Ardee Industries IPO Raises Rs 128 Cr from Anchor Investors

New Delhi, Aug 4 (PTI) Ardee Industries Ltd, a leading firm in secondary metals and circular economy sectors, on Tuesday raised Rs 128 crore from anchor investors ahead of its IPO, which will open for subscription on Wednesday.

The company allotted 2.41 crore equity shares to anchor investors at Rs 53 apiece, the upper end of the initial public offering (IPO) price band, according to a circular uploaded on the BSE website.

The anchor book saw participation from Bank of India Mutual Fund, Ashish Kacholia-led Bengal Finance & Investment Pvt Ltd, Rohit Kothari-led Winro Commercial (India) Ltd, The Wealth Company Alternates Trust, India Max Investment Fund Ltd, Cognizant Capital Dynamic Opportunities Fund, IMAP India Capital Investment Trust and Catalyst New India Fund.


The company's IPO will open on August 5 and conclude on August 7. The price band has been fixed at Rs 50-53 per equity share for the issue, valuing the company at Rs 1,671 crore.

Last week, Ardee Industries completed a pre-IPO secondary transaction worth Rs 115 crore at Rs 53 per share.

The IPO comprises a fresh issue of equity shares worth up to Rs 320 crore and an offer-for-sale (OFS) of up to 1.99 crore shares by promoters. At the upper end of the price band, the total issue size is pegged at about Rs 426 crore.

Ardee Industries is engaged in the circular economy segment, focusing on the recovery and recycling of end-of-life energy storage products and non-ferrous scrap. It also reclaims critical resources from waste streams and manufactures pure lead and lead alloys used in sectors such as energy storage, e-mobility, automotive and chemicals. Pantomath Capital Advisors is the book-running lead manager to the issue.