Ardee Industries IPO GMP today is Rs 7. Investors can use this GMP along with price band and subscription status for a better IPO review.
Upcoming
Mainboard IPO
ARDEEIND
Ardee Industries
Ardee Industries Limited is a key player in India’s circular economy, specialising in the environmentally responsible recovery and recycling of end-of-life energy storage products and non-ferrous scrap. The company’s core business involves manufacturing pure lead and various lead alloys, including lead-calcium, lead-antimony, and lead-tin alloys, by processing recyclable scrap materials such as used lead-acid batteries, remelted lead ingots, and lead scrap. It operates a manufacturing facility in Naidupet, Andhra Pradesh. The company generates revenue primarily from the sale of its recycled and refined products, which meet international purity standards of 99.97% to 99.985%, to customers in both domestic and international markets. Its products are crucial for industries like energy storage, e-mobility, automotive, and chemicals. Ardee Industries serves a diverse customer base, including large-scale battery manufacturers, across India and in export markets like Singapore, Switzerland, and South Korea.
IPO Details
Complete IPO information
| Current GMP | ₹7 |
|---|---|
| Estimated Listing Gain | +13.20% |
| Price Band | ₹50.00 - ₹53.00 |
| Issue Price | ₹53.00 |
| Listing Price | TBA |
| Lot Size | 281 Shares |
| Issue Type | Mainboard |
| Issue Size | Approx ₹425.87 Cr |
| Registrar | TBA |
| Exchange | BSE, NSE |
| Retail Quota | TBA |
| Overall Subscription | TBA |
| Listing Date | 12 Aug 2026 |
| Minimum Investment | ₹14,893 |
Timeline
IPO roadmap at a glance
01
Bidding Opens
05 Aug 2026
02
Bidding Closes
07 Aug 2026
03
Allotment
10 Aug 2026
04
Listing
12 Aug 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 31 July | ₹13 | - | 24.53% |
| 30 July | ₹13 | +₹8.00 | 24.53% |
| 29 July | ₹5 | - | 9.43% |
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 281 | ₹14,893 |
| Retail Maximum | 13 Lot | 3,653 | ₹1,93,609 |
| S-HNI Minimum | 14 Lot | 3,934 | ₹2,08,502 |
| S-HNI Maximum | 67 Lot | 18,827 | ₹9,97,831 |
| B-HNI Minimum | 68 Lot | 19,108 | ₹10,12,724 |
Issue Notes
Important takeaways before applying
Strengths
- One of India’s leading players in the circular economy, specialising in recycling end-of-life energy products.
- One of the fastest-growing companies in the sector, with a revenue CAGR of 58.81% in the last three fiscals.
- Manufacturing facility is strategically located near major battery manufacturers and ports, reducing logistical costs.
- Utilises a robust hedging mechanism to mitigate volatility in commodity prices, protecting margins.
- Maintains a strong and diverse global sourcing network for raw materials from over 50 countries.
Risks
- Significant revenue concentration, with the top customer contributing 40.64% of revenue from operations.
- High dependency on the battery and metal industries, which contributed 84.79% of operational revenue.
- A substantial portion of raw materials is sourced from a limited number of suppliers.
- Potential for conflict of interest exists with a group company, Pilot Industries Limited, engaged in a similar business.
- Business is vulnerable to the decline of lead-acid batteries due to the rising adoption of lithium-ion technology.
Analysis
Ardee Industries IPO Details
Ardee Industries Limited is launching its Initial Public Offering (IPO) through the Book Built Issue route. The IPO comprises a combination of a Fresh Issue and an Offer for Sale (OFS). The proceeds from the fresh issue are expected to be utilized for business expansion, strengthening the company's financial position, and meeting other corporate objectives, while the OFS provides an opportunity for existing shareholders to partially divest their holdings.
