Ardee Industries has made a strong debut on the bourses. The shares were listes at Rs 72 on the NSE, which is a premium of 35.85% to the issue price. The counter was listed at a premium of 38.87% on BSE at Rs 73.60.
The company raised Rs 426 crore via a combination of fresh shares and offer for sale. It had set the issue price at Rs 53 per equity share.
The IPO bidding was opened on August 05 and closed on August 07.
The allotment for the IPO shares was finalised on August 10.
In the unlisted markets, the company’s shares were changing hands at a premium 32%.
The issue oversubscribed 133.66 times. The IPO received bids for more than 780 crore shares against its ask of 5.64 crore.
The IPO witnessed heavy bidding across its Non-Institutional Investors segment, which was oversubscribed 255.24 times, receiving applications for more than 321 crore shares against its offer of 1.25 crore shares. The Qualified Institutional Buyers (QIBs) portion too witnessed massive demand, being oversubscribed 197.77 times.
The retail individual investor quota was oversubscribed 45.71 times, receiving 134 crore bids against its offer of 2.93 crore equity shares.
Ardee Industries is a prominent Indian company, with a core focus on the sustainable recovery and recycling of end-of-life energy storage products and non-ferrous scrap.
Incorporated in 1993, 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. These products are widely used across key sectors, including energy storage, e-mobility, automotive, and chemicals.
“At the upper price band of Rs 53, Ardee is valued at 19.7x FY26 P/E and appears attractive compared to its peers,” said Geojit Investments in an IPO note during the subscription period.
Backed by integrated operations, capacity expansion initiatives, and strong demand drivers across automotive, telecom, UPS, data centres, and renewable energy storage, Ardee is strategically positioned to deliver sustainable growth in the expanding lead recycling industry, it added.