ARDEE INDUSTRIES LTD IPO: Company Review, Subscription and Allotment Updates
2026-08-05 — Company overview and issue details ARDEE INDUSTRIES LTD IPO (ABOUT THE COMPANY) ARDEE INDUSTRIES LTD – COMPANY BACKGROUND Ardee Industries Ltd was incorporated in 1993 and is a recycling company for non-ferrous scrap. Its…
2026-08-05 — Company overview and issue details
ARDEE INDUSTRIES LTD IPO (ABOUT THE COMPANY)
ARDEE INDUSTRIES LTD – COMPANY BACKGROUND
Ardee Industries Ltd was incorporated in 1993 and is a recycling company for non-ferrous scrap. Its product range include high purity lead, specialized lead alloys (lead calcium, lead silver, lead antimony, lead tin, and lead cadmium). These products find application across sectors like energy storage, e-mobility, automobiles, and specialty chemicals. Ardee currently has over 50 customers for its products. Apart from selling its products in India, Ardee Industries Ltd also exports to countries like Singapore, Hong Kong, South Korea, Switzerland, UAE, the US, and Japan. Its recycling facility located at Tirupati in Andhra Pradesh has an annual installed capacity of 1,04,025 MTPA.
Ardee Industries Ltd has been promoted by Sandeep Aggarwal, Nikunj Aggarwal, and Esha Gupta. The IPO will be a combination of a fresh issue of shares and an offer for sale (OFS) component. The fresh issue funds will be used for financing incremental working capital needs, repayment of loans, and general corporate purposes. The OFS is being done entirely by promoter shareholders. The issue is being lead-managed by Pantomath Capital Advisors Private Ltd; while KFIN Technologies Ltd (KFINTECH) are the registrars to the IPO.
HIGHLIGHTS OF THE IPO ISSUE OF ARDEE INDUSTRIES LTD
Here are the key highlights of the public issue of Ardee Industries Ltd.
The IPO is open from August 05th, 2026 to August 07th, 2026. It has a face value of ₹2 per share and the IPO price band has been fixed in the range of ₹50 to ₹53 per share.
The IPO of Ardee Industries Ltd will be a combination of a fresh issue of shares and an offer for sale of shares by the promoter shareholders.
The Fresh Issue portion of the IPO comprises the issue of 6,03,77,358 shares (603.77 lakh shares), which at the upper price band of ₹53 per share, translates into a fresh issue size of ₹320.00 crore.
The offer for sale (OFS) portion of the IPO comprises the sale of 1,99,75,000 shares (199.75 lakh shares), which at the upper price band of ₹53 per share, translates into an OFS size of ₹105.87 crore.
Therefore, the overall IPO will comprise of the fresh issue portion and offer for sale (OFS) portion comprising of 8,03,52,358 shares (803.52 lakh shares), which at the upper price band of ₹53 per share translates into overall issue size of ₹425.87 crore.
Due to the dilutive impact of the fresh issue; the promoter’s stake in the company will get reduced from 91.48% to 67.62% of the total shares outstanding post the IPO.
The IPO of Ardee Industries Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on August 04, 2026.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of Ardee Industries Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wednesday, 5 August, 2026 |
| IPO Close Date | Friday, 7 August, 2026 |
| Basis of Allotment | Monday, 10 August, 2026 |
| Initiation of Refunds to non-allottees | Tuesday, 11 August, 2026 |
| Credit of Shares to Demat | Tuesday, 11 August, 2026 |
| Listing Date on NSE and BSE | Wednesday, 12 August, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Investor Category | Share Allocation | % Share |
|---|---|---|
| Reservation for Employees | Nil Shares | Not Applicable |
| Anchor Allocation | 2,41,05,584 shares | 29.21% of total IPO size |
| QIB Shares Offered | 1,64,35,297 shares | 19.91% of total IPO size |
| NII (HNI) Shares Offered | 1,25,96,166 shares | 15.26% of total IPO size |
| Retail Shares Offered | 2,93,91,053 shares | 35.61% of total IPO size |
| Total Shares Offered | 8,25,28,100 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.
Here is a quick look at the lot sizes applicable for the IPO of Ardee Industries Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 281 | ₹ 14,893 |
| Retail (Max) | 13 | 3,653 | ₹ 1,93,609 |
| S-HNI (Min) | 14 | 3,934 | ₹ 2,08,502 |
| S-HNI (Max) | 67 | 18,827 | ₹ 9,97,831 |
| B-HNI (Min) | 68 | 19,108 | ₹ 10,12,724 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 281 shares)
FINANCIAL HIGHLIGHTS OF ARDEE INDUSTRIES LTD
The table captures the key financials of Ardee Industries Ltd for last 3 financial years.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 1,167.65 | 742.74 | 462.96 |
| Sales Growth (%) | 57.21% | 60.43% | |
| Profit after Tax (₹ in crore) | 84.68 | 33.27 | 8.95 |
| PAT Margins (%) | 7.25% | 4.48% | 1.93% |
| Total Equity (₹ in crore) | 147.38 | 62.60 | 29.25 |
| Total Assets (₹ in crore) | 363.33 | 262.06 | 196.12 |
| Return on Equity (%) | 57.46% | 53.15% | 30.61% |
| Return on Assets (%) | 23.31% | 12.70% | 4.57% |
| Asset Turnover Ratio (X) | 3.21 | 2.83 | 2.36 |
| Earnings per share (₹) | 3.32 | 1.31 | 0.35 |
| EBITDA (₹ in Crore) | 147.08 | 65.93 | 28.06 |
| EBITDA Margins (%) | 12.60% | 8.88% | 6.06% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
The financials of the company have been on a steady uptrend with the net profit margins and the return on equity growing steadily over the last 2 years. Even the EBITDA margins have doubled over the last two years from 6.06% to 12.60%. Top line revenues have grown 2.5X over the last 2 years, while the net profits have grown nearly 10-fold.