The equity shares of Ardee Industries Limited are proposed to be listed on both the BSE and the NSE. Investors can apply for the IPO during the subscription period within the specified price band.
| Particular | Details |
|---|---|
| IPO Open Date | August 5, 2026 |
| IPO Close Date | August 7, 2026 |
| Face Value | ₹2 Per Equity Share |
| IPO Price Band | ₹50 to ₹53 Per Share |
| Issue Size | Approx ₹425.87 Crores |
| Fresh Issue | Approx ₹320 Crores |
| Offer for Sale (OFS) | Approx 1,99,75,000 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
Analysis
Ardee Industries IPO Reservation
The Ardee Industries IPO follows the SEBI-prescribed reservation structure for a Book Built Issue. The issue is allocated across different categories of investors, including Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs). The category-wise allocation is intended to ensure broad participation from institutional and retail investors.
The reservation details available for the IPO are provided below. The exact number of shares for each category will be announced by the company in the final offer documents.
| Investor Category | Shares Offered | Reservation (%) |
|---|---|---|
| Anchor Investor | – Shares | –% |
| Qualified Institutional Buyers (QIB) (Excluding Anchor) | – Shares | 50% |
| Non-Institutional Investors (NII) | – Shares | 15% |
| Retail Individual Investors (RII) | – Shares | 35% |
Note: The exact number of shares reserved for each investor category will be disclosed before the IPO opens. The final allocation will be carried out in accordance with SEBI regulations and the Basis of Allotment after the issue closes.
Analysis
Ardee Industries IPO Anchor Investors
Before the public subscription opens, Ardee Industries Limited may allocate a portion of its IPO to eligible Anchor Investors. Anchor investors are Qualified Institutional Buyers (QIBs) who participate in the issue one working day before the IPO opens, helping establish price discovery and enhancing investor confidence in the public offering.
The details below provide information about the anchor bidding schedule, proposed allocation, issue size, and the applicable SEBI-prescribed lock-in periods. The final list of anchor investors will be released after the completion of the anchor allocation process.
| Particular | Details |
|---|---|
| Anchor Bidding Date | August 4, 2026 |
| Anchor Investors List | |
| Shares Offered | [.] Shares |
| Anchor Issue Size | [.] Crores |
| Lock-in Period End Date (50% Shares – 30 Days) | 2026 |
| Lock-in Period End Date (Remaining 50% Shares – 90 Days) | 2026 |
Note: The final anchor investor list, total shares allotted, anchor issue size, and exact lock-in period end dates will be updated after the completion of the anchor allocation. The lock-in period is governed by applicable SEBI regulations.
Analysis
Ardee Industries IPO Dates
The Ardee Industries IPO will open for public subscription on August 5, 2026 and will close on August 7, 2026. After the subscription period ends, the company is expected to finalize the basis of allotment on August 10, 2026. Refunds for unsuccessful applicants and credit of equity shares to successful investors' demat accounts are scheduled for August 11, 2026.
The equity shares of Ardee Industries Limited are proposed to be listed on both the BSE and the NSE on August 12, 2026. Investors should keep track of these key dates to monitor the IPO application, allotment process, and listing schedule.
| IPO Event | Date |
|---|---|
| IPO Open Date | August 5, 2026 |
| IPO Close Date | August 7, 2026 |
| Basis of Allotment | August 10, 2026 |
| Refunds | August 11, 2026 |
| Credit to Demat Account | August 11, 2026 |
| IPO Listing Date | August 12, 2026 |
Note: The above IPO timeline is tentative and may be revised by the company, the registrar, or the stock exchanges. Investors should verify the latest schedule through the official IPO announcements before taking any investment-related action.
Analysis
Ardee Industries IPO Promoters and Holding Pattern
The promoters of Ardee Industries Limited have played a significant role in establishing and expanding the company's business operations. Even after the completion of the IPO, the promoters will continue to hold a majority stake in the company, demonstrating their long-term commitment to its future growth and strategic direction.
The public issue will lead to a dilution in promoter shareholding due to the fresh issue of equity shares and the Offer for Sale (OFS). The shareholding pattern before and after the IPO is summarized below.
