Ardee Industries IPO Day 3: GMP at 27%; issue subscribed over 14 times so far. Should you subscribe?

The Rs 425.87 crore Ardee Industries IPO has entered its third and final day of subscription with strong investor demand across all categories. In the grey market, the company's shares are trading at a premium of around 27% over the upper end of the price band, indicating positive expectations for its market debut.

By the close of the second day, the public issue had been subscribed 14.16 times, with bids received for significantly more than the 5.84 crore shares available. Retail investors remained particularly enthusiastic, subscribing to their reserved portion 14.33 times against the 2.93 crore shares allocated for the segment.

The IPO comprises a fresh issue of 6.04 crore shares worth Rs 320 crore and an offer for sale (OFS) of 2 crore shares amounting to Rs 105.87 crore, taking the total issue size to Rs 425.87 crore.


The issue opened for subscription on August 5 and closes on August 7. The company has fixed a price band of Rs 50–53 per share. Ardee Industries operates in the lead recycling and non-ferrous metals segment, serving industries that rely on recycled metals and efficient resource recovery.

The basis of allotment is expected to be finalized on August 10, while the company's shares are tentatively scheduled to debut on the NSE and BSE on August 12, 2026.

Pantomath Capital Advisors Private Limited has been appointed as the book running lead manager for the IPO, while KFin Technologies Limited is serving as the registrar.

Ardee Industries IPO Subscription Status

Investor demand remained strong on the second day of bidding, with the IPO being subscribed 14.16 times against the 5.84 crore shares on offer.

Retail Individual Investors (RIIs): Subscribed 14.33 times against the 2.93 crore shares reserved for the segment. Non-Institutional Investors (NIIs): Emerged as the standout category, with subscriptions reaching 30.55 times against 1.25 crore shares. Qualified Institutional Buyers (QIBs): Subscribed 1.30 times against the 1.64 crore shares allocated to institutional investors.

IPO Objectives: Utilisation of Funds

The proceeds from the Ardee Industries IPO will be directed towards strengthening the company’s balance sheet and supporting its future expansion initiatives. The company intends to deploy Rs 220 crore towards fulfilling its growing working capital requirements and Rs 20 crore towards the repayment or pre-payment of select borrowings. The balance amount will be utilised for general corporate purposes, taking the overall utilisation of IPO proceeds to Rs 240 crore.

About Ardee Industries

Founded in 1993, Ardee Industries Limited operates in the sustainable recovery and recycling of end-of-life energy storage products and non-ferrous scrap. The company focuses on manufacturing high-purity lead and specialised lead alloys, including lead calcium, lead antimony, lead tin, lead silver, and lead cadmium variants.

Its product portfolio serves multiple industries, including energy storage, electric mobility, automotive, and chemical sectors. As of March 31, 2025, Ardee Industries catered to over 50 customers across domestic and international markets, with a strong presence in the battery and metals industries. The company has also expanded its global footprint by exporting products to seven countries, including Singapore, Hong Kong, South Korea, Switzerland, the United Arab Emirates, Japan, and the United States.

The company’s manufacturing facility is located across approximately 7.61 acres in Tirupati district, Andhra Pradesh. With an installed production capacity of 104,025 metric tonnes per annum (MTPA), the facility is equipped with modern recycling infrastructure, including rotary furnaces, refining kettles, casting systems, and advanced pollution control mechanisms.

Financial Performance

Ardee Industries has demonstrated strong financial growth in recent years. In FY 2025-26, the company’s total income increased by 57% to Rs 1,168.9 crore, compared with Rs 743.5 crore in the previous fiscal year. The company also witnessed a significant improvement in profitability, with Profit After Tax (PAT) surging 155% to Rs 84.7 crore, up from Rs 33.3 crore in FY 2024-25.

Should You Subscribe?

According to Choice Broking, Ardee Industries is reasonably valued at the upper price band, trading at a P/E of 19.7x FY26 earnings and an EV/Sales multiple of 1.3x.

The brokerage highlighted several key strengths of the company, noting that it is among India's top six organised recycled lead producers. It also emphasized the company's integrated recycling operations, supported by a diversified sourcing network spanning 58 countries, and its expanding domestic and export customer base. In addition, the brokerage pointed to the company's planned capacity expansion, its diversification into recycled tin, copper, and plastic granules, and the potential integration of Pilot Industries' recycling business as factors that could support future growth.

While risks such as lead price volatility, environmental regulations, and working-capital intensity remain, the brokerage believes the company's hedging framework and sourcing network help cushion these challenges. Choice Broking has assigned a "Subscribe for Long-Term" rating, citing reasonable valuations, a scalable business model, and long-term growth opportunities driven by the expanding circular economy.

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