VALUATION METRICS OF ARDEE INDUSTRIES LTD IPO
Based on the latest EPS of ₹3.32, the IPO price of ₹53 per share is being discounted at a P/E ratio of 15.96X. The bigger takeaway for the company is the 57% ROE and the asset turnover ratio at over 3X, hinting at robust sweating of assets. Recycling remains a business where the margins are growing at a rapid pace, largely due to demand exceeding supply.
The company also has some other positives to boot. For instance, it has a strong customer base in India and abroad and it is able to manage commodity price risk well through hedging mechanisms. With recycling seen as a necessary and green venture, demand is likely to gravitate towards this side. Investors can look at the stock for the long term.
2026-08-05 — Anchor allocation
ARDEE INDUSTRIES LTD IPO (ANCHOR ALLOCATION 29.21%)
BRIEF ON ANCHOR ALLOCATION OF ARDEE INDUSTRIES LTD
The anchor issue of Ardee Industries Ltd saw a robust response on 04th August 2026 with 29.21% of the IPO size absorbed by anchors. Out of 8,25,28,100 shares (825.28 lakh shares) on offer in the IPO; anchors picked up 2,41,05,584 shares (241.06 lakh shares) accounting for 29.21% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹53 per share. This includes the face value of ₹2 per share plus a share premium of ₹51 per share. The anchor bidding opened and closed on 04th August 2026.
KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS
Here are the key details pertaining to the anchor bidding of Ardee Industries Ltd
| Bid Date | August 04, 2026 |
|---|---|
| Shares Offered | 2,41,05,584 shares |
| Anchor Portion Size (₹ in crore) | ₹127.76 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | Sep 08, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Nov 07, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
MAJOR ANCHOR ALLOCATION INVESTORS IN ARDEE INDUSTRIES LTD
On 04th August 2026, Ardee Industries Ltd allotted 2,41,05,584 shares to a total of 7 anchor investors. The allocation was done at the upper IPO price band of ₹53 per share which resulted in overall anchor allocation of ₹127.76 crore. The anchors have already absorbed 29.21% of the total issue size of ₹437.40 crore. Listed below are the Top 7 IPO anchor investors who accounted for anchor collection of ₹127.76 crores, or, 100.00% of the overall anchor allocation of shares, one trading day ahead of the IPO of Ardee Industries Ltd. The individual anchor allocation of top-7 investors is indexed descending on the number of shares allotted, and captured in the table below.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | Bank of India Small Cap Fund | 47,17,147 | 19.57% | ₹ 25.00 |
| 02 | Bengal Finance & Investments | 47,17,147 | 19.57% | ₹ 25.00 |
| 03 | Winro Commercial India Ltd | 47,17,147 | 19.57% | ₹ 25.00 |
| 04 | The Wealth Company Alternates | 37,73,830 | 15.66% | ₹ 20.00 |
| 05 | India Max Investment Fund | 37,73,830 | 15.66% | ₹ 20.00 |
| 06 | Cognizant Capital DOF | 12,03,241 | 4.99% | ₹ 6.38 |
| 07 | IMPA India Capital Investment Trust | 12,03,241 | 4.99% | ₹ 6.38 |
| Grand Total | 2,41,05,583 | 100.00% | ₹ 127.76 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.
Out of the 2,41,05,583 shares allocated to the anchors in the IPO, there was an allocation of 47,17,147 shares made to mutual funds regulated by SEBI. This anchor allocation to mutual funds was spread across 1 MF scheme of 1 asset management company (AMC). Mutual funds accounted for 19.57% of the overall anchor allocation.
Out of the 2,41,05,583 shares allocated to the anchors in the IPO, there was no allocation made to life insurance companies regulated by IRDAI. The remaining anchor allocation was spread across alternate investment funds (AIFs) and NBFCs.
NEXT STEPS IN ARDEE INDUSTRIES LTD IPO
Post the closure of the IPO subscription on 07th August 2026, the basis of allotment will be finalized on 10th August 2026 and the refunds will be initiated on 11th August 2026. In addition, the demat credits are expected to also happen on 11th August 2026 and the stock will list on 12th August 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 11th August 2026 under ISIN (INE0XNF01022).