Promoters of Ardee Industries Limited
- Sandeep Aggarwal
- Nikunj Aggarwal
- Esha Gupta
| Category | Pre IPO Shares | Pre IPO Holding | Post IPO Shares | Post IPO Holding |
|---|---|---|---|---|
| Promoter and Promoter Group | 23,31,25,700 | 91.48% | 21,31,50,700 | 67.62% |
| Others* | 2,16,98,300 | 8.52% | 10,20,50,658 | 32.38% |
| Total | 25,48,24,000 | 100% | 31,52,01,358 | 100% |
Note: The post-IPO shareholding pattern is based on the proposed issue structure and may change depending on the final allotment and completion of the IPO. The promoters are expected to retain a controlling stake in Ardee Industries Limited after listing.
Analysis
Ardee Industries IPO Objects of the Issue & Utilisation of Proceeds
Ardee Industries Limited intends to utilize the net proceeds from its Initial Public Offering (IPO) to strengthen its financial position and support future business growth. A significant portion of the funds will be deployed towards meeting the company's increasing working capital requirements, while a part of the proceeds will be used to reduce existing borrowings.
The proposed utilization of IPO proceeds is aimed at improving liquidity, enhancing operational efficiency, supporting business expansion, and maintaining financial flexibility. The detailed allocation of funds is presented below.
| Purpose | Amount |
|---|---|
| Funding incremental working capital requirements of the Company | ₹220.00 Crores |
| Repayment and/or pre-payment, in full or in part, of certain borrowings availed by the Company | ₹20.00 Crores |
| General Corporate Purposes | ₹- |
Note: The proposed utilization of IPO proceeds is based on the company's Draft Red Herring Prospectus (DRHP)/Red Herring Prospectus (RHP). The final deployment of funds may vary depending on business requirements and applicable regulatory approvals.
Analysis
Ardee Industries About Ipo
Ardee Industries, founded in 1993, is one of the leading Indian companies in the secondary metals industry, supplying high-quality lead metal. The firm began its journey as a trading company and evolved into a leading manufacturer and recycler of refined lead and alloys, serving domestic and international markets.
Its product range includes high-purity lead and specialised lead alloys such as lead calcium, lead antimony, lead tin, lead silver, and lead cadmium alloys.
Its products cater to a wide range of industries such as energy storage, e-mobility, automotive, and chemicals. Its manufacturing facility is situated in Tirupati district, Andhra Pradesh, spanning approximately 7.61 acres. Ardee Industries has exported its products to various countries, including Singapore, Hong Kong, South Korea, Switzerland, the United Arab Emirates, Japan, and the United States of America.
Analysis
Ardee Industries IPO Company Financial Report
Ardee Industries Limited has delivered strong financial growth over the last three financial years, driven by a significant increase in revenue, improving profitability, and a steadily expanding asset base. The company's consistent business performance reflects its operational strength and growing market presence, resulting in a substantial rise in Profit After Tax (PAT).
The following financial summary presents the company's revenue, expenses, Profit After Tax (PAT), and total assets for the reported financial years. These figures provide investors with an overview of Ardee Industries Limited's historical financial performance before its public issue.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹463.39 Cr. | ₹451.61 Cr. | ₹8.95 Cr. | ₹196.12 Cr. |
| 2025 | ₹743.53 Cr. | ₹698.88 Cr. | ₹33.27 Cr. | ₹262.06 Cr. |
| 2026 | ₹1,168.88 Cr. | ₹1,055.94 Cr. | ₹84.68 Cr. | ₹363.33 Cr. |
Amount in ₹ Crores: The above financial figures are based on the audited financial statements disclosed in the IPO documents of Ardee Industries Limited. They provide investors with a summary of the company's historical financial performance and financial position before the IPO.
Analysis
Ardee Industries IPO Valuation – FY2026
The valuation metrics of Ardee Industries Limited provide investors with an overview of the company's profitability, financial efficiency, and overall business performance before the IPO. Key indicators such as Earnings Per Share (EPS), Return on Equity (ROE), Return on Capital Employed (ROCE), EBITDA Margin, Return on Net Worth (RoNW), Debt-to-Equity Ratio, and Net Asset Value (NAV) are important measures for evaluating the company's financial strength and valuation.
