Ardee Industries Ltd.'s IPO opened for public subscription on August 5 and will close on August 7. The price band has been fixed at Rs 50-53 per equity share for the issue, valuing the company at Rs 1,671 crore.
Ardee Industries, a leading firm in secondary metals and circular economy sectors, on Tuesday raised Rs 128 crore from anchor investors ahead of its IPO, which will open for subscription on Wednesday. The company allotted 2.41 crore equity shares to anchor investors at Rs 53 apiece, the upper end of the initial public offering (IPO) price band, according to a circular uploaded on the BSE website.
The anchor book saw participation from Bank of India Mutual Fund, Ashish Kacholia-led Bengal Finance & Investment Pvt Ltd, Rohit Kothari-led Winro Commercial (India) Ltd, The Wealth Company Alternates Trust, India Max Investment Fund Ltd, Cognizant Capital Dynamic Opportunities Fund, IMAP India Capital Investment Trust and Catalyst New India Fund.
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Last week, Ardee Industries completed a pre-IPO secondary transaction worth Rs 115 crore at Rs 53 per share.
The IPO comprises a fresh issue of equity shares worth up to Rs 320 crore and an offer-for-sale (OFS) of up to 1.99 crore shares by promoters. At the upper end of the price band, the total issue size is pegged at about Rs 426 crore.
Ardee Industries IPO Day 2
Ardee Industries Ltd. IPO Day Two Subscription Status
The Ardee Industries Ltd. IPO has been booked 5.40 times (oversubscribed) as of Day 2 at 10:30 am
- Qualified Institutional Buyers: 1.12 times
- Non Institutional Investors: 10.35 times
- Retail Individual Investors: 5.68 times
- Employee Reserved: 0
Ardee Industries Ltd. IPO GMP
The grey market premium (GMP) for Ardee Industries IPO is Rs 15.25 , updated as of August 6 at 10:41 am. With a price band of Rs 53, the estimated listing price is Rs 68.25, indicating a potential gain of 28.77% per share, as per Investorgain.
Ardee Industries Financials
Of the net proceeds, Rs 220 crore is earmarked for funding incremental working capital requirements, while Rs 20 crore will go towards repaying or prepaying borrowings. SBI Securities has a 'subscribe' rating on the issue for the long term, valuing it at a P/E multiple of 19.7 times on post-issue capital at the upper price band.
About The Company
Ardee Industries is engaged in the circular economy segment, focusing on the recovery and recycling of end-of-life energy storage products and non-ferrous scrap. It also reclaims critical resources from waste streams and manufactures pure lead and lead alloys used in sectors such as energy storage, e-mobility, automotive and chemicals. Pantomath Capital Advisors is the book-running lead manager to the issue.
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