Ardee Industries is scheduled to list on Wednesday with high investor interest, buoyed by a robust subscription and promising outlook in recycled lead and circular economy sectors.
Ardee Industries is due to make its stock market debut on Wednesday at 10am, with grey market संकेत pointing to a solid opening. In the unlisted market, the shares were changing hands at ₹68 apiece as of 2pm, implying a premium of ₹15, or about 28%, over the issue price of ₹53.
Investor demand for the ₹426 crore initial public offering was robust. The issue was subscribed 133.66 times overall, according to NSE data, with bids for 7,80,88,19,433 shares against 5,84,22,516 on offer. Non-institutional investors led the chase with 255.24 times subscription, while qualified institutional buyers booked the issue 197.77 times and retail investors subscribed 45.71 times.
The IPO combined a fresh issue of shares worth up to ₹320 crore with an offer for sale of as many as 1.99 crore shares by promoters. The price band was fixed at ₹50 to ₹53 a share, which valued the company at about ₹1,671 crore at the upper end. Market trackers said the issue size was ₹425.87 crore and the minimum application required 281 shares, or ₹14,893.
Ardee Industries operates in secondary metals and the circular economy, with a focus on recycled lead. According to brokerage commentary carried by Business Standard, the company is among the top six organised recycled lead producers in India and has an estimated 2% market share. Mahesh M Ojha of Kantilal Chagganlal Securities said the proceeds from the fresh issue should help strengthen the balance sheet and trim debt, giving the business more room for expansion. He added that investors looking for listing gains may consider booking profits on debut, though longer-term holders could benefit if the company continues to gain from rising battery consumption, recycling needs and the shift towards circular manufacturing.
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