Ardee Industries IPO subscribed 109.61 times at August 7 close

The Development

The initial public offering of Ardee Industries Limited, a manufacturer of pure lead and lead alloys, was subscribed 109.61 times overall by the close of bidding on August 7, 2026, according to subscription data on the NSE. The mainboard issue, which opened on August 5 with a price band of Rs 50 to Rs 53 per equity share of face value Rs 2, drew category-wise bids of 162.21 times in the qualified institutional buyer portion, 213.45 times in the non-institutional portion and 35.69 times in the retail portion, per NSE data.

The offer comprised a fresh issue of up to Rs 320 crore and an offer for sale of up to 1,99,75,000 equity shares by the promoters, per the company's red herring prospectus (RHP), dated July 27, 2026, which is available on SEBI's website. At the Rs 53 cap price, the offer for sale works out to about Rs 106 crore, taking the total offer to roughly Rs 426 crore. The shares are proposed to be listed on both the BSE and the National Stock Exchange, with the NSE as the designated exchange. The development was surfaced via coverage carried on Google News.

The Company

Per the RHP, Ardee Industries is engaged in the manufacturing of pure lead and lead alloys using recyclable materials such as battery scrap, remelted lead ingots, remelted lead blocks and lead scrap. The company discloses that it imports a substantial portion of its raw material, which exposes it to foreign-exchange movements. It was incorporated in 1993, has its registered office at Sultanpur in New Delhi, and the RHP names its promoters as Sandeep Aggarwal, Nikunj Aggarwal and Esha Gupta.

On financials, the company discloses restated revenue from operations of Rs 1,167.65 crore in Fiscal 2026, up from Rs 742.74 crore in Fiscal 2025 and Rs 462.96 crore in Fiscal 2024. Restated profit for the year was Rs 84.68 crore in Fiscal 2026, against Rs 33.27 crore in Fiscal 2025 and Rs 8.95 crore in Fiscal 2024, while the EBITDA margin was 12.60% in Fiscal 2026, per the RHP. The offer is being made under Regulation 6(1) of the SEBI ICDR Regulations, the route available to issuers that meet the profitability requirement.

The Offer Structure

The offer combined a fresh issue of up to Rs 320 crore, the proceeds of which go to the company, and an offer for sale of up to 1,99,75,000 equity shares by the two promoter selling shareholders, Sandeep Aggarwal and Nikunj Aggarwal, offering up to 99,87,500 shares each, per the RHP. The price band was Rs 50 to Rs 53 per share and the bid lot was 281 shares, making the minimum application about Rs 14,893 at the cap price, per NSE data. Under the Regulation 6(1) structure, not more than 50% of the net offer was for qualified institutional buyers, not less than 15% for non-institutional bidders and not less than 35% for retail bidders.

The stated objects of the fresh issue, per the RHP, are funding the company's incremental working-capital requirement, to the extent of Rs 220 crore of the net proceeds, the prepayment or scheduled repayment of certain outstanding borrowings, and general corporate purposes. The book running lead manager to the offer is Pantomath Capital Advisors, with KFin Technologies as registrar, per the RHP and NSE data. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator; prior coverage sits on the Oquilia news desk.

Risk Factors

The risks below are drawn from the offer document's own risk-factors section and are reported as the company disclosed them, not as an assessment by this desk. The RHP lists the company's foreign-exchange exposure prominently: because it imports a substantial portion of its raw material, it discloses that volatility in the rupee against the US dollar and other currencies, or restrictions and higher import duties on those raw materials, could affect its business and cash flows. The company also discloses a dependence on its suppliers, noting that its top ten suppliers accounted for 38.48% of its raw-material purchases in Fiscal 2026, with several located overseas.

Among the further risk factors the company discloses, its business is working-capital intensive: the RHP records net working-capital requirements of Rs 226.19 crore as of March 31, 2026, funded through borrowings and internal accruals, and warns that any increase could strain its finances. The company further discloses a dependence on its technically skilled workforce for the timely and quality-oriented manufacturing of pure lead and lead alloys. It also states that its funding requirements and the proposed deployment of the net proceeds are based on management estimates and have not been independently appraised.

What Happens Next

With bidding closed on August 7, 2026, the mechanics from here follow the standard SEBI timeline. The basis of allotment is finalised with the registrar, KFin Technologies, and the designated stock exchange, determining how shares are apportioned across the heavily oversubscribed categories. In an oversubscribed retail portion, allotment is made by lottery in the minimum lot, per SEBI rules, so not every applicant receives shares.

After allotment, application amounts blocked under the ASBA and UPI mechanisms are unblocked for unsuccessful or partially successful bidders, and shares are credited to successful applicants, before listing on the BSE and the NSE. The RHP notes the company received in-principle approvals from both exchanges by letters dated December 9, 2025. These steps are described here as process, not as any prediction of the listing price.

FAQ

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 - read it directly before making any decision.

What was the price band and lot size?

The price band was Rs 50 to Rs 53 per equity share of face value Rs 2, per NSE data. The bid lot was 281 shares, so the minimum application was about Rs 14,893 at the cap price, with further bids in multiples of 281 shares.

How subscribed was the issue?

Per NSE data as of the close on August 7, 2026, the issue was subscribed 109.61 times overall, with the qualified institutional buyer portion at 162.21 times, the non-institutional portion at 213.45 times and the retail portion at 35.69 times.

How is the basis of allotment decided?

The registrar finalises allotment with the designated stock exchange. Where a category is oversubscribed, retail allotment is made by a computerised lottery in the minimum lot size, so allotment is not guaranteed to every applicant, per SEBI's procedures.

Where can I read the RHP?

The red herring prospectus is available on SEBI's website under Filings then Public Issues, and on the BSE and NSE websites. It includes the full risk-factors section and the audited restated financial information.

This report is based on the red herring prospectus filed with SEBI and subscription data from the NSE. It was surfaced via coverage carried on Google News.