Ardee Industries IPO GMP, Date, Price Band & Review

Ardee Industries IPO Detail

The Ardee Industries IPO is a 100% book-built issue of ₹426 crore, comprising a fresh issue of ₹320 crore and an offer for sale (OFS) of 1.99 crore equity shares worth up to ₹106 crore, with a face value of ₹2 per share. The company filed its DRHP on September 28, 2025.

The price band of the issue is set at ₹50 to ₹53 per share and the lot size for an application is 281 shares. The minimum amount of investment required by an individual investor is ₹14,893 (281 shares). The IPO will be open for subscription from August 5 to 7, 2026, on the BSE and the NSE platforms, with a tentative listing date fixed as August 12, 2026. The Book Running Lead Manager (BRLM) for this issue is Pantomath Capital Advisors Private Ltd., while KFin Technologies Ltd. is the registrar for the issue.

Ardee Industries IPO Date & Timeline

The Ardee Industries IPO is officially set to open for subscription on Aug 5, 2026 and will close on Aug 7, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on September 28, 2025 and has now finalized its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Aug 10, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Aug 11, 2026. Finally, shares of Ardee Industries Ltd. are tentatively scheduled to list on the stock exchanges on Aug 12, 2026.

Ardee Industries IPO GMP

“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.

The Ardee Industries IPO GMP is currently trading at ₹12.5, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹65.5, which is 23.58% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.

Company Background

Ardee Industries Ltd. was incorporated on September 16, 1993, in Chennai, Tamil Nadu, as a private limited company. With a decade in the market, this company was able to create a remarkable image in the industrial setup before undergoing a major change recently. In April 2025, after a special resolution was passed by its shareholders, the company was converted into a public limited company.

Currently, the company’s registered office is situated in New Delhi. From its roots in Tamil Nadu to its current corporate structure, the firm has evolved into a leading specialist in the recycling of end-of-life energy storage products.

Operations & Product Range

The core operational activities of Ardee Industries Ltd. revolve around the environmentally responsible recovery and recycling of non-ferrous scrap, namely the recycling of key resources from waste. The company’s main product line consists of pure lead and lead alloys like lead calcium alloys and lead antimony alloys.

These materials are critical raw materials for several end-use industries, primarily the lead-acid battery industry. The company’s emphasis on the circular economy helps to ensure a sustainable supply of materials and minimise the environmental effects of industrial waste.

Facilities & Capacity

The main manufacturing unit of Ardee Industries Ltd. is situated in the SPSR Nellore District of Andhra Pradesh. This unit is situated close to the ports, which helps in meeting the demands of both domestic and international markets, including Southeast Asian countries and South Korea.

The unit is established on an industrial land area of around 7.61 acres. To meet the growth plan and cope with the rising demand, the company has estimated substantial working capital requirements for the coming 2026 and 2027 fiscal years.

Brands & Market Presence

Ardee Industries Ltd. operates under the flagship brand ‘Ardee,’ which has gained significant recognition in the domestic commodity markets. Notably, the brand is listed on the Multi-Commodity Exchange (MCX) platform, making the company one of the few in its sector with a registered brand for pure lead trading in India. This listing provides transparent benchmark pricing and helps in hedging price risks. Also, the company has applied to list its ‘Ardee Lead 9997’ brand on the London Metal Exchange (LME) to enhance its credibility and competitiveness in international markets.

Revenue Streams & Business Model

Ardee Industries Ltd. operates within the circular economy, focusing on the sustainable recycling of end-of-life energy storage products and non-ferrous scrap. Its business model centres on recovering these materials to manufacture high-purity lead and lead alloys, primarily for the lead-acid battery industry. The company's revenue stream is driven by the sale of these finished goods and job work. This income is substantially supported by a strong domestic market in India and a growing footprint of international exports.

Financial Performance

Ardee Industries Ltd. has shown strong financial growth, driven by its focus on operational efficiency and cost analysis. In FY26, the company's total income reached ₹1,168.88 crore, an increase from ₹743.53 crore in FY25. This impressive revenue expansion was accompanied by a significant surge in profitability. Its EBITDA increased substantially to ₹147.08 crore in FY26, compared to ₹65.93 crore in the previous year. Furthermore, its net profit (PAT) experienced remarkable growth, soaring to ₹84.68 crore in FY26 from ₹33.27 crore.

Management & Shareholding

The promoters of Ardee Industries Ltd. are Sandeep Aggarwal, Nikunj Aggarwal and Esha Gupta. Before the IPO, the promoters held the majority of the stake in the company, but after the listing, the shareholding will be diluted as the offering includes up to 1.99 crore shares to be sold by the existing shareholders.

Board & Key Management

Ardee Industries’s leadership is spearheaded by Sandeep Aggarwal (Chairman and Managing Director). The board also includes a Whole-time Director, Nikunj Aggarwal and Esha Gupta. Their key managerial team also includes Arun Kumar Mallik (CFO) and Puneet Verma (CS and Compliance Officer). The board has established essential committees, including an Audit Committee and a Stakeholders Relationship Committee, to ensure strong corporate governance as the firm transitions to a public entity.