Ardee Industries IPO: Price Band, Lot Size, Financials & Review
Ardee Industries IPO listed on BSE & NSE on Wed, 12 Aug 2026. The issue was subscribed 133.66x overall.
- Open Date
- 5 Aug 2026
- Close Date
- 7 Aug 2026
Last updated
- Price band
- ₹50 – ₹53
- Lot size
- 281 shares
- Min. investment
- ₹14,893
- Issue size
- ₹425.87 Cr
- Last GMP
- +₹17
- Subscribed
- 🔥 133.66x
Ardee Industries IPO details
Ardee Industries IPO is a ₹425.87 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It combines a fresh issue of ₹320 Cr (75.14%) with an offer for sale of ₹105.87 Cr (24.86%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Wed, 5 Aug 2026 to Fri, 7 Aug 2026. Allotment was finalised on Mon, 10 Aug 2026, and the shares listed on BSE & NSE on Wed, 12 Aug 2026.
The price band is ₹50 to ₹53 per share and the lot size is 281 shares, so the minimum retail application is ₹14,893. Retail investors can apply for up to 13 lots (3,653 shares, ₹1,93,609).
KFin Technologies Limited is the registrar, and Pantomath Capital Advisors Pvt Ltd is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The last Ardee Industries IPO GMP before listing was +₹17 (+32.08% against the upper price band of ₹53), implying an estimated listing price of ₹70. Across 10 days of tracking, GMP ranged from +₹7 (03 Aug) to +₹17 (11 Aug).
| Last GMP | +₹17 |
|---|---|
| GMP vs upper band | +32.08% |
| Estimated listing price | ₹70 |
| Highest (11 Aug) | +₹17 |
| Lowest (03 Aug) | +₹7 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Ardee Industries IPO day-wise GMP.
Subscription
Day-wise subscription →Ardee Industries IPO was subscribed 133.66x overall: QIB 197.77x, NII 255.24x and retail 45.71x.
| Category | Subscribed |
|---|---|
| QIB | 197.77x |
| NII | 255.24x |
| └ bNII (above ₹10 lakh) | 277.36x |
| └ sNII (₹2–10 lakh) | 211.00x |
| Retail | 45.71x |
| Total | 133.66x |
Final figures at the close of bidding on 7 Aug 2026. Category-wise bids, application-wise breakup and allotment chances are on the Ardee Industries IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Qualified Institutions | 1,64,35,297 | 28.13% |
| Non-Institutional | 1,25,96,166 | 21.56% |
| └ BNII | 83,97,444 | 14.37% |
| └ SNII | 41,98,722 | 7.19% |
| Retail Investors | 2,93,91,053 | 50.31% |
| Total | 5,84,22,516 | 100.00% |
Ardee Industries IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 281 | ₹14,893 |
| Retail (Max) | 13 | 3,653 | ₹1,93,609 |
| S-HNI (Min) | 14 | 3,934 | ₹2,08,502 |
| S-HNI (Max) | 67 | 18,827 | ₹9,97,831 |
| B-HNI (Min) | 68 | 19,108 | ₹10,12,724 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹320 Cr (75.14%) with an offer for sale of ₹105.87 Cr (24.86%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹53, the issue is priced at 15.96x pre-issue earnings and 19.70x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 33.57x (3 companies).
Promoter holding falls from 100.00% before the issue to 74.51% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹3.32 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 15.96x |
| EPS (post-issue) EPS on the enlarged share capital | ₹2.69 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 19.70x |
| Promoter holding (pre-issue) | 100.00% |
| Promoter holding (post-issue) | 74.51% |
Ardee Industries Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹743.53 Cr to ₹1,168.88 Cr, and profit after tax rose from ₹33.27 Cr to ₹84.68 Cr. The PAT margin for 31 Mar 2026 was 7.24%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 363.33 | 262.06 | 196.12 |
| Total Income | 1,168.88 | 743.53 | 463.39 |
| Profit After Tax | 84.68 | 33.27 | 8.95 |
| EBITDA | 147.08 | 65.93 | 28.06 |
| Net Worth | 147.38 | 62.60 | 29.25 |
| Reserve & Surplus | 96.42 | 59.42 | 26.06 |
| Total Borrowings | 182.75 | 165.77 | 142.36 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 81.00 | 72.00 | 36.00 |
| ROCE % | 44.26 | 25.17 | 12.83 |
| Debt / Equity | 1.25 | 2.65 | 4.87 |
| RoNW % | 57.46 | 53.15 | 30.61 |
| Pat Margin % | 7.25 | 4.48 | 1.93 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Ardee Industries Ltd | 2 | — | 3.32 | 3.32 | 57.46% | 5.78 |
| Gravita India Ltd | 2 | 35.37 | 52.02 | 52.02 | 15.43% | 332.16 |
| Pondy Oxides and Chemicals Ltd | 5 | 31.94 | 43.98 | 43.98 | 16.73% | 258.39 |
| Jain Resources Recycling Ltd | 2 | 33.57 | 10.25 | 10.25 | 22.25% | 45.24 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Funding incremental working capital requirement of our Company |
| 2 | Repayment and/or pre-payment, in full or in part, of certain borrowings availed by our Company |
| 3 | General corporate purposes |
About Ardee Industries Limited
Ardee Industries Limited is an Indian company engaged in the sustainable recovery, recycling, and processing of end-of-life energy storage products and non-ferrous metal scrap. The company focuses on environmentally responsible recycling practices to recover valuable resources and manufacture high-quality lead and lead-based alloy products for various industrial applications.
