Ardee Industries IPO Day 2 LIVE: Issue booked 3.08x so far. Check key dates, review. Apply or skip?

Ardee Industries IPO opened for subscription on Wednesday, August 5, and will remain open until Friday, August 7. The Ardee Industries IPO price band has been fixed at ₹50 to ₹53 per equity share, with a face value of ₹2.

Ahead of the public issue, Ardee Industries raised ₹128 crore from anchor investors on Tuesday by allotting 2.41 crore equity shares at ₹53 per share, the upper end of the price band, according to a BSE circular.

The anchor book saw participation from Bank of India Mutual Fund, Bengal Finance & Investment Pvt. Ltd. (led by Ashish Kacholia), Winro Commercial (India) Ltd. (led by Rohit Kothari), 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.

The Ardee Industries IPO lot size has been fixed at 281 equity shares, and bids can be placed in multiples of 281 shares thereafter.

Under the allocation structure, up to 50% of the net issue is reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and not less than 35% for Retail Individual Investors (RIIs).

According to the tentative schedule, the Ardee Industries IPO allotment is likely to be finalised on Monday, August 10. Refunds are expected to be initiated on Tuesday, August 11, while shares will be credited to the demat accounts of successful applicants on the same day. The Ardee Industries share price is scheduled to be listed on the BSE and NSE on Wednesday, August 12.

Ardee Industries IPO GMP today

Ardee Industries IPO GMP today is +15.25. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of the Ardee Industries share was ₹68.25 apiece, which is 28.77% higher than the IPO price of ₹53.

According to grey market movements over the past 14 sessions, the IPO's GMP is rising today, suggesting optimism for a solid listing. During this period, the GMP has ranged from ₹0.00 to ₹15.25, according to expert analysis.

Ardee Industries IPO review

Brokerages have largely maintained a positive outlook on the Ardee Industries IPO, citing its attractive valuation, strong financial performance, and favourable long-term growth prospects.

Swastika Investmart has recommended subscribing to the issue, noting that the IPO is valued at a P/E multiple of 15.96x, nearly 50% lower than listed recycling peers, which trade at 32x–35x P/E. The brokerage also highlighted the company's Return on Net Worth (RoNW) of 57.46%, significantly higher than peers such as Gravita (15.43%) and Pondy Oxides (16.73%). It believes the fresh issue proceeds will strengthen the balance sheet by reducing debt and lowering the debt-to-equity ratio to around 0.35x, making the IPO suitable for investors seeking both listing gains and long-term value.

BP Equities has assigned a 'Subscribe' rating for the long term, expecting improved capacity utilisation at the expanded facility, higher export contribution, operational efficiencies from the shift to the FOB procurement model, and diversification into plastic, tin, and copper recycling to drive medium-term earnings growth. The brokerage added that structural demand from the automotive, renewable energy, telecom, and data centre sectors, along with the implementation of the Battery Waste Management Rules, 2022 and the Extended Producer Responsibility (EPR) framework, should support the organised recycling industry. It believes the company's integrated business model, improving financial profile, and attractive valuation strengthen its long-term investment case.

SBICAP Securities has also recommended investors subscribe for the long term, highlighting the company's plans to diversify into new business verticals through its recently acquired 5.56-acre land parcel, which is expected to reduce dependence on a single revenue stream. At the upper price band of ₹53, the brokerage values the IPO at a post-issue P/E multiple of 19.7x, which it considers reasonable in view of the company's expansion plans and growth prospects.

Canara Bank has maintained a 'Subscribe' recommendation for long-term investors despite highlighting risks related to lead price volatility, regulatory compliance, high working capital requirements, and dependence on the battery sector. The brokerage said the IPO's valuation of 15.96x P/E, compared with the industry's average of 25.27x P/E, offers an attractive entry point.

Choice Equity Broking has recommended 'Subscribe for Long Term', stating that although the business remains exposed to lead price fluctuations, environmental regulations, and working capital intensity, its board-approved hedging framework and well-established sourcing network help mitigate these risks. The brokerage believes the company's reasonable valuation, integrated business model, and long-term growth potential, supported by the expanding circular economy, make the issue attractive for long-term investors.

Ardee Industries IPO details

Ardee Industries IPO comprises a fresh issue of up to ₹320 crore worth of equity shares and an offer for sale (OFS) of 1.99 crore equity shares by the company's promoters.

According to the Red Herring Prospectus (RHP) filed on July 27, promoters Sandeep Aggarwal and Nikunj Aggarwal will each divest 99.87 lakh equity shares through the OFS.

The company plans to utilise ₹220 crore from the net proceeds of the fresh issue towards its incremental working capital requirements, while ₹20 crore will be used for debt repayment. The remaining proceeds are earmarked for general corporate purposes.

Pantomath Capital Advisors Pvt. Ltd. is the book-running lead manager to the issue, while KFin Technologies Ltd. has been appointed as the registrar to the Ardee Industries IPO.

Ardee Industries IPO subscription status

Ardee Industries IPO subscription status was 3.08x on day 1. The retail portion is subscribed 3.22x, and NII portion has been booked 5.32x, QIBs portion received 1.10x bids.

The company has received bids for 17,98,11,338 shares against 5,84,22,516 shares on offer at 17:00 IST, according to BSE data.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.