Ardee Industries IPO: Battery Recycler's ₹425.87 Crore Issue and Its 39% Debut
Ardee Industries IPO will open on 5 August 2026 with a price band of ₹50–₹53. Check the latest GMP, issue details, lot size, financials, peer comparison and listing schedule.
Ardee Industries IPO: The ₹425.87 crore issue, a ₹320 crore fresh issue plus a ₹105.87 crore offer for sale, was open from 5 to 7 August 2026 at ₹50 to ₹53 per share. Allotment took place on 10 August, and the shares listed on 12 August 2026 at ₹73.60 on the BSE and ₹72 on the NSE, premiums of 38.87% and 35.85%.
Ardee Industries IPO: Founded in 1993, Ardee Industries is engaged in the recycling of end-of-life batteries and non-ferrous scrap. The company came to market with a ₹425.87cr IPO, which was a combination of fresh issue and OFS. Here are the key details of the Ardee Industries IPO.
Ardee Industries IPO Details
Here are the key dates and issue details.
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Ardee Industries IPO is worth ₹425.87 cr, and the issue is a combination of a fresh issue of ₹ 320 cr and offer for sale of ₹105.87 cr.
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Ardee Industries IPO opened for subscription on 5 Aug 2026 and closed on 7 Aug 2026. The price band was set between ₹50 to ₹53
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Ardee Industries IPO’s allotment took place on 10 Aug 2026 and the shares were listed on the BSE and NSE on 12 Aug 2026.
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Promoters held 91.48% before the IPO, which came down to 67.62% after listing.
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Kfin Technologies was the registrar for the Ardee Industries IPO.
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Parameter |
Detail |
|---|---|
|
IPO Open Date |
5 Aug 2026 |
|
IPO Close Date |
7 Aug 2026 |
|
Allotment Date |
10 Aug 2026 |
|
Listing Date |
12 Aug 2026 (BSE & NSE) |
|
Price Band |
₹50 to ₹53 per share |
|
Lot Size |
281 shares |
|
Minimum Investment |
₹14,893 |
|
Fresh Issue |
₹320Cr |
|
Offer for Sale (OFS) |
₹105.87Cr |
|
Total Issue Size |
₹425.87Cr |
Ardee Industries IPO Listing Performance
Ardee Industries shares debuted on the BSE at ₹73.60 on 12 August 2026, a 38.87% premium to the upper price band of ₹53, and on the NSE at ₹72, a 35.85% premium. The company's market capitalisation stood at ₹2,319.88 crore after listing. The grey market premium going into listing had pointed to a gain of about 23%, so the actual debut was well ahead of it.
About Ardee Industries IPO
Founded in 1993, Ardee Industries is engaged in the recycling of end-of-life batteries and non-ferrous scrap. The company manufactures high-purity lead and a range of specialised lead alloys, including lead calcium, lead antimony, lead tin, lead silver, and lead cadmium alloys. These products are supplied to industries such as energy storage, electric vehicles, automotive, and chemicals.
As of 31 March 2025, the company served more than 50 customers in India and overseas. Its products have been exported to seven countries, including Singapore, Hong Kong, South Korea, Switzerland, the UAE, Japan, and the United States.
Strengths (from DRHP)
- Leading circular-economy lead recycler with rapidly expanded capacity (54,750 to 156,950 MTPA); brand "ARDEE LEAD 9997" dual-listed on the LME and MCX
- Disciplined hedging — back-to-back import/export pricing plus LME futures covering 60-100% of lead-price exposure
- Fast-growing export footprint (4 to 8 countries, export revenue CAGR 138.69% FY24-26)
- Improving balance sheet — debt-to-equity down from 4.87x (FY24) to 1.25x (FY26)
Risk Factors (from DRHP)
- Raw-material dependency — scrap costs are 77-80% of revenue; import-reliant, exposed to forex and import-duty risk
- Demand fully tied to the battery/metals industry, with long-term substitution risk from lithium-ion batteries
- Single-site concentration — the entire operation runs through one Naidupet facility
- Commodity price volatility — lead prices are LME-linked and only partially hedged
Ardee Industries IPO Reservation
For Ardee Industries IPO, 35% of the issue has been reserved for retail investors. The table below shows the allocation across different investor categories.
|
Investor Category |
Shares Offered |
|---|---|
|
QIB Investors |
50% |
|
Retail Investors |
35% |
|
NII (HNI) Investors |
15% |
Ardee Industries IPO Lot Size
Retail investors could apply for a minimum of 1 lot, which includes 281 shares costing ₹14,893 Maximum investment allowed for retail investors is 13 lots, which totals 3,653 shares and costs ₹1,93,609.
|
Application |
Lots |
Shares |
Amount (₹) |
|---|---|---|---|
|
Retail (Min) |
1 |
281 |
14,893 |
|
Retail (Max) |
13 |
3,653 |
1,93,609 |
|
S-HNI (Min) |
14 |
3,934 |
2,08,502 |
|
S-HNI (Max) |
67 |
18,827 |
9,97,831 |
|
B-HNI (Min) |
68 |
19,108 |
10,12,724 |
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Ardee Industries IPO Financial Performance
Ardee Industries reported a PAT of ₹84 Cr as of 31 March 2026, up from ₹8.95 Cr in FY24. Over the past 3 years, the company’s PAT and PAT margin have grown steadily. All financial details are provided in the table below.
|
Period Ended |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|---|---|---|---|
|
Revenue from Ops (₹ Cr) |
1167.65 |
742.73 |
462.96 |
|
Total Income (₹ Cr) |
1,168.88 |
743.53 |
463.39 |
|
EBITDA (₹ Cr) |
147.08 |
65.93 |
28.06 |
|
EBITDA Margin (%) |
12.60 |
8.88 |
6.06 |
|
PAT (₹ Cr) |
84.68 |
33.27 |
8.95 |
|
PAT Margin (%) |
7.25 |
4.48 |
1.93 |
|
ROE (%) |
81 |
72 |
36 |
|
ROCE (%) |
44.26 |
25.17 |
12.83 |
|
Debt - Equity ratio |
1.25x |
2.65x |
4.87x |
Source: Ardee Industries IPO RHP
Ardee Industries IPO Peer Comparison from RHP
Ardee Industries IPO has a lower EPS than its peers. Higher EPS is always considered better. Below is a brief comparison of Ardee Industries IPO.
|
Company |
EPS Diluted |
P/E (x) |
|---|---|---|
|
Jain Resources Recycling |
10.25 |
33.57 |
|
Pondy Oxides and Chemicals |
43.98 |
31.94 |
|
Gravita India |
52.02 |
35.37 |
|
Ardee Industries |
3.32 |
— |
As of 31 March 2026
Conclusion
Ardee Industries IPO was a ₹425.87 crore issue combining a ₹320 crore fresh issue and a ₹105.87 crore offer for sale, priced at ₹50 to ₹53 per share. Founded in 1993, the company recycles end-of-life batteries and non-ferrous scrap and reported healthy margins in FY26, although both revenue and profit were lower than in FY25. Despite that, heavy demand carried the stock to a 38.87% premium on the BSE at listing on 12 August 2026. From here the questions are whether volumes recover and how the company manages commodity price swings in lead and other metals.
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