Ardee Industries shares make a strong D-St debut, list at 39% premium over IPO price

Ardee Industries made a strong debut on the stock exchanges on Tuesday, with shares listing at Rs 73.60 on the BSE, a 38.87% premium over the issue price. On the NSE, the stock opened at Rs 72, marking a 35.85% premium over IPO price.

The listing surpassed grey market expectations, which had indicated a 27% premium debut after a stellar subscription.

The IPO, which was open from August 5 to August 7, was subscribed a staggering 133.66 times overall, reflecting robust investor appetite across categories.


Institutional investors led the charge, with the Qualified Institutional Buyers (QIB) portion subscribed 197.77 times. The Non-Institutional Investors (NII) category saw even stronger demand, with subscription reaching 255.24 times, while the retail portion was subscribed 45.71 times.

The Rs 425.87 crore IPO comprised 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.

Ardee Industries had fixed the IPO price band at Rs 50–Rs 53 per share. With the issue receiving an overwhelming response and the GMP indicating a potential premium of around 27%, all eyes are now on the listing-day performance.

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

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Ardee industries IPO Objectives: Utilisation of Funds

The proceeds from the Ardee Industries IPO 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.

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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.

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