Ardee Industries IPO

The Ardee Industries IPO is a 100% book-built issue consisting of both a fresh issue of shares worth ₹320 crore and an offer for sale of 37,650,000 equity shares. According to the DRHP filed on September 28, 2025.

The equity shares have a face value of ₹2 each and are proposed to be listed on both the NSE and the BSE. 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.

Company Background

Ardee Industries Ltd. was incorporated on September 16, 1993, in Chennai, Tamil Nadu, as a private 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 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 business 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 a number of 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 minimize 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. Furthermore, 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

The business model of Ardee Industries Ltd. is dependent on the sale of finished goods and job work. During the fiscal year ending March 31, 2025, the company generated a total revenue from operations of ₹742.74 crore.

A major chunk of this revenue is generated from domestic sales in India, which is ₹444.45 crore, and the remainder is from international exports, which is ₹275.06 crore. The revenue generated has shown a remarkable increase from ₹411.78 crore in fiscal 2023 to over ₹742 crore in fiscal 2025.

Management & Shareholding

The Ardee Industries IPO has been supported by its promoters: Sandeep Aggarwal, Nikunj Aggarwal and Esha Gupta. Before the IPO, the promoters had a majority stake in the company and the IPO would lead to the dilution of this majority stake to the public.

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.