IPO
Metal recycler Ardee Industries’ Rs.426-Cr IPO subscribed 98x
Business Line Ardee Industries
The initial public offering of Bengaluru-based Ardee Industries has been subscribed 98.07 times as of the final day of the issue. The Non-Institutional Investor (NII) portion of the offering was subscribed 233.29 times, while the Qualified Institutional Buyer (QIB) category saw 98.32 times subscription. The retail portion of the issue was subscribed 39.98 times. Pantomath Capital Advisors served as the book-running lead manager for the transaction.The company launched its INR 426 crore initial public offering at a price band of INR 50 to INR 53 per share. The issue comprises a fresh issue of INR 320-Cr and an offer-for-sale of 1.99 crore equity shares by promoters Sandeep Aggarwal and Nikunj Aggarwal. The company plans to use INR 220 crore of the fresh issue proceeds for incremental working capital requirements and INR 22 crore for debt repayment.Prior to the IPO, Ardee Industries raised INR 127.75 crore from seven anchor investors. Additionally, the company completed a pre-IPO secondary transaction aggregating INR 115 crore at INR 53 per share.Founded in 1993, Ardee Industries operates in the lead recycling and non-ferrous metals sector, producing high-purity lead and specialized alloys for industries including energy storage and electric mobility.The company plans to use the proceeds from the issue to meet its working capital requirements and repay select borrowings.
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