Ardee Industries Raises ₹127.75 Crore From Anchor Investors Ahead Of ₹426 Crore IPO

Ardee Industries, a company engaged in metal recycling and the circular economy business, has raised ₹127.75 crore from anchor investors ahead of its initial public offering (IPO), which opens for public subscription today, August 5.

The company allotted 2.41 crore equity shares to anchor investors at ₹53 per share, the upper end of the IPO price band, according to an exchange filing.

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

Other investors included The Wealth Company Alternates Trust – Bharat Value Fund, India Max Investment