Ardee Industries sets Rs 50-53 band for its Rs 426 crore IPO
Ardee Industries, a Delhi-based lead recycler, has set a Rs 50-53 price band for its Rs 425.87 crore mainboard IPO, which opens on 5 August and closes on 7 August 2026, per its RHP.
The Development
Ardee Industries Limited, a Delhi-headquartered lead recycler, has set a price band of Rs 50 to Rs 53 per equity share for its initial public offering, which opens for public subscription on Wednesday, 5 August 2026 and closes on Friday, 7 August 2026. The anchor investor bidding day is Tuesday, 4 August 2026. The terms follow the company's red herring prospectus dated 27 July 2026, filed with the Registrar of Companies at New Delhi and available on SEBI's website.
At the upper end of the band the offer aggregates to about Rs 425.87 crore, comprising a fresh issue of Rs 320 crore and an offer for sale of up to 19,975,000 equity shares by the two promoter selling shareholders. The face value is Rs 2 per share. The equity shares are proposed to be listed on the NSE and the BSE, with the NSE as the designated stock exchange, per the RHP.
The development was surfaced through Mint's round-up of mainboard issues opening in the first week of August. This report draws its figures from the offer document filed with SEBI and the announced price band, not a secondary summary. The RHP itself states the equity shares "have not been recommended or approved" by SEBI, which does not guarantee the accuracy of the document.
The Company
Per the RHP, Ardee Industries describes itself as one of India's leading players in the circular economy, specialising in the recovery and recycling of end-of-life energy storage products and non-ferrous scrap. Its portfolio comprises pure lead and lead alloys, including lead calcium, lead antimony, lead tin, lead silver and lead cadmium alloys, with purity levels the company discloses as ranging from 99.97% to 99.985%. Revenue is derived mainly from the sale of recycled and refined non-ferrous metal products in domestic and international markets.
The company operates a manufacturing facility spread across roughly 7.61 acres in the Tirupati district of Andhra Pradesh, with an installed capacity the RHP states at 156,950 MTPA. It served more than 50 customers as of 31 March 2026, and the offer document notes that a majority of its battery-industry revenue is derived from Amara Raja Energy & Mobility Limited. Exports ran to eight countries, with Singapore, Switzerland and South Korea named as significant markets.
On financials, the company discloses restated revenue from operations of Rs 1,167.65 crore for Fiscal 2026, up from Rs 742.74 crore in Fiscal 2025 and Rs 462.96 crore in Fiscal 2024. Profit after tax was Rs 84.68 crore in Fiscal 2026 against Rs 33.27 crore a year earlier, per the RHP, while EBITDA stood at Rs 147.08 crore. The company reports a return on net worth of 57.46% and a debt-to-equity ratio that eased to 1.25 times in Fiscal 2026 from 4.87 times in Fiscal 2024.
The Offer Structure
Per the RHP, the offer combines a fresh issue and an offer for sale. The fresh component aggregates to Rs 320 crore, while the offer for sale covers up to 19,975,000 equity shares split equally between promoters Sandeep Aggarwal and Nikunj Aggarwal, 9,987,500 shares each, aggregating about Rs 105.87 crore at the upper price. Proceeds from the offer for sale accrue to the selling shareholders, not to the company.
The price band is Rs 50 to Rs 53 per share and the lot size is 281 shares, so a single retail lot works out to Rs 14,893 at the upper end of the band, with further applications in multiples of 281 shares. Readers working through the arithmetic of a lot or a holding period can use Oquilia's lumpsum calculator or CAGR calculator; prior primary-market coverage sits on the Oquilia news desk.
The company states the net proceeds of the fresh issue will fund incremental working capital requirements of Rs 220 crore and the repayment or pre-payment of certain borrowings of Rs 20 crore, with the balance for general corporate purposes. Pantomath Capital Advisors is the book running lead manager and KFin Technologies is the registrar to the offer, per the RHP.
Risk Factors
The RHP sets out the risks the company is required to disclose, and applicants are directed to the full risk-factors section beginning on page 28 of that document. Among the risk factors the company discloses, customer concentration features prominently: its top customer accounted for 40.64% of revenue from operations in Fiscal 2026, and the RHP lists the loss of such a customer as a material risk.
The offer document also flags heavy dependence on two end-user industries. The company discloses that 84.79% of Fiscal 2026 revenue from operations was attributable to the battery and metal industries, so a downturn in either could affect performance. The RHP lists reliance on third-party suppliers for raw material, whose prices can fluctuate, and a limited operating history that may not indicate future results.
The company further discloses a historically high, though declining, debt-to-equity ratio, at 4.87 times in Fiscal 2024 easing to 1.25 times in Fiscal 2026, and geographic concentration, with more than 40.84% of Fiscal 2026 revenue from Andhra Pradesh and significant export revenue from Singapore, Switzerland and South Korea. These are the company's own disclosures, not an assessment by this desk.
What Happens Next
Per the timetable in the offer document, anchor investors bid on Tuesday, 4 August 2026, a day before the three-day public window that runs from 5 to 7 August. Applications are made through the ASBA and UPI mandate route, with the UPI mandate confirmation cut-off at 5:00 pm on the closing date, per the RHP.
After the issue closes, the registrar, KFin Technologies, finalises the basis of allotment, following which application amounts are unblocked for those who are not allotted shares and the allotted shares are credited to demat accounts. The equity shares are then listed and admitted to trading on the NSE and the BSE. The exchange listing circular will state the debut price against the issue price once trading begins. Each of these steps is a procedural milestone, not an indication of demand or of the price at which the shares will trade.
FAQ
What is the price band and lot size?
The price band is Rs 50 to Rs 53 per equity share of face value Rs 2, per the announced terms, and the lot size is 281 shares. A single retail lot therefore amounts to Rs 14,893 at the upper end of the band, with further applications made in multiples of 281 shares. The total offer aggregates to about Rs 425.87 crore at the cap price.
When does the issue open and close?
Per the RHP, the anchor investor bidding day is Tuesday, 4 August 2026. The offer opens for public subscription on Wednesday, 5 August 2026 and closes on Friday, 7 August 2026. The UPI mandate confirmation cut-off is 5:00 pm on the closing date.
Where can I read the RHP?
The red herring prospectus and the abridged prospectus are available on the SEBI website and on the NSE and BSE websites, as stated on the cover of the offer document. The risk-factors section begins on page 28 of the RHP.
Should I apply for this IPO?
Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges, so read it directly before making any decision.
This report is based on the abridged red herring prospectus filed with SEBI and the announced price band for the issue. It was surfaced via coverage in Mint.