Ardee Industries IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 202.26x |
| NII | 266.75x |
| sNII (₹2L–₹10L) | 220.51x |
| bNII (above ₹10L) | 289.87x |
| Retail (RII) | 47.77x |
| Total | 138.83x |
Bidding day 3 · final figures at close of bidding: 12 Aug 2026, 6:30 pm IST
IPO Details
- Open Date
- 5 Aug 2026
- Close Date
- 7 Aug 2026
- Listing Date
- 12 Aug 2026
- Face Value
- ₹2
- Fresh Issue
- ₹320 Cr
- OFS
- ₹105.87 Cr
- Listing On
- NSE, BSE
- Registrar
- KFin Technologies (KFintech)
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 281 | ₹14,893 |
| Retail (Max) | 14 | 3,934 | ₹2,08,502 |
| B-HNI (Min) | 68 | 19,108 | ₹10,12,724 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 2,41,05,584 | 30% |
| QIB (ex-anchor) | 1,60,70,390 | 20% |
| NII | 1,20,52,793 | 15% |
| — sNII (< ₹10L) | 40,17,598 | 5% |
| — bNII (> ₹10L) | 80,35,195 | 10% |
| Retail | 2,81,23,183 | 35% |
| Total | 8,03,51,950 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 463.39 | 8.95 | 28.06 | 29.25 | 196.12 | 142.36 | — |
| FY 2025 | 743.53 | 33.27 | 65.93 | 62.6 | 262.06 | 165.77 | — |
| FY 2026 | 1,168.88 | 84.68 | 147.08 | 147.38 | 363.33 | 182.75 | 3.32 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 15.96x
- P/E (post-issue)
- 19.7x
- RoNW
- 57.46%
- RoE
- 81%
- RoCE
- 44.26%
- Debt / Equity
- 1.25
- EPS (pre-issue)
- ₹3.32
- EPS (post-issue)
- ₹2.69
- EBITDA Margin
- 12.6%
- PAT Margin
- 7.25%
- P/BV
- 21.54x
- NAV / share
- ₹5.78
- Market Cap
- ₹1,670.57 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding incremental working capital requirement of Company | ₹220 Cr |
| Repayment and/or pre-payment, in full or in part, of certain borrowings availed by Company | ₹20 Cr |
| General Corporate Purposes | ₹46.27 Cr |
| Issue Expenses | ₹44.87 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fixed fees payable to Book Running Lead Manager | ₹4.5 Cr |
| Underwriting /Selling Commission to the Book Running Lead Manager | ₹20.23 Cr |
| Commission/processing fee for SCSBs, Sponsor Bank(s) and fees payable to sponsor bank(s) for bids made by RIBs, Bankers to the Offer(s), Brokerage and Syndicate Fees, bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | ₹8.56 Cr |
| Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | ₹5.41 Cr |
| Printing and distribution of stationery | ₹0.28 Cr |
| Advertising and marketing expenses | ₹2.15 Cr |
| Fees payable to legal counsels | ₹1.86 Cr |
| Fees payable to other advisors to the Offer, including but not limited to Statutory Auditors, industry service provider and Chartered Engineer | ₹1.26 Cr |
| Miscellaneous expenses | ₹0.62 Cr |
Promoters & Shareholding
Promoters: <p>Sandeep Aggarwal, Nikunj Aggarwal, Esha Gupta</p>
- Holding (pre-issue)
- 91.48%
- Holding (post-issue)
- 67.62%
- Dilution
- 23.86%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| BANK OF INDIA SMALL CAP FUND | Bank | 47,17,147 | ₹53 | 25 | 19.57% |
| BENGAL FINANCE & INVESTMENT PVT.LTD. | Other | 47,17,147 | ₹53 | 25 | 19.57% |
| WINRO COMMERCIAL (INDIA) LTD. | Other | 47,17,147 | ₹53 | 25 | 19.57% |
| BHARAT VALUE FUND | Other | 37,73,830 | ₹53 | 20 | 15.66% |
| INDIA MAX INVESTMENT FUND LTD. | Other | 37,73,830 | ₹53 | 20 | 15.66% |
| COGNIZANT CAPITAL DYNAMIC OPPORTUNITIES FUND | Other | 12,03,241 | ₹53 | 6.38 | 4.99% |
| IMAP INDIA CAPITAL INVESTMENT TRUST-CATALYST NEW INDIA FUND | Other | 12,03,242 | ₹53 | 6.38 | 4.99% |
Anchor bidding took place on 4 Aug 2026. Anchor lock-in: 50% of shares unlock on 8 Sept 2026, the remainder on 7 Nov 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| Ardee Industries | 3.32 | 5.78 | — | 57.46% | — |
| Gravita India | 52.02 | 332.16 | 35.37x | 15.43% | 5.54x |
| Jain Resources Recycling | 10.25 | 45.24 | 33.57x | 22.25% | 7.64x |
| Pondy Oxides and Chemicals | 43.98 | 258.39 | 31.94x | 16.73% | 5.44x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the Ardee Industries IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the Ardee Industries IPO
The Ardee Industries mainboard IPO is open between 5 Aug 2026 and 7 Aug 2026, offered at a price band of ₹50–53 per share, and is set to list on NSE and BSE. The IPO seeks to raise ₹425.87 crore. Retail investors bid in lots of 281 shares, a minimum application of ₹14,893.