2026-08-07 — Day-3 subscription update
Ardee Industries Ltd (Day-3 Final Subscription at 133.66 times)
ARDEE INDUSTRIES LTD - IPO SUBSCRIPTION STATUS ON DAY-3
As of 7.10 pm on 07th August 2026, out of the 584.23 lakh shares on offer in the IPO (excluding anchor portion), Ardee Industries Ltd saw bids for 78,088.19 lakh shares. This implies an overall subscription of 133.66X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Ardee Industries Ltd was as under:
| Employees (N.A.) | QIBs (197.77X) | HNI / NII (255.24X) | Retail (45.71X) |
|---|
The subscriptions were led by the HNI / NII Investors followed by the QIB investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. That was the case in this IPO too. Both, the QIB portion and the HNI / NII portion saw bulk of the institutional, corporate and funded subscriptions come in on the last day of the IPO. The company saw steady anchor participation a day ahead of the IPO opening with 29.21% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 2,41,05,584 | 2,41,05,584 | 127.76 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 197.77 | 1,64,35,297 | 3,25,04,36,028 | 17,227.31 |
| HNIs / NIIs | 255.24 | 1,25,96,166 | 3,21,50,58,971 | 17,039.81 |
| Retail Investors | 45.71 | 2,93,91,053 | 1,34,33,24,434 | 7,119.62 |
| Total | 133.66 | 5,84,22,516 | 7,80,88,19,433 | 41,386.74 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO of Ardee Industries Ltd was open up to August 07, 2026, and has closed for subscription as of the close of trading hours on August 07, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹41,514.50 crore.
NEXT STEPS IN THE ARDEE INDUSTRIES LTD IPO
Post the closure of the IPO subscription on 07th August 2026, the basis of allotment will be finalized on 10th August 2026 and the refunds will be initiated on 11th August 2026. In addition, the demat credits are expected to also happen on 11th August 2026 and the stock will list on 12th August 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 11th August 2026 under ISIN (INE0XNF01022).
2026-08-07 — Allotment guidance and next steps
Ardee Industries Ltd (How to check allotment status online)
ABOUT THE ARDEE INDUSTRIES LTD IPO
The IPO of Ardee Industries Ltd opened on August 05th, 2026 and closed on August 07th, 2026. The IPO comprised of a fresh issue and an offer for sale (OFS) of 8,25,28,100 shares (825.28 lakh shares) worth ₹437.40 crore at the upper band price of ₹53 per share. The allotment status will be finalized by EOD of August 10, 2026. Here is how to check allotment status for the IPO of Ardee Industries Ltd. You can check IPO status on BSE or NSE or IPO Registrar website of KFIN Technologies Ltd (KFINTECH).
CHECKING ALLOTMENT STATUS OF ARDEE INDUSTRIES LTD ON BSE WEBSITE
This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity Option
Under Issue Name – Select Ardee Industries Ltd from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip
Alternatively, Enter your PAN (10-digit alphanumeric) number
Once this is done, you need to click on the Captcha to verify you are not a robot
Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Ardee Industries Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF ARDEE INDUSTRIES LTD ON NSE WEBSITE
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity & SME IPO Details Option
Under SELECT SYMBOL – Select ARDEE from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip
Enter your PAN (10-digit alphanumeric) number
Once both are entered, click on the Submit Button
You must input the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Ardee Industries Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF ARDEE INDUSTRIES LTD ON KFIN TECHNOLOGIES LTD (REGISTRAR TO THE IPO)
Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:
https://kosmic.kfintech.com/ipostatus/
KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. Radio buttons allow you to opt to see all IPOs or just recent IPOs. The latter option reduces the list of IPOs to search. Once you click on Recent IPOs, dropdown shows recent active IPOs, where allotment status is finalized. Select Ardee Industries Ltd.
THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD
To Query by Application Number, check the appropriate box and follow these steps.
Enter the Application Number as it is
Enter the 6-digit Captcha Code
Click on Submit button
Allotment Status gets displayed on screen
Unlike in the past, now you do not have to select ASBA versus Non-ASBA option.
To Query by Demat Account, check the appropriate box and follow these steps.
First select the depository (NSDL / CDSL)
Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL)
Enter the Client-ID in the second box
For NSDL, the Demat account is 2 strings; for CDSL it is just 1 string
Enter the 6-digit Captcha Code
Click on Submit button
Allotment Status gets displayed on screen
To Query by PAN, check the appropriate box and follow these steps.
Enter the 10-Character PAN number, available on your PAN card
After you enter the PAN number, Enter the 6-digit numeric Captcha Code
Click on Submit button
Allotment status gets displayed on screen
If captcha code is not clear; toggle for more options. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.
NEXT STEPS IN THE ARDEE INDUSTRIES LTD IPO
Post the closure of the IPO subscription on 07th August 2026, the basis of allotment will be finalized on 10th August 2026 and the refunds will be initiated on 11th August 2026. In addition, the demat credits are expected to also happen on 11th August 2026 and the stock will list on 12th August 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 11th August 2026 under ISIN (INE0XNF01022).
Interested in applying for this IPO?
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