Minerva Capital Research Solutions

Ardee Industries

RHP
ListedListed 12 Aug 2026MainboardNSE: ARDEECheck allotment
Current price₹ 44.3−16.42% since issue
Listing day+35.85%
Issue price
₹ 53
Issue size
₹ 425.87 Cr.
Min. investment
₹ 14,893
Listing price
₹ 72
Subscribed
133.66x
Lot size
281 shares
P/E
19.7
RoNW
57.46%
RoCE
44.26%
Debt / Equity
1.25
PAT margin
7.25%
EBITDA margin
12.60%
RoE
81%
EPS
₹ 2.69
NAV
₹ 5.78
Promoter stake
67.62%

About

Ardee Industries Limited was started in 1993. The company works in the recycling business. It collects old batteries and other end-of-life energy storage products along with non-ferrous scrap, and turns them into pure lead and lead alloys. Its products include high-purity lead and special lead alloys such as lead calcium, lead antimony, lead tin, lead silver and lead cadmium. These are used in energy storage, e-mobility, automobile and chemical industries. As on 31 March 2025, the company had served more than 50 customers in India and abroad, mostly in the battery and metals business. It has exported to seven countries, including Singapore, Hong Kong, South Korea, Switzerland, the UAE, Japan and the United States. The company owns a factory of about 7.61 acres in Tirupati district of Andhra Pradesh. Its installed capacity is 1,04,025 MTPA. The plant has rotary furnaces, refining kettles, casting systems and pollution control equipment. It is certified under ISO 9001:2015 for quality, ISO 14001:2015 for environment, and ISO 45001:2018 for health and safety.

Timeline

  1. Opens
    5 Aug
    done
  2. Closes
    7 Aug
    done
  3. Allotment
    10 Aug
    done
  4. Refunds
    11 Aug
    done
  5. Demat credit
    11 Aug
    done
  6. Listing
    12 Aug
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 17 on 12 Aug 2026
Lowest
₹ 0 on 28 Jul 2026
First quoted
₹ 0 on 28 Jul 2026

Subscription

How many times each investor group bid for its share, as of 12 Aug 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)1281₹ 14,893
Retail (Max)133,653₹ 1,93,609
S-HNI (Min)143,934₹ 2,08,502
B-HNI (Min)6819,108₹ 10,12,724

Company overview

Financials

Financials by year
Assets363.33262.06196.12
Total Income1,168.88743.53463.39
Profit After Tax84.6833.278.95
EBITDA147.0865.9328.06
NET Worth147.3862.629.25
Reserves and Surplus96.4259.4226.06
Total Borrowing182.75165.77142.36

Strengths

  • It is one of the leading Indian companies in the circular economy space, with a long track record of steady operations.
  • The company uses hedging to protect itself from sharp changes in commodity prices.
  • It has a strong customer base and is able to source raw material well.
  • Profits have been consistent, and both revenue and profit have grown well in the last three years.
  • The promoters are experienced and the company has a professional management team.

Risks

  • The whole business depends on lead. If lead prices or demand from battery makers fall, both revenue and profit will come down quickly.
  • Raw material is old batteries and scrap. Supply of this scrap is not fixed and its price keeps changing, so margins can move up and down.
  • Margins are thin. PAT margin was only 7.25% and EBITDA margin 12.60% in FY2026, even in a very good year.
  • Borrowings are still high at Rs 182.75 crore in FY2026. Only Rs 20 crore of the issue money will go towards repaying loans.
  • Lead recycling is a polluting activity. Any change in environment rules, or any action by the pollution control board, can stop work at the plant.
  • The company has only one factory, in Tirupati district of Andhra Pradesh. Any fire, breakdown or shutdown there will stop the entire production.
  • Growth in FY2026 was very sharp, with profit going up 155%. Such growth may not repeat every year.
  • Out of the Rs 425.87 crore issue, Rs 105.87 crore is offer for sale by the two promoters. That money goes to them and not to the company.

What the money is for

Objects of the issue
Funding incremental working capital requirement of the Company220
Repayment and/or pre-payment, in full or in part, of certain borrowings availed by the Company20
General Corporate Purposes—

Promoters

  • Sandeep Aggarwal
  • Nikunj Aggarwal
  • Esha Gupta
Promoter holding91.48%→67.62%before → after the issue · down 23.86 points

Anchor investors

7 anchors put in ₹ 127.76 Cr., including 1 mutual funds.

Anchor investors
BANK OF INDIA SMALL CAP FUND47,17,1472519.57%
BENGAL FINANCE & INVESTMENT PVT.LTD.47,17,1472519.57%
WINRO COMMERCIAL (INDIA) LTD.47,17,1472519.57%
BHARAT VALUE FUND37,73,8302015.66%
INDIA MAX INVESTMENT FUND LTD.37,73,8302015.66%
COGNIZANT CAPITAL DYNAMIC OPPORTUNITIES FUND12,03,2416.384.99%
IMAP INDIA CAPITAL INVESTMENT TRUST-CATALYST NEW INDIA FUND12,03,2426.384.99%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 2 a share
Registrar
KFin Technologies Limited
Lead managers
Pantomath Capital Advisors Pvt Ltd
Red herring prospectus (RHP)
Open
Draft prospectus (DRHP)
Open
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.