Ardee Industries IPO subscribed 1.90 times so far on Day 1; check price band, lot size and key dates

The initial public offering of Ardee Industries Ltd, a leading firm in secondary metals and circular economy sectors, has been subscribed 1.90 times so far on the first day of bidding on Wednesday, August 5.

It got bids for 11,10,56,820 shares as against 5,84,22,516 shares on offer, according to the NSE data until 2:17 pm.

The Qualified Institutional Buyers (QIBs) category was booked 1.10 times. The quota for non-institutional investors was subscribed --2.64 times, while the retail portion was booked 2.03 times.

The ₹425.87 crore IPO comprises a fresh issue of equity shares worth up to ₹320 crore and an offer-for-sale (OFS) of ₹105.87 crore by promoters Sandeep Aggarwal and Nikunj Aggarwal.

The money raised will be used for funding incremental working capital needs, debt repayment and general corporate purposes.

With a price band of ₹50 to ₹53 per share, a lot consists of 281 shares.

Ardee Industries IPO: Allotment and listing date

Before the IPO, the company raised ₹128 crore from anchor investors, including Bank of India Mutual Fund, Rohit Kothari-led Winro Commercial (India) Ltd, The Wealth Company Alternates Trust, Ashish Kacholia-led Bengal Finance & Investment Pvt Ltd, India Max Investment Fund Ltd, IMAP India Capital Investment Trust, Cognizant Capital Dynamic Opportunities Fund and Catalyst New India Fund.

Ardee Industries Ltd is engaged in the circular economy segment, focusing on the recovery and recycling of end-of-life energy storage products and non-ferrous scrap. The company also reclaims critical resources from waste streams and makes pure lead and lead alloys utilised in sectors such as energy storage, automotive, e-mobility, and chemicals.

Pantomath Capital Advisors is the issue's book-running lead manager, while KFin Technologies is the registrar.

Shares of the company will be listed on the National Stock Exchange (NSE) and the BSE.