Ardee Industries listed at Rs 72 on the NSE on Wednesday against its issue price of Rs 53, a premium of nearly 36%. On the BSE, the stock opened even higher at Rs 73.60, up about 39% over the issue price.
The debut brings a sharp notional gain for marquee investor Ashish Kacholia, who bought a 1.48% stake in the lead and lead-alloys manufacturer weeks before the IPO opened. Kacholia acquired 37,73,600 equity shares from promoters Sandeep Aggarwal and Nikunj Aggarwal on July 24, paying Rs 53 apiece for a total outlay of about Rs 20 crore.
At the NSE listing price, that holding is worth roughly Rs 27.17 crore, a notional gain of Rs 7.17 crore. On the BSE, the value works out to about Rs 27.77 crore, a gain of nearly Rs 7.77 crore.
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Ardee Industries has had a strong debut on Dalal Street
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Kacholia was not the only investor in the pre-IPO batch. The same transfers on July 24 and 27 went to Bharat Value Fund – Series III, Winro Commercial (India) Limited, Meru Investment Fund PCC, and individual investors including Shruti Gagan Chaturvedi, Nikhil Jaisinghani and Reina Jaisinghani, all at Rs 53 per share. This investor cohort held about 8.5% of the company's pre-Offer equity and saw similar percentage gains on listing day.
The gains stay on paper for now. Pre-IPO investors are typically under lock-in, so Kacholia and the others cannot sell into the listing-day pop to book profits immediately.
Ardee Industries, incorporated in 1993, manufactures lead, lead alloys and lead-based stabilizers for battery manufacturing and automotive components.
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