IPO Snapshot
Key metrics and details at a glance.
Price Band
₹53
Per ShareLot Size
281 Shares
Minimum Investment
₹14,893
Issue Size
₹425.87 Cr
Face Value
₹2
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Ardee Industries Ltd
Business model, operations, and market positioning.
About the Company
Ardee Industries Limited is one of India's leading players in circular economy, specializing in the environmentally responsible recovery and recycling of end-of-life energy storage products and non-ferrous scrap, while reclaiming critical resources from waste streams. Our product portfolio comprises pure lead and lead alloys such as lead calcium alloys, lead antimony alloys, lead tin alloys, lead silver alloys and lead cadmium alloys which find applications in critical industries including energy storage, e-mobility, automotive, chemical, among others. Our products are customisable to the requirements of our customers, with respect to the level of purity and/or composition with other metal and nonmetal elements with purity levels ranging from 99.97% to 99.985% that conform to international standards. As per F&S Report, we are one of the fastest growing companies in terms of revenue amongst its peers with a Revenue CAGR of 58.81% in the last three Fiscals.
Company History
Our Company was originally incorporated as `Ardee Industries Private Limited', a private limited company under the provisions of Companies Act, 1956 at Chennai, Tamil Nadu, pursuant to a certificate of incorporation dated September 16, 1993, issued by Assistant Registrar of Companies, Tamil Nadu. Thereafter, our Company was converted into a public limited company pursuant to a board resolution dated March 29, 2025, and a special resolution passed by our Shareholders in an extraordinary general meeting held on April 1, 2025, and consequently, the name of our Company was changed to `Ardee Industries Limited'. A fresh certificate of incorporation dated May 6, 2025, consequent upon conversion to a public limited company was issued by the Registrar of Companies, Central Registration Centre. Our Company's Corporate Identity Number is U24294DL1993PLC405804.
Growth Strategy
- Expand our sustainably driven product portfolio through capacity expansion and strategic integration.
- Expanding our geographical footprint to capture larger customer base across exports and domestic markets.
- Leveraging our LME listing to expand our global presence.
- Improving the debt profile of our Company.
Promoter Holding (Pre-Issue)
91.48%
Promoter Holding (Post-Issue)
63.59%
Issue Type
Book Building
ISIN
INE0XNF01022
Financial Performance
Revenue, profit, and asset growth over the last three financial years.
Data presented in crores for FY20 to FY24.
Objects of the Issue
How the company plans to utilize IPO proceeds.
The funds raised through this IPO will be used for:
Initial public offer of 80,351,950 equity shares of face value of Rs. 2 each ("Equity Shares") of Ardee Industries Limited ("Company" or "Issuer") for cash at a price of Rs. 53 per equity share (including a share premium of Rs. 51 per equity share) ("Offer Price") aggregating to Rs. 425.87 Crores comprising a fresh issue of 60,376,950 equity shares of face value of Rs. 2 each aggregating to Rs. 320.00 Crores by the company ("Fresh Issue") and an offer for sale of 19,975,000 equity shares of face value of Rs. 2 each aggregating to Rs. 105.87 Crores ("Offered Shares") comprising 9,987,500 equity shares of face value of Rs. 2 each aggregating to Rs. 52.93 Crores by Sandeep Aggarwal and 9,987,500 equity shares of face value of Rs. 2 each aggregating to Rs. 52.93 Crores by Nikunj Aggarwal (collectively, the "Promoter Selling Shareholders") and such offer for sale, together with the fresh issue, the "Offer". The offer constituted 25.49% of the post-offer paid up equity share capital of the company. Price Band: Rs. 53 per equity share of face value of Rs. 2 each. The floor price is 26.50 times of the face value of the equity shares. Bids can be made for a minimum of 281 equity shares of face value of Rs. 2 each and in multiples of 281 equity shares of face value of Rs. 2 each thereafter.
*Subject to approvals and market conditions.
- One of India's leading players in circular economy with a proven track record with demonstrated operational stability.
- Application of Hedging Mechanism for Commodity Price Risk Related Protection.
- Strong customer base along with robust raw materials sourcing capabilities.
- Track record of profitability and consistent financial performance.
- Experienced promoters and professional management team.
- The company served 52, 54 and 54 customers for the Fiscals 2026, 2025 and 2024. The revenue from the company's top customer was Rs. 4,745.56 million, Rs. 3,804.08 million and Rs. 3,352.94 million and contributed to 40.64%, 51.22% and 72.42% of revenue from operations during the respective years. The loss of any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.
- During the Fiscals 2026, 2025 and 2024, 84.79%, 87.23% and 88.64% of the company's revenue from operations, respectively, were attributed to the battery and metal industries and therefore its business operations is dependent upon the said industries. Any downturn in the demand of battery and metal industries and the other industries in which the company's customers operates, could adversely affect its business, financial performance and condition.
- The company depends on third party suppliers for the supply of raw material required for its business operations. Any disruptions in the supply or availability of the raw material or fluctuations in their prices may have an adverse impact on the company's business operations, cash flows and financial performance. Further, its cost of raw material purchased from the company's top 10 suppliers were Rs. 3,567.49 million, Rs. 3,047.48 million and Rs. 1,881.67 million, representing 38.48%, 53.71% and 51.06%, of its total purchases of raw materials in the Fiscals 2026, 2025 and 2024, respectively.
- The company has a limited operating history, and its historical performance may not be indicative of the company's future growth or financial results.
- The company debt-to-equity ratio, as per its Restated Financial Information, was 1.25 times, 2.65 times and 4.87 times for Fiscals 2026, 2025 and 2024, respectively. A high debt-to-equity ratio may adversely affect the company's financial condition and results of operations.