Ardee Industries IPO: Metal Recycler’s Public Issue Set To Open This Week - Should You Apply

The initial public offering (IPO) of Ardee Industries is expected to open for subscription on August 5. The company filed its Red Herring Prospectus (RHP) on July 27. Notably, the public issue will be conducted as a 100 per cent book built offer. The issue is a combination of a fresh issue and an offer for sale. The bidding window is scheduled to close on August 7.

Ahead of the opening of the bidding window, here is a detailed look at the details of the public issue and the company's business that investors should know before the public issue opens for subscription.

Ardee Industries IPO: Offer Size and Selling Shareholders

The initial public offering comprises a fresh issue of up to 60.4 million shares of face value of Rs 2 each, aggregating up to Rs 320 crore. The metal recycler’s public issue also includes an offer for sale of up to 20 million shares of face value of Rs 2 each, aggregating up to Rs 105.8 crore.

Before the issue, the promoters, Sandeep Aggarwal, Nikunj Aggarwal, and Esha Gupta, held 91.16 per cent stake in the company. After the issue, the shareholding of the promoters and promoter group will reduce to 67.62 per cent.

Ardee Industries IPO: Price Band and Lot Size

Ardee Industries has set the price band for its public issue at Rs 50 to Rs 53 per share. Retail investors can apply by placing bids for a minimum of 281 shares, which amounts to a minimum investment of Rs 14,893. Small non institutional investors can bid for the issue by applying for a minimum of 14 lots or 3,934 shares, aggregating to Rs 2,08,502, and for the big non institutional investor category, the minimum amount will be 68 lots or 19,108 shares, amounting to Rs 10,12,724.

Ardee Industries IPO: GMP

The latest Grey Market Premium (GMP) for Ardee Industries is Rs 7 as of August 2. Based on the upper price band of Rs 53, the estimated listing price is Rs 60, indicating an expected listing gain of 13.21 per cent per share. However, investors should be aware that GMP is indicative only and is subject to volatility.

Ardee Industries IPO: Key Financials

In the fiscal year ended March 31, 2026, Ardee Industries total revenue from operations stood at Rs 1168.88 crore, up 57 per cent compared to Rs 743.53 crore in the preceding fiscal. The company posted a profit of Rs 84.68 crore in the same period compared to a net profit of Rs 33.27 crore in the preceding fiscal. The net worth of the company stood at Rs 147.38 crore increasing by 135.43 per cent compared to Rs 62.6 crore in the preceding fiscal.

Ardee Industries: Business Model

Ardee Industries focuses on the recovery and recycling of end of life energy storage products and non ferrous scrap. The company manufactures high purity lead and specialized lead alloys. According to the RHP, the company heavily services the battery and metal industries, with the battery industry contributing 34.77 per cent and the metal industry contributing 50.02 per cent of the company's revenue from operations in FY26. The company’s top customer, Amara Raja Energy and Mobility, contributed 40.64 per cent of revenue from operations during the same period.

Ardee Industries: Competitors

Ardee Industries competes with other domestic lead and metal recycling companies. Key listed peers and competitors of the company include Gravita India, Pondy Oxides and Chemicals and Jain Resource Recycling.

Ardee Industries IPO: Should You Apply?

Ahead of the upcoming public issue, investors should assess the risks and strengths related to the company's business model before applying.

Ardee Industries IPO: Key Risks

• The metal recycler relies on a limited number of customers, with its top customer contributing 40.64 per cent of its total revenue from operations in FY26.

• The company's business operations and facilities are concentrated in the state of Andhra Pradesh, exposing the company's business to geographical risks.

• The company is vulnerable to foreign currency exchange rate fluctuations because it imports a significant portion of its raw material.

Ardee Industries IPO: Key Strengths

• The company claims to have a track record and demonstrated operational stability in the circular economy.

• The company claims to have a strong customer base along with robust raw materials sourcing capabilities.

• The company claims its business is backed by a track record of profitability and consistent financial performance.

Ardee Industries IPO: Objective

The company intends to utilise the fresh issue proceeds for funding the incremental working capital requirements of the company. The proceeds will also be used for repayment or prepayment, in full or in part, of certain borrowings availed by the company, and for general corporate purposes.