Ardee Industries IPO
LISTEDMAINBOARDARDEESUBSCRIBEListing Performance
▲ 35.85%
Issue Price
₹53
Listing Price
₹72
Listed On
12 Aug 2026
- Price Band
- ₹50 – ₹53
- Lot Size
- 281
- Lot Value
- ₹14,893
- Open Date
- 05 Aug 2026
- Close Date
- 07 Aug 2026
- Min Investment
- ₹14,893
About Ardee Industries
Ardee Industries is engaged in the manufacturing of pure lead and lead alloys using recyclable scrap materials such as battery scrap, remelted lead ingots, and lead blocks. The company serves customers in battery and metal industries across domestic and international markets, with manufacturing operations concentrated in Tirupati, Andhra Pradesh.
The company manufactures and sells pure lead and lead alloys produced from recycled lead-containing scrap to customers in the battery and metal industries.
Use of IPO Proceeds
Total allocation: ₹240.00 Cr (excludes issue expenses)
Promoters
Sandeep Aggarwal
Chairman and Managing Director · age 51
Nikunj Aggarwal
Whole-time Director · age 30
Esha Gupta
Whole-Time Director · age 31
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: BSE, NSE
Strengths (6)
- •Leading circular economy player in lead recovery and recycling with demonstrated operational stability
- •High-purity lead and alloy manufacturing conforming to international standards (99.97-99.985%)
- •Diversified product portfolio including lead calcium, antimony, tin, silver, and cadmium alloys
- •Strategic location near battery manufacturers with integrated waste procurement and recycling processes
- •Strong regulatory compliance track record ensuring uninterrupted operations and import approvals
- •Advanced low-emission oxygen enrichment technology boosting efficiency while reducing carbon emissions
Risk Factors (6)
- •First public issue with no formal market history; offer price may not indicate post-listing market price or trading activity
- •Lead and lead alloy recycling industry subject to regulatory changes and environmental compliance requirements affecting operations
- •Company's growth depends on successfully implementing strategy amid technological changes and market competition
- •Exposure to macroeconomic risks including inflation, interest rates, foreign exchange volatility, and general economic conditions in India
- •Industry market data derived from commissioned Frost & Sullivan report subject to inherent risks and methodological uncertainties
- •Dependence on promoters Sandeep Aggarwal, Nikunj Aggarwal, and Esha Gupta for strategic direction and operations
📊 Algorithmic Score
Computed from issue structure — GMP, fresh issue %, OFS %, issue size
Why do these differ? The Algorithmic Score measures issue quality (structure, size, promoter commitment). The Demand Analysis measures investor interest signals (subscription, GMP, risks). A high-quality issue can still have unconfirmed demand — especially before subscription opens.
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
▲ Listed +35.9%Strong investor demand with 110x subscription suggests positive listing momentum. GMP indicates market expects a listing premium.
Pre-listing prediction: SUBSCRIBE
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | 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 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 1.10x | 1.21x | 162.21x |
| sNII (S-HNI) | 4.32x | 26.49x | 166.75x |
| bNII (B-HNI) | 4.35x | 23.38x | 236.80x |
| Retail | 2.52x | 11.05x | 35.69x |
| Total | 2.51x | 11.17x | 109.61x |
Colour: red <1x · green 1–5x · blue 5–10x · orange >10x.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
35.69x
Allotment Ratio
1 lot per 36 applicants
Allotment Probability
~2.8%
Non-Institutional Investors (NII / HNI)
Subscription
213.45x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
162.21x
Allotment Type
Discretionary allotment
Total Subscription
109.61x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
IPO Timeline
Issue Opens
05 Aug 2026 · Wed
Issue Closes
07 Aug 2026 · Fri
UPI Deadline
07 Aug 2026 · Fri
Allotment
10 Aug 2026 · Mon
Refund
11 Aug 2026 · Tue
Share Credit
11 Aug 2026 · Tue
Listing
12 Aug 2026 · Wed
Issue Opens
05 Aug 2026 · Wed
Issue Closes
07 Aug 2026 · Fri
UPI Deadline
07 Aug 2026 · Fri
Allotment
10 Aug 2026 · Mon
Refund
11 Aug 2026 · Tue
Share Credit
11 Aug 2026 · Tue
Listing
12 Aug 2026 · Wed
IPO Details
| Registrar | KFin Technologies Limited |
| Exchange | BSE, NSE |
| ISIN | — |
| Face Value | ₹2 |
| Issue Size | ₹425.87 Cr |
| Fresh Issue | ₹32.00 Cr |
| OFS Size | — |
| Lead Managers | — |
3-Year Financial Summary
Revenue trend
↑ FY24→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 742.74 | 33.27 | — | — | — |
| FY24 | 462.96 | 8.95 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 |
|---|---|---|
| Total Income | 463.39 | 743.53 |
| EBITDA | 28.06 | 65.93 |
| Net Worth | 29.25 | 62.6 |
| Total Borrowings | 142.36 | 165.77 |
From the company's offer document (DRHP/RHP); restated figures where available.
Company Fundamentals
10 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹5.10 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Ardee Industries offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Ardee Industries's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Ardee Industries's filing.
Source: Ardee Industries offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
- Sandeep Aggarwal99,87,500 sh
- Nikunj Aggarwal99,87,500 sh
Source: Ardee Industries offer document (DRHP/RHP).
Board & Management
Board of Directors (6)
- Sandeep Aggarwal₹2.40 Cr p.a.
Chairman and Managing Director
Not specified
- Nikunj Aggarwal₹2.00 Cr p.a.
Whole-time Director
Not specified
- Esha Gupta₹0.16 Cr p.a.
Whole-time Director
Not specified
- Archana Jain₹0.03 Cr p.a.
Independent Director
Not specified
- Anand Tandon₹0.03 Cr p.a.
Independent Director
Not specified
- Vivek Sarbhai₹0.02 Cr p.a.
Independent Director
Bachelor's degree in technology (chemical engineering) from Kanpur University; Post-graduate diploma in industrial engineering from the National Institute for Training in Industrial Engineering
Over ten (10) years of work experience in supply chain management
Key Managerial Personnel (5)
- Arun Kumar Mallik
Chief Financial Officer
- Manish Kumar Rai
Company Secretary and Compliance Officer
- Shyam Dhar Singh₹0.19 Cr p.a.
Head – Sales & Marketing
More than three (3) decades of work experience in the field of marketing
- Amitabh Agrawal₹1.07 Cr p.a.
Vice President - Operations
Bachelor's degree in commerce (honors) from University of Calcutta
Twenty-eight (28) years of work experience in operation management
- Sanjeev Sharma₹0.17 Cr p.a.
General Manager - HR & Administration
Master's degree in business administration from Sikkim Manipal University of Health, Medical and Technological Sciences; Master's degree in arts in English from Annamalai University; Certificate for doctorate in management studies from Indian School of Business Management & Administration
More than three (3) decades of work experience in human resources management
Source: Ardee Industries offer document (DRHP/RHP).
Industry & Market
Ardee Industries holds 2.09% market share in recycled lead ingots with installed capacity of 104,025 MTPA as of March 31, 2026, strategically located in Naidupet, Andhra Pradesh
Per Industry Report on Lead and Lead Alloy Recycling dated July 17, 2026 prepared by Frost & Sullivan, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Ardee Industries Limited | — | 3.32 | 57.46 | 5.78 |
Material Litigation
Promoter Sandeep Aggarwal and promoter group members face two outstanding criminal proceedings: (1) a complaint filed by Mohan Kumar Verma regarding non-replacement of batteries and alleged misuse of blank cheques, currently stayed by the High Court of Patna; and (2) a GST evasion complaint by DGGI against Pilot Industries Limited and the promoters alleging fake Input Tax Credit of ₹98.08 million, with proceedings stayed by the High Court of Uttarakhand. No material civil or criminal litigations directly against the Company itself are outstanding.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:KFin Technologies Limited→Documents
Frequently Asked Questions
When is the Ardee Industries IPO opening?
The Ardee Industries IPO opens on 05 Aug 2026 and closes on 07 Aug 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Ardee Industries IPO?
The price band for the Ardee Industries IPO is ₹50 to ₹53. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Ardee Industries IPO?
The minimum lot size is 281 shares with a minimum investment of ₹14,893. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Ardee Industries IPO today?
The latest Grey Market Premium for Ardee Industries is ₹15 (+28.30%). GMP is unofficial data and is not a guarantee of listing price.
When will the Ardee Industries IPO list on NSE and BSE?
The Ardee Industries IPO is expected to list on 12 Aug 2026 on BSE, NSE. Actual listing day trading begins at the start of the normal market session.
How can I check the Ardee Industries IPO allotment status?
The registrar for this IPO is KFin Technologies Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Ardee Industries IPO a mainboard or SME issue?
Ardee Industries is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Ardee Industries IPO?
You can apply for the Ardee Industries IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA. Use the Apply Now buttons on this page to go directly to the broker.
What is the expected listing price of Ardee Industries IPO?
Based on the current GMP of ₹15, the expected listing price of Ardee Industries is ₹68 (issue price ₹53 + GMP ₹15). Note that GMP is unofficial grey market data and actual listing price may differ.
What is the allotment ratio for Ardee Industries IPO?
Based on the retail subscription of 35.69x, the estimated allotment ratio is 1 lot per 36 applicants (approximately 2.8% chance of allotment). This is an estimate and actual allotment may vary.
Should I subscribe to Ardee Industries IPO?
Based on our algorithmic analysis, Ardee Industries IPO is rated SUBSCRIBE with high confidence. Strong investor demand with 110x subscription suggests positive listing momentum. GMP indicates market expects a listing premium. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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