Ardee Industries IPO

This issue combines a fresh issue and an offer for sale. The amounts for each part are not available in our data; see the offer document for the split.

Lot size and investment

Reservation

QIB

Not more than 50% of the Offer

NII

Not less than 15% of the Offer

Retail

Not less than 35% of the Offer

Current GMP

₹17

▲+32.08%

Estimated listing price

₹70

Issue price ₹53

Highest

₹17

12 Aug

Lowest

₹0

28 Jul

GMP by day (₹ per share)

GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.

P/E Ratio

19.7

EPS (₹)

2.69

RoE

81%

RoCE

44.26%

RoNW

57.46%

PAT Margin

7.25%

EBITDA Margin

12.60%

Debt / Equity

1.25

NAV (₹)

5.78

Separate pre- and post-issue P/E are not available for this IPO; the P/E shown is as disclosed for the issue.

Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.

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.

Objects of the issue

1. Funding incremental working capital requirement of the Company₹220 Cr
2. Repayment and/or pre-payment, in full or in part, of certain borrowings availed by the Company₹20 Cr
3. General Corporate Purposes

Promoters and shareholding

Sandeep Aggarwal, Nikunj Aggarwal, Esha Gupta

Promoter holding, pre-issue

91.48%

Promoter holding, post-issue

67.62%