Shares of Ardee Industries made a robust debut on Wednesday, listing at ₹73.60 on BSE and ₹72 on NSE, representing strong investor confidence in the lead and lead-alloys manufacturer. According to reports from Moneycontrol, the stock listed at a premium of 38.87% over the issue price of ₹53 on BSE, while on NSE it opened 35.85% above the issue price. The strong listing performance reflects positive market reception of the company's IPO, with the debut being stronger than indicated by grey market trends which had pointed to a premium of about 30% over the issue price. Following the listing, Ardee Industries' market capitalisation stood at ₹2,319.88 crore, as per BSE data.
Ace investor Ashish Kacholia made a notional gain of around ₹7.77 crore after acquiring a 1.48 percent stake in Ardee Industries during pre-IPO bids. As reported by Moneycontrol, Kacholia purchased 37,73,600 equity shares from promoters Sandeep Aggarwal and Nikunj Aggarwal on July 24 at ₹53 per share, for a total investment of about ₹20 crore. At the BSE listing price of ₹73.60, the value of his investment rose to around ₹27.77 crore, translating into a notional gain of about ₹7.77 crore, or 38.87%. The investment was part of a larger anchor book that included Bank of India Small Cap Fund, Ashish Kacholia-led Bengal Finance & Investment Pvt. Ltd., Rohit Kothari-led Winro Commercial Ltd., The Wealth Company Alternates Trust - Bharat Value Fund, India Max Investment Fund Ltd., Sundar Iyer-led Cognizant Capital Dynamic Opportunities Fund - Investment Account and IMAP India Capital Investment Trust - Catalyst New India Fund.
The Rs 426-crore IPO received exceptional investor response, with the issue being subscribed 133.66 times on the final day of bidding on Friday last week. According to Moneycontrol, the IPO had a price band of ₹50-53 per equity share, with Kacholia's investment representing a significant portion of the total fundraising. The IPO comprised a fresh issue of 6.04 crore equity shares aggregating to ₹320 crore and an offer for sale of 2 crore shares worth ₹105.9 crore. Of the fresh issue proceeds, ₹220 crore will be used to fund incremental working capital requirements, while ₹22 crore will go towards debt repayment. The remaining amount has been earmarked for general corporate purposes. Ahead of the IPO, Ardee Industries also saw secondary share transactions worth around ₹115 crore involving institutional investors, seasoned market participants and family offices, executed in two tranches on July 24 and July 27 at ₹53 per share. The transactions involved investors including Ashish Kacholia, Winro Commercial led by Rohit Kothari, Bharat Value Fund, the Jaisinghani Family Office, Jagdish Master Family Office, Anuj Sheth Family Office and Gagan Chaturvedi Family Office.
Ardee Industries operates in the circular economy segment, focusing on the recovery and recycling of end-of-life energy storage products and non-ferrous scrap. As reported by Moneycontrol, the company 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. This business model positions the company as a key player in the sustainable materials recovery and manufacturing sector. The company's financial performance has shown remarkable growth, with revenue from operations more than doubling to ₹1,167.7 crore in FY26 from ₹463 crore in FY24. Profit after tax also increased sharply to ₹84.7 crore in FY26 from ₹9 crore in FY24, demonstrating strong operational efficiency and market expansion.
According to Shivani Nyati of Swastika Investmart, the post-listing outlook remains positive, supported by attractive valuations, strong RoNW of 57.46%, healthy profitability and its presence in the growing circular economy and recycling space. However, after a sharp 36-39% listing gain, Nyati advised investors to avoid chasing the stock at higher levels and watch for profit-booking. The analyst also recommended IPO allottees to continue to hold with a stop-loss of ₹65 on a closing basis, while fresh investors may consider buying only on meaningful dips. The company's strong fundamentals, combined with its position in the growing circular economy sector, provide a solid foundation for future growth despite the current high valuations.
