revenue of approximately ₹1,169 crore (US$14.0 million) and a net profit of ₹85 crore (US$1.02 million).

The proceeds from the fresh issue will be used for funding incremental working capital needs (₹220 crore / US$2.6 million), debt repayment (₹20 crore / US$239,500) and general corporate purposes. 

With over 80 percent of India’s lead demand already met through secondary sources, the company is strategically positioned to benefit from the rapid adoption of electric vehicles and the government’s push for rooftop solar power generation.

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