Ardee Industries Ltd. made a strong debut on the stock market on Wednesday, listing at a premium of 35.85% to its IPO price. The stock opened at Rs 72 on the NSE which is a rise from the IPO price of Rs 53. On the BSE, it began trading at Rs 73.60 per share which marks a 38.87% premium.
The price band for the IPO was fixed at Rs 53 per equity share, valuing the company at Rs 1,671 crore.
The initial public offering of Ardee Industries Ltd. received strong participation from investors, with the issue getting subscribed 133.66 times on the final day of bidding on August 7. The Rs 426-crore IPO received bids for 7,80,88,19,433 shares against 5,84,22,516 shares on offer, as per data available with the NSE.
The non-institutional investors subscribed their category 255.24 times. The Qualified Institutional Buyers (QIBs) segment was booked 197.77 times and the retail quota was subscribed 45.71 times.
Ardee Industries Ltd, a leading firm in secondary metals and circular economy sectors raised Rs 128 crore from anchor investors. 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.
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.
ALSO READ: Ardee Industries IPO: Ace Investor Ashish Kacholia Buys 20% Of Anchor Book Ahead Of Issue
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