Ardee Industries IPO
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Ardee Industries IPO details
Schedule of Ardee Industries
| Issue open date | 05 Aug 2026 |
| Issue close date | 07 Aug 2026 |
| UPI mandate deadline | 07 Aug 2026 (5 PM) |
| Allotment finalization | 10 Aug 2026 |
| Refund initiation | 11 Aug 2026 |
| Share credit | 11 Aug 2026 |
| Listing date | 12 Aug 2026 |
| Mandate end date | 22 Aug 2026 |
| Lock-in end date for anchor investors (50%) | 08 Sep 2026 |
| Lock-in end date for anchor investors (remaining) | 07 Nov 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Ardee Industries
Ardee Industries Limited is a key player in India’s circular economy, specialising in the environmentally responsible recovery and recycling of end-of-life energy storage products and non-ferrous scrap. The company’s core business involves manufacturing pure lead and various lead alloys, including lead-calcium, lead-antimony, and lead-tin alloys, by processing recyclable scrap materials such as used lead-acid batteries, remelted lead ingots, and lead scrap. It operates a manufacturing facility in Naidupet, Andhra Pradesh. The company generates revenue primarily from the sale of its recycled and refined products, which meet international purity standards of 99.97% to 99.985%, to customers in both domestic and international markets. Its products are crucial for industries like energy storage, e-mobility, automotive, and chemicals. Ardee Industries serves a diverse customer base, including large-scale battery manufacturers, across India and in export markets like Singapore, Switzerland, and South Korea.
Financials of Ardee Industries
Issue size
| Funds Raised in the IPO | Amount (₹ Cr.) |
| Total issue size | 425.87 |
| Fresh Issue – Proceeds go to the company | 320 |
| Offer for sale – Proceeds go to the existing investors |
105.87 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Funding incremental working capital requirements | 220 (68.75%) |
| Repayment and/or pre-payment of certain company borrowings | 20 (6.25%) |
| General corporate purposes | 80 (25%) |
Strengths
- One of India’s leading players in the circular economy, specialising in recycling end-of-life energy products.
- One of the fastest-growing companies in the sector, with a revenue CAGR of 58.81% in the last three fiscals.
- Manufacturing facility is strategically located near major battery manufacturers and ports, reducing logistical costs.
- Utilises a robust hedging mechanism to mitigate volatility in commodity prices, protecting margins.
- Maintains a strong and diverse global sourcing network for raw materials from over 50 countries.
Risks
- Significant revenue concentration, with the top customer contributing 40.64% of revenue from operations.
- High dependency on the battery and metal industries, which contributed 84.79% of operational revenue.
- A substantial portion of raw materials is sourced from a limited number of suppliers.
- Potential for conflict of interest exists with a group company, Pilot Industries Limited, engaged in a similar business.
- Business is vulnerable to the decline of lead-acid batteries due to the rising adoption of lithium-ion technology.