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Ardee Industries IPO
133.12xsubscribed

Ardee Industries IPO

Metal - Non Ferrous
listed
₹14,050Min. investment

Ardee Industries Limited IPO Details

SectorMetal - Non Ferrous
Price range₹50.00 – ₹53.00
IPO type
Regular
Lot size281 shares
Issue size₹426Cr
Red Herring Prospectus
Read
Market cap
₹1,670CrLower than sector avg
RevenueApr 2025 - Mar 2026
₹1,167CrLower than sector avg
Growth rate3Y CAGR
58.81%Higher than sector avg

Ardee Industries IPO Subscription Status

Date
QIB
NII
Retail
Total
05-Aug-26
1.1 times (X)
5.33 times (X)
3.27 times (X)
3.11 times (X)
06-Aug-26
1.22X
24.54X
11.16X
11.25X
07-Aug-26
162.73X
254.13X
44.82X
133.12X

As on 05-Aug-26, 5:30 PM

Ardee Industries IPO Timeline

  1. Pre-apply
    3 Aug 2026
  2. Bid start
    5 Aug 2026
  3. Bid end
    7 Aug 2026
  4. Allotment
    10 Aug 2026
  5. Release of funds
    11 Aug 2026
  6. Demat transfer
    11 Aug 2026
  7. Listing
    12 Aug 2026

About Ardee Industries Limited

Ardee Industries is one of India’s most prominent companies engaged in the concept of a circular economy by providing eco-friendly recycling of energy storage products like lead-acid batteries and non-ferrous scrap metal recycling. It manufactures pure lead along with various lead alloys like lead-calcium, lead-antimony, lead-tin, lead-silver, and lead-cadmium alloys with purity content ranging between 99.97% and 99.99% according to international standards.
The company is engaged in operations through an operational facility spanning an area of 7.61 acres located in the Tirupati district of Andhra Pradesh, located close to battery producers and near three ports such as Chennai, Kattupalli, and Ennore for facilitating domestic and international operations. The installed capacity has increased from 54,750 MTPA in FY24 to 156,950 MTPA as on the date of RHP.
Pure lead generated revenue of 56.4% in FY26, while that of lead alloy constituted 27.5%. Sales of scrap and others constituted the rest of the revenues in FY26. Domestically sold goods constituted 55.4% of total revenues, while exports generated 39.8% of revenue. Revenue from exports has shown a CAGR of 138.6% from FY24 to FY26. Singapore and Switzerland were the top two countries of exports in FY26.
As of March 31, 2026, the firm had more than 50 customers (44 domestic, 8 foreign) in the battery and metal industries. Amara Raja Energy & Mobility is the largest domestic customer, accounting for 40.6% of FY26 operating income. Sebang Metal Trading Co. Ltd is one of the important foreign customers of the company. The total contribution of the top 10 customers in FY26 is 91.6%.
The main inputs include battery scrap, remelted lead ingots/blocks, lead scrap, and lead master metal, which are available from 55 domestic and 165 foreign vendors in FY26. There was a huge increase in imports to 86.9% of the total purchase in FY26 from 61.3% in FY24. The cost of material consumed is 80.1% of operating income.
The firm plans to integrate the lead recycling business of its subsidiary Pilot Industries Limited (Bhiwadi, Rajasthan) with itself through a subsidiary merger. In addition, it plans to diversify its business into plastic granules, tin, and copper recycling with the help of an acquired 5.56 acres of land at Naidupet, Tirupati.
The Indian recycled lead ingots market size was around ₹30,933 crore in FY26 and is expected to be ₹39,200 crore by FY30 with a CAGR of 6.1%. Over 80% of India's lead requirement is met from secondary sources of lead, primarily sourced from ULABs, largely driven by the automotive industry, inverter & UPS backup, telecommunication, data centres and renewable energy storage applications. The industry of recycled lead continues to remain fragmented, with a sizeable contribution of output coming from the unorganised side of the market despite the efforts taken by the Indian government in the form of Battery Waste Management Rules, 2022; EPR regulations; and the National Non-Ferrous Metal Scrap Recycling Framework, 2020, to take the industry on to the path of formalisation and compliance. The demand growth for recycled lead is fuelled by increased automotive manufacturing, increased installations of telecom towers, additional data centre capacities (estimated to cross 4,500 MW by 2030), and increased solar power backup applications.
Ardee Industries can leverage these favourable industry dynamics through the integrated recycling and refining of lead at Naidupet, Andhra Pradesh, with the installed refining capacity, which has been scaled up to 156,950 MTPA till May 2026. The favourable port-centric location of the firm gives it an advantage in procuring scrap from over 50 countries and exporting to the rapidly expanding export destinations like Southeast Asia and South Korea, where there is strong demand growth for recycled lead.
Through its empanelment with the London Metal Exchange, being a Three-Star Export House, and being compliant with CPCB and MoEFCC standards, Ardee Industries is well positioned to capitalise on the market becoming more formalised and EPR-driven, while the diversified customer base among domestic and international lead-acid battery manufacturers gives it a good chance to leverage the structural growth in the industry.
Now, Ardee Industries is launching its initial public offering (IPO), which consists of a fresh issue of ₹ 320 crore and an offer for sale of ₹106 crore only. The total issue size of the IPO is ₹425.87 crore. Its shares will be listed on the NSE and BSE.