Based on the FY2026 financial statements, Ardee Industries has reported healthy growth in profitability and strong returns on capital. The final Price-to-Earnings (P/E) ratio will be determined after the IPO price is finalized and the company's post-listing market capitalization is established.
| KPI | Values |
|---|---|
| ROE | 57.46% |
| ROCE | 44.26% |
| EBITDA Margin | 12.60% |
| PAT Margin | 7.25% |
| Debt to Equity Ratio | 1.25 |
| Earning Per Share (EPS) | ₹3.32 (Basic) |
| Price / Earnings (P/E) Ratio | N/A |
| Return on Net Worth (RoNW) | 57.46% |
| Net Asset Value (NAV) | ₹5.78 |
Note: The above valuation metrics are based on the FY2026 financial statements of Ardee Industries Limited. The final Price-to-Earnings (P/E) ratio will be available after the IPO price is finalized and the shares are listed on the stock exchanges.
Analysis
Ardee Industries IPO Peer Group Comparison
Ardee Industries Limited operates in the metal recycling and manufacturing industry. Comparing the company with established listed peers helps investors evaluate its relative financial performance, operational efficiency, profitability, and valuation before making an investment decision.
The table below compares Ardee Industries Limited with selected listed companies based on key financial indicators such as Earnings Per Share (EPS), Price-to-Earnings (P/E) Ratio, Return on Net Worth (RoNW), Net Asset Value (NAV), and total income.
| Company | EPS | P/E Ratio | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Gravita India Limited | 52.02 | 35.37 | 15.43% | 332.16 | ₹4,265.27 Cr. |
| Pondy Oxides and Chemicals Limited | 43.98 | 31.94 | 16.73% | 258.39 | ₹2,958.36 Cr. |
| Jain Resources Recycling Limited | 10.25 | 33.57 | 22.25% | 45.24 | ₹9,543.11 Cr. |
Note: The peer comparison is based on the latest publicly available financial information of the respective companies. Investors should evaluate Ardee Industries Limited's business model, growth prospects, financial performance, valuation, and industry position along with peer company metrics before making an investment decision.
Analysis
IPO Lead Managers aka Merchant Bankers
- Pantomath Capital Advisors Pvt. Ltd.
FAQ
Ardee Industries IPO FAQs
Ardee Industries IPO price band is Rs 50.00 to Rs 53.00. Check the latest issue price, lot size and GMP together before applying.
Ardee Industries IPO open date is 05 Aug 2026, close date is 07 Aug 2026, and listing date is 12 Aug 2026.
Ardee Industries IPO lot size is 281 shares. The minimum retail investment is Rs 14,893.
Ardee Industries is classified as a Mainboard IPO. This helps investors quickly understand the issue category and exchange segment.
Ardee Industries IPO subscription status currently shows Subscription data is currently awaited.
Ardee Industries Limited is a key player in India’s circular economy, specialising in the environmentally responsible recovery and recycling of end-of-life energy storage products and non-ferrous scrap. The company’s core business involves manufacturing pure lead and various lead alloys, including lead-calcium, lead-antimony, and lead-tin alloys, by processing recyclable scrap materials such as used lead-acid batteries, remelted lead ingots, and lead scrap. It operates a manufacturing facility in Naidupet, Andhra Pradesh. The company generates revenue primarily from the sale of its recycled and refined products, which meet international purity standards of 99.97% to 99.985%, to customers in both domestic and international markets. Its products are crucial for industries like energy storage, e-mobility, automotive, and chemicals. Ardee Industries serves a diverse customer base, including large-scale battery manufacturers, across India and in export markets like Singapore, Switzerland, and South Korea.
Ardee Industries IPO issue size is 425.87 and the expected allotment date is 10 Aug 2026.