On the National Stock Exchange (NSE), the shares opened at ₹72, up ₹19 apiece or 35.85% from the IPO issue price of ₹53. On the BSE, the stock debuted at ₹73.60, marking a gain of ₹20.60 or 38.87% over the issue price.
Following the listing, Ardee Industries’ market capitalisation stood at ₹2,319.88 crore, according to BSE data.
Ardee Industries’ post-listing outlook
According to Shivani Nyati of Swastika Investmart, the post-listing outlook remains positive, supported by attractive valuations, strong RoNW of 57.46%, healthy profitability and its presence in the growing circular economy and recycling space.
However, after a sharp 36-39% listing gain, Nyati advised investors to avoid chasing the stock at higher levels and watch for profit-booking.
The analyst also recommended IPO allottees to continue to hold with a stop-loss of ₹65 on a closing basis, while fresh investors may consider buying only on meaningful dips.
The debut was stronger than indicated by grey market trends, which had pointed to a premium of about 30% over the issue price.
Ardee Industries IPO details
The initial public offering (IPO) of Ardee Industries Ltd., which operates in the secondary metals and circular economy space, was open for subscription from August 5 to August 7.
The company had fixed the IPO price band at ₹50-53 per equity share, valuing the company at around ₹1,671 crore at the upper end of the price band.
Ahead of the issue opening, Ardee Industries allotted 2.41 crore equity shares to seven anchor investors at ₹53 apiece.
The anchor book included Bank of India Small Cap Fund, Ashish Kacholia-led Bengal Finance & Investment Pvt. Ltd., Rohit Kothari-led Winro Commercial (India) Ltd., The Wealth Company Alternates Trust – Bharat Value Fund, India Max Investment Fund Ltd., Sundar Iyer-led Cognizant Capital Dynamic Opportunities Fund – Investment Account and IMAP India Capital Investment Trust – Catalyst New India Fund.
The company raised ₹426 crore through a combination of a fresh issue and an offer for sale (OFS). The IPO comprised a fresh issue of 6.04 crore equity shares aggregating to ₹320 crore and an OFS of 2 crore shares worth ₹105.9 crore.
Of the fresh issue proceeds, ₹220 crore will be used to fund incremental working capital requirements, while ₹22 crore will go towards debt repayment. The remaining amount has been earmarked for general corporate purposes.
Ahead of the IPO, Ardee Industries also saw secondary share transactions worth around ₹115 crore involving institutional investors, seasoned market participants and family offices.
The transactions were executed in two tranches on July 24 and July 27 at ₹53 per share. Investors involved included Ashish Kacholia, Winro Commercial led by Rohit Kothari, Bharat Value Fund, the Jaisinghani Family Office, Jagdish Master Family Office, Anuj Sheth Family Office and Gagan Chaturvedi Family Office.
About Ardee Industries
Ardee Industries operates 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 recovers critical resources from waste streams and manufactures pure lead and lead alloys, which are used across industries including energy storage, e-mobility, automotive and chemicals.
The company’s revenue from operations more than doubled to ₹1,167.7 crore in FY26 from ₹463 crore in FY24.
Profit after tax also increased sharply to ₹84.7 crore in FY26 from ₹9 crore in FY24.
