The ₹425 crore Ardee Industries IPO achieved exceptional investor demand on its final day of subscription, with the issue subscribed 133.66 times as of 17:30 IST on Friday (August 7, 2026), according to The Financial Express. The issue received bids for more than 780 crore shares against its ask of 5.64 crore shares, with the non-institutional investor (NII) segment leading demand at 255.24 times subscription, while the retail investor portion was subscribed 45.71 times and qualified institutional buyers (QIBs) at 197.77 times. The company's shares are priced between ₹50-53 per share with a lot size of 281 shares, and the issue closes today. The basis of allotment is expected to be finalized on August 10, 2026, while the company's shares are likely to be listed on both NSE and BSE on August 12, 2026. According to grey market trackers, the grey market premium (GMP) stands at ₹15 today, up from ₹7 three days ago, indicating growing investor optimism for the listing. The GMP has ranged from ₹0.00 to ₹15.25 over the past sessions, with market observers attributing the more than 100% appreciation to positive sentiment in the secondary market and strong IPO subscription status.
Geojit Financial Services has issued a positive recommendation for Ardee Industries Ltd IPO, advising investors to "Subscribe" the issue as of August 5, 2026. According to the research firm's report, at the upper price band of ₹53, Ardee is valued at ~19.7x FY26 P/E and appears attractive compared to its peers. The brokerage firm highlighted that the company is well positioned to benefit from increasing demand for recycled lead and energy storage solutions through its integrated operations and capacity expansion initiatives. Geojit noted that the company is strategically positioned to deliver sustainable growth in the expanding lead recycling industry, backed by strong fundamentals and favorable outlook for short-to-medium-term investors.
Ardee Industries successfully raised ₹127.75 crore from seven anchor investors ahead of its IPO opening, demonstrating strong institutional confidence in the lead recycling company. According to latest exchange filings, the company allocated 2,41,05,584 equity shares to anchor investors at ₹53 per share, which coincides with the upper end of the IPO price band. The anchor book saw participation from Bank of India Small Cap Fund, Ashish Kacholia-led Bengal Finance & Investment Pvt Ltd, Rohit Kothari-led Winro Commercial (India) Limited, The Wealth Company Alternates Trust – Bharat Value Fund, India Max Investment Fund Limited, Sundar Iyer-led Cognizant Capital Dynamic Opportunities Fund – Investment Account, and IMAP India Capital Investment Trust – Catalyst New India Fund. The company also completed a pre-IPO secondary transaction worth ₹115 crore at ₹53 per share last week, further strengthening its financial position ahead of the public offering.
Multiple brokerages have maintained a positive outlook on the Ardee Industries IPO, citing its attractive valuation and strong financial performance. Choice Broking has assigned a "Subscribe for Long-Term" rating, citing reasonable valuations, a scalable business model, and long-term growth opportunities driven by the expanding circular economy. The brokerage highlighted the company's integrated recycling operations, supported by a diversified sourcing network spanning 58 countries, and its planned capacity expansion and diversification into recycled tin, copper, and plastic granules. Swastika Investmart has recommended subscribing to the issue, noting that the IPO is valued at a P/E multiple of 15.96x, nearly 50% lower than listed recycling peers, which trade at 32x–35x P/E. The brokerage highlighted the company's Return on Net Worth (RoNW) of 57.46%, significantly higher than peers such as Gravita (15.43%) and Pondy Oxides (16.73%). BP Equities has assigned a 'Subscribe' rating for the long term, expecting improved capacity utilisation at the expanded facility, higher export contribution, and operational efficiencies from the shift to the FOB procurement model.
The IPO comprises a fresh issue of ₹320 crore and an offer for sale (OFS) of up to ₹105.90 crore equity shares from promoters Sandeep Aggarwal and Nikunj Aggarwal, taking the total issue size to ₹426 crore, as reported by The Hindu BusinessLine. The offer for sale includes up to 1.99 crore equity shares by existing promoters. Investors can apply in lots of 281 shares, taking the minimum investment for retail investors to ₹14,893 at the upper end of the price band. The company plans to use the fresh proceeds for funding working capital needs, repayment of certain borrowings and general corporate purposes. According to The Hindu BusinessLine, of the proceeds from the fresh issue, ₹220 crore will be used to fund incremental working capital requirements, ₹22 crore will be utilised for debt repayment, while the remaining amount has been earmarked for general corporate purposes. The issue has reserved 50% for qualified institutional buyers (QIBs), 35% for retail investors, and the remaining 15% for non-institutional investors (NIIs). Pantomath Capital Advisors Pvt. Ltd. serves as the book-running lead manager to the issue, while KFin Technologies Limited serves as the registrar. The promoters are Sandeep Aggarwal, Nikunj Aggarwal and Esha Gupta, with the promoters and promoter group holding an aggregate of 23,31,25,700 equity shares, aggregating to 91.48% of the pre-offer issued and paid-up equity share capital. Their post IPO shareholding is expected to be around 67.62%.
According to Business Standard, Ardee Industries has demonstrated exceptional growth with revenue from operations more than doubling to ₹1,167.65 crore in FY26 from ₹463 crore in FY24, representing a CAGR of 58.8%. The company witnessed significant improvement in profitability with Profit After Tax (PAT) surging 155% to ₹84.68 crore, up from ₹33.3 crore during the same period, a CAGR of 207.5%. The company's EBITDA margin nearly doubled between FY24 and FY26, rising from 6.1% to 12.6%, aided by capacity expansion and improved utilisation at the Tirupati plant. The company's RoNW has climbed steadily to 57.46% in FY26, significantly higher than peers such as Gravita (15.43%) and Pondy Oxides (16.73%). Exports grew at a CAGR of 138.7% over the same period, with Singapore and Switzerland emerging as the largest overseas markets by FY26.
Ardee Industries operates a 1.57 lakh MTPA integrated recycling facility in Tirupati, Andhra Pradesh, and recycles lead-acid batteries into pure lead and lead alloys used in energy storage, e-mobility, automotive and chemical applications. According to NDTV Profit, the company sources battery scrap from 58 countries, with imports accounting for 87% of total raw material purchases in FY26. The top 10 customers contribute 92% of total revenue during FY26, with Amara Raja alone accounting for 40.64% of FY26 revenue. The company's main inputs include battery scrap, remelted lead ingots/blocks, lead scrap, and lead master metal, available from 55 domestic and 165 foreign vendors in FY26. In terms of product mix, pure lead generated revenue of 56.4% in FY26, while lead alloy constituted 27.5%, with sales of scrap and others making up the rest. As of March 31, 2025, Ardee Industries catered to over 50 customers across domestic and international markets, with a strong presence in the battery and metals industries. The company has expanded its global footprint by exporting products to seven countries, including Singapore, Hong Kong, South Korea, Switzerland, the United Arab Emirates, Japan, and the United States. The company's manufacturing facility is located across approximately 7.61 acres in Tirupati district, Andhra Pradesh, with an installed production capacity of 104,025 metric tonnes per annum (MTPA). The company is also planning to expand its recycling capacity and diversify into plastic, tin and copper recycling.