Issue structure
The offer combines a fresh issue of ₹320 crore with an offer for sale (OFS) of ₹105.87 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding incremental working capital requirement of company (₹220 crore), alongside general corporate purposes (₹46.27 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Ardee Industries reported revenue of ₹1,168.88 crore and a net profit of ₹84.68 crore. Revenue grew from ₹463.39 crore in FY2024 to ₹1,168.88 crore in FY2026 (+152.0%). Net worth stood at ₹147.38 crore at the end of FY2026. At the upper band, that puts the issue at roughly 16.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 19.7× post-issue earnings and 21.54× book value, against a return on net worth of 57.46% and a debt-to-equity ratio of 1.25. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Gravita India and Jain Resources Recycling, with a median peer P/E of about 33.6×. The issue's own post-issue P/E works out to 19.7×.
Promoters
The promoters of the company are <p>Sandeep Aggarwal, Nikunj Aggarwal, Esha Gupta</p>. Promoter holding stands at 91.48% before the issue and comes down to 67.62% after listing.
Grey market premium (GMP)
In the unofficial grey market, Ardee Industries shares are quoted at a premium of ₹17 implying an expected listing around ₹70, about +32.1% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Ardee Industries IPO was subscribed 138.83 times overall. The strongest demand came from non-institutional investors (NII) at 266.75 times, with qualified institutional buyers (QIB) at 202.26× and retail investors at 47.77×.
Listing performance
Ardee Industries listed on 12 Aug 2026 at ₹73.6, a premium of +38.9% over the issue price of ₹53.
What to weigh
When evaluating the Ardee Industries IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Ardee Industries
Ardee Industries Limited is a prominent Indian company, with a core focus on the sustainable recovery and recycling of end-of-life energy storage products and non-ferrous scrap. Its product range includes high-purity lead and specialised lead alloys such as lead calcium, lead antimony, lead tin, lead silver, and lead cadmium alloys. These products are widely used across key sectors, including energy storage, e-mobility, automotive, and chemicals. As of March 31, 2025, Ardee Industries has served over 50 customers across domestic and international markets, spanning the battery and metals industries. The Company has exported its products to seven countries, including Singapore, Hong Kong, South Korea, Switzerland, the United Arab Emirates, Japan, and the United States of America. The Company owns and operates a manufacturing facility spread across approximately 7.61 acres in Tirupati district, Andhra Pradesh, with an installed capacity of 104,025 MTPA. The facility is equipped with advanced lead recycling infrastructure, including rotary furnaces, refining kettles, casting systems, and comprehensive pollution control mechanisms. It is certified under ISO 9001:2015 for quality management, ISO 14001:2015 for environmental management, and ISO 45001:2018 for occupational health and safety. Competitive strengths: One of India’s leading players in circular economy with a proven track record with demonstrated operational stability. Application of Hedging Mechanism for Commodity Price Risk Related Protection. Strong customer base along with robust raw materials sourcing capabilities. Track record of profitability and consistent financial performance. Experienced promoters and professional management team.
Ardee Industries — Contact Details
- Registered office
- Khasra No. 340, 1st Floor and 3rd Floor,, Village Sultanpur,, Mehrauli, Gadaipur,, Delhi, New Delhi, 110030
- Phone
- +91 11 4760 021
- Website
- ardeeindustries.com/
- Registrar (IPO queries)
- ardeeindustries.ipo@kfintech.com
Frequently asked questions
- What is the Ardee Industries IPO price band?
- The Ardee Industries IPO price band is ₹50 to ₹53 per share, with a lot size of 281 shares.
- What was the Ardee Industries IPO GMP before listing?
- The final grey market premium recorded before the Ardee Industries IPO listed was ₹17. The IPO listed on 12 Aug 2026 at ₹73.6, +38.9% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Ardee Industries IPO open and close?
- The Ardee Industries IPO opens on 5 Aug 2026 and closes on 7 Aug 2026.
- When is the Ardee Industries IPO allotment and listing date?
- Allotment is expected on 10 Aug 2026. The shares are scheduled to list on 12 Aug 2026 on NSE and BSE.
- How many times was the Ardee Industries IPO subscribed?
- The Ardee Industries IPO was subscribed 138.83 times in total across all investor categories.
- What is the reservation split in the Ardee Industries IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Ardee Industries and what is their holding?
- The promoters are <p>Sandeep Aggarwal, Nikunj Aggarwal, Esha Gupta</p>. Promoter holding is 91.48% before the issue and 67.62% after listing.
- What is the P/E ratio of the Ardee Industries IPO?
- At the upper price band, the Ardee Industries IPO is valued at 15.96× pre-issue earnings and 19.7× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Ardee Industries IPO?
- The net proceeds go primarily toward funding incremental working capital requirement of company, among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Ardee Industries IPO?
- The book-running lead manager is Pantomath Capital Advisors Pvt.Ltd.. KFin Technologies (KFintech) is the registrar to the issue.
- Is Ardee Industries a Mainboard or SME IPO?
- Ardee Industries is a Mainboard IPO, listing on NSE and BSE.