New Delhi-based lead recycling company Ardee Industries has announced its maiden public issue opening on August 5 to raise ₹425.87 crore through a combination of fresh capital and promoter stake sale. According to the latest public announcement, the initial public offering will close on August 7, with shares scheduled to debut on stock exchanges on August 12. The anchor book will open for a day on August 4, while share allotment will be finalised by August 10. Price band has been set between ₹50-53 per share, with a lot size of 281 shares designated for various investor categories. The company is valued at ₹1,671 crore at the upper end of the price band. As per The Economic Times, the issue carries a grey market premium (GMP) of ₹13 per share, indicating strong listing expectations with shares currently trading at a premium over the upper issue price.
The ₹425.87 crore initial share sale comprises a fresh issuance of ₹320 crore (6.04 crore equity shares) and an offer for sale (OFS) worth ₹105.87 crore (2 crore equity shares) by promoters Sandeep Aggarwal and Nikunj Aggarwal. The company has successfully raised approximately ₹115 crore through secondary share transactions ahead of its public offering. The pre-IPO round attracted participation from investors including Ashish Kacholia, Rohit Kothari-led Winro Commercial, Bharat Value Fund, the Jaisinghani Family Office, the Jagdish Master Family Office, the Anuj Sheth Family Office and the Gagan Chaturvedi Family Office. These transactions were executed in two tranches on July 24 and July 27 at ₹53 per share, demonstrating strong institutional interest in the company. According to The Economic Times, the company had outstanding borrowings of ₹182 crore as of June 30, 2026, with the fresh issue proceeds earmarked for ₹220 crore for incremental working capital requirements, ₹20 crore for debt repayment, and the remaining amount for general corporate purposes.
Ardee Industries focuses on recycling end-of-life energy storage products and non-ferrous scrap, with an installed recycling capacity of 1,56,950 MTPA. According to the company's prospectus, its product portfolio comprises pure lead and lead alloys, widely used in energy storage, e-mobility, automotive, and chemicals sectors. The company's product range includes pure lead and lead alloys like lead calcium alloys, lead tin alloys, lead antimony alloys, lead silver alloys and lead cadmium alloys. As of March 31, 2025, the company serves more than 50 customers across domestic and international markets in the battery and metals industries. The company exports its products to seven countries: Singapore, Hong Kong, South Korea, Switzerland, the United Arab Emirates, Japan and the United States. Notably, the company's 'Ardee' brand is listed on the MCX platform, providing customers and commodity traders a platform to purchase and trade in its pure lead products. Sandeep Aggarwal, Chairman and Managing Director, noted that the company is a leading supplier of lead to large OEM battery manufacturers with strong demand in India, while the company imports 80% of its scrap requirement for recycling and finds a natural hedge in revenue from exports.
The company has demonstrated exceptional financial growth, with revenue from operations rising 57% and profit after tax (PAT) surging 155% between the financial years ended March 31, 2025, and March 31, 2026. During the same period, profit after tax climbed sharply to ₹84.68 crore from ₹8.95 crore. According to The Economic Times, the company's total income increased by 57% to ₹1,168.9 crore in FY26 compared with ₹743.5 crore in the previous financial year. The company intends to utilise ₹220 crore from the net fresh issue proceeds for incremental working capital requirements, ₹20 crore for debt repayment, and the remaining amount for general corporate purposes. Pantomath Capital Advisors has been appointed as the sole merchant banker to the Ardee Industries IPO. The company expects that the listing will enhance its visibility and brand image among existing and potential customers and create a public market for its equity shares.
A lot consists of 281 shares and multiples thereafter, with half of the net offer reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors. The shares will be listed on both the National Stock Exchange (NSE) and BSE. Pantomath Capital Advisors Private Limited serves as the issue's sole book-running lead manager, while KFin Technologies is the registrar. Credit of equity shares to Demat account will be on August 11, with listing of equity shares scheduled for August 12. The current grey market premium of ₹13 per share indicates strong listing expectations, with shares estimated to list at ₹66 per share based on the current GMP trend, suggesting potential listing gains for investors if market sentiment remains unchanged.