The company’s product portfolio comprises high-purity refined lead and specialized lead alloys, including lead calcium, lead antimony, lead tin, lead silver, and lead cadmium alloys. These products are primarily supplied to industries such as energy storage, electric mobility, automotive, chemicals, and other metal-intensive sectors, where they serve as critical raw materials for manufacturing and industrial processes.
As of March 31, 2025, Ardee Industries Limited has established a customer base of more than 50 clients across domestic and international markets, including customers from the battery and metals industries. The company has expanded its global presence by exporting its products to seven countries, namely Singapore, Hong Kong, South Korea, Switzerland, the United Arab Emirates, Japan, and the United States of America.
The company owns and operates a state-of-the-art manufacturing facility located in the Tirupati district of Andhra Pradesh, spread across approximately 7.61 acres. The facility has an installed production capacity of 104,025 metric tonnes per annum (MTPA) and is equipped with advanced recycling and processing infrastructure, including rotary furnaces, refining kettles, casting systems, and integrated pollution control systems. These facilities enable the company to efficiently process recyclable materials while maintaining consistent product quality and adhering to environmental standards.
Ardee Industries Limited follows robust quality, environmental, and occupational health and safety management systems. The company’s manufacturing facility is certified under ISO 9001:2015 for quality management systems, ISO 14001:2015 for environmental management systems, and ISO 45001:2018 for occupational health and safety management systems, reflecting its commitment to operational excellence, sustainability, and workplace safety.
Through its advanced recycling capabilities, diverse product portfolio, global customer base, and focus on sustainable practices, Ardee Industries Limited continues to strengthen its position in the non-ferrous metal recycling and lead manufacturing industry.
Promoters
- Esha Gupta
- Mikunj Aggarwal
- Sandeep Aggarwal
Contact details
Ardee Industries Limited
Khasra No. 340, 1st Floor and 3rd Floor,
Village Sultanpur, Mehrauli, Gadaipur,
Delhi, New Delhi, 11003
Tel: +91 11 4760 0214
E-mail Id:cs@ardeeindustries.com
Website:http://www.ardeeindu/
Ardee Industries IPO FAQs
- What is the Ardee Industries IPO price band?
- The Ardee Industries IPO price band is ₹50 to ₹53 per share.
- What is the Ardee Industries IPO lot size and minimum investment?
- The Ardee Industries IPO lot size is 281 shares. The minimum retail investment is ₹14,893 for one lot at the upper price band. Retail investors can apply for up to 13 lots (3,653 shares), costing ₹1,93,609.
- When was Ardee Industries IPO open for subscription?
- Ardee Industries IPO was open for subscription from Wed, 5 Aug 2026 to Fri, 7 Aug 2026.
- What is the Ardee Industries IPO subscription status?
- Ardee Industries IPO was subscribed 133.66x overall: QIB 197.77x, NII 255.24x and retail 45.71x. Day-wise and category-wise figures are on the subscription page.
- What was the Ardee Industries IPO GMP before listing?
- The last Ardee Industries IPO GMP before listing was +₹17 (+32.08% against the upper price band of ₹53), implying an estimated listing price of ₹70. Across 10 days of tracking, GMP ranged from +₹7 (03 Aug) to +₹17 (11 Aug). GMP is an unofficial grey market indicator and can change quickly.
- What is the Ardee Industries IPO allotment date?
- The Ardee Industries IPO basis of allotment was finalised on Mon, 10 Aug 2026. You can check your allotment status on the KFin Technologies Limited website.
- What is the Ardee Industries IPO listing date?
- Ardee Industries IPO listed on BSE & NSE on Wed, 12 Aug 2026.
- Is the Ardee Industries IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹320 Cr (75.14%) with an offer for sale of ₹105.87 Cr (24.86%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the Ardee Industries IPO?
- The registrar for the Ardee Industries IPO is KFin Technologies Limited, and the book running lead manager is Pantomath Capital Advisors Pvt Ltd.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.