Ardee Industries IPO
Ardee Industries IPO — date, price band, GMP & allotment 2026
Everything you need to know about the Ardee Industries IPO. Track the latest updates, GMP trends, and subscription status.
Stock price
Ardee Industries is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 12 September.
- Open 05 Aug 2026
- Close 07 Aug 2026
- Allotment 10 Aug 2026
- Refund/credit 11 Aug 2026
- Listing 12 Aug 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 5 to 7 Aug, 2026 |
|---|---|
| Price Band | ₹50 – ₹53 |
| Face Value | ₹2 |
| Lot Size | 281 Shares |
| Issue Size | ₹425.87 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,893 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 281 shares at the ₹53 cut-off. Drag to size your application.
| 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 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01It is one of the leading Indian companies in the circular economy space, with a long track record of steady operations.
- 02The company uses hedging to protect itself from sharp changes in commodity prices.
- 03It has a strong customer base and is able to source raw material well.
- 04Profits have been consistent, and both revenue and profit have grown well in the last three years.
- 05The promoters are experienced and the company has a professional management team.
Risks · 8
- 01The whole business depends on lead. If lead prices or demand from battery makers fall, both revenue and profit will come down quickly.
- 02Raw 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.
- 03Margins are thin. PAT margin was only 7.25% and EBITDA margin 12.60% in FY2026, even in a very good year.
- 04Borrowings are still high at Rs 182.75 crore in FY2026. Only Rs 20 crore of the issue money will go towards repaying loans.
- 05Lead recycling is a polluting activity. Any change in environment rules, or any action by the pollution control board, can stop work at the plant.
- 06The company has only one factory, in Tirupati district of Andhra Pradesh. Any fire, breakdown or shutdown there will stop the entire production.
- 07Growth in FY2026 was very sharp, with profit going up 155%. Such growth may not repeat every year.
- 08Out 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.
Three years of numbers
All figures in ₹ crore, as reported in the Ardee Industries offer document.
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 363.33 | 262.06 | 196.12 |
| Total Income | 1,168.88 | 743.53 | 463.39 |
| Profit After Tax | 84.68 | 33.27 | 8.95 |
| EBITDA | 147.08 | 65.93 | 28.06 |
| NET Worth | 147.38 | 62.60 | 29.25 |
| Reserves and Surplus | 96.42 | 59.42 | 26.06 |
| Total Borrowing | 182.75 | 165.77 | 142.36 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Ardee Industries RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Ardee Industries IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹3.32 | ₹2.69 |
| P/E Ratio (x) | 15.96 | 19.70 |
| Market Cap at Offer Price (₹ Cr) | ₹1,351.00 | ₹2,115.63 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹53 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹240.00 Cr of the issue is earmarked to named objects.
Ardee Industries IPO Anchor Investors
7 anchor investors across 7 fund houses committed ₹127.76 Cr a day before the issue opened.
| Anchor Investor | Fund House | Shares | Amount (₹ Cr) | % of Anchor Book |
|---|---|---|---|---|
| Bank Of India Small Cap Fund | Bank Of India Mutual Fund | 4,717,147 | 25.00 | 19.57% |
| Bengal Finance & Investment Pvt.ltd. | Bengal Finance & Investment | 4,717,147 | 25.00 | 19.57% |
| Winro Commercial (India) Ltd. | Winro Commercial | 4,717,147 | 25.00 | 19.57% |
| Bharat Value Fund | Bharat Value | 3,773,830 | 20.00 | 15.66% |
| India Max Investment Fund Ltd. | India Max Investment Fund Ltd. | 3,773,830 | 20.00 | 15.66% |
| Cognizant Capital Dynamic Opportunities Fund | Cognizant | 1,203,241 | 6.38 | 4.99% |
| Imap India Capital Investment Trust-Catalyst New India Fund | Imap India | 1,203,242 | 6.38 | 4.99% |
| Total anchor allocation | 127.76 | |||
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
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.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
+91 11 4760 021
The bankers & the filings
Who is running the book, and the documents this page is built from.
Ardee Industries IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Pantomath Capital Advisors Pvt Ltd
5 issues handledBest listing: Knack packaging (+9.4%). Weakest: Glottis (-34.9%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Ardee Industries?
The current Grey Market Premium is ₹17, or 32.08% over the issue price.
What is the Ardee Industries IPO price band?
₹50 to ₹53, on a face value of ₹2.
When is the allotment?
The basis of allotment is 10 August 2026, with listing on 12 August 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
