Ardee Industries IPO Subscribed Over 3 Times on Day 1

New Delhi, Aug 5 (PTI) The initial public offer of Ardee Industries Ltd received 3.08 times subscription on the first day of bidding on Wednesday.

The IPO received bids for 17,96,75,896 shares against 5,84,22,516 shares on offer, according to NSE data.

The category for non-institutional investors was subscribed 5.32 times, while the quota for retail investors received 3.22 times subscription. The portion for Qualified Institutional Buyers (QIBs) was subscribed 1.10 times.

Ardee Industries Ltd, a leading firm in secondary metals and circular economy sectors, on Tuesday raised Rs 128 crore from anchor investors.

The company's IPO will 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.