How to pre-apply for Ardee Industries IPO?

You can pre-apply for Ardee Industries IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
  • Login to your Upstox account, using your six-digit PIN
  • After successfully logging in, click on ‘Discover’
  • On the Discover tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Ardee Industries IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Pre-Apply’
  • Accept the mandate on your UPI app

How to apply for Ardee Industries IPO?

If you are interested in this investment opportunity but unsure how to apply for Ardee Industries IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Ardee Industries IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Ardee Industries IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

**How to check the Ardee Industries IPO allotment status? **

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the Ardee Industries IPO allotment status:
  • Login to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, you will find the ‘View all’ option
  • Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
  • In the ‘IPO’ tab, click on ‘My applications’
  • In ‘My applications’, under the History section, your Ardee Industries IPO allotment status will be mentioned

Ardee Industries Limited IPO Analysis

IPO REVIEW

Ardee Industries IPO | Analysis Video

Should you apply?

Watch our analysts break down the Ardee Industries Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Capacity increased threefold

The company’s capacity has been increased threefold to 1,56,950 MTPA since 2021, owing to its strategically positioned manufacture near the port, which ensures that the company’s supply chain is reliable in terms of importing material.

Margin protection via hedging strategy

A two-way hedging strategy, which includes back-to-back pricing and LME futures hedge of 60% to 100%, protects the company’s margins from lead price fluctuation.

Consistent repeat customers

The repeat customers contributed 85.8% to Ardee’s total revenue in FY26, whereas exports have grown at a CAGR of 138.6% over 8 countries because of its LME-listed brand.

Promoters & management team

Promoters have 40+ years of experience in the industry, supported by a management team with 48+ years of experience in finance, compliance and IPO execution.

Objectives of Ardee Industries Limited IPO

Working capital
68.70%
220 crore will be used to fund incremental working capital requirements.
General corporate purposes
25.00%
Part of the IPO proceeds will be used for general corporate purposes and issue expenses
Repayment of debts
6.20%
The company will use ₹20 crore fund for repayment of certain borrowings availed by the company.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹1,167Cr58.81%₹84.6Cr₹1,670Cr15.961.25
This sector (avg.)₹9,368.76Cr0.01%₹1,021.73Cr₹17,328.86Cr19.690.52
₹1,52,968Cr---₹21,267Cr₹2,66,361.4Cr28.361.82
₹34,083Cr---₹10,353Cr₹2,65,561.3Cr22.530.82
₹2,38,496Cr---₹16,002Cr₹2,15,225.4Cr12.050.53

*Revenue for financial year 2025-26. Lower P/E and D/E ratios are generally preferred.

Ardee Industries IPO Contact Details

Company NameArdee Industries Limited

How to apply for Ardee Industries IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Ardee Industries Limited IPO FAQs

Investors can apply for the Ardee Industries IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Ardee Industries IPO is 426 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Ardee Industries IPO will be open between 2026-08-05 and 2026-08-07.
Ardee Industries IPO allotment date is 2026-08-11. For Ardee Industries IPO allotment status check, you can visit the website of the registrar of the IPO.
For Ardee Industries IPO, the IPO registrar is KFin Technologies Limited. You can check Ardee Industries IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Ardee Industries IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Ardee Industries IPO lot size is 281 and minimum order quantity is 281.
Ardee Industries IPO has set the price band for its IPO at 53 per equity share with a face value of 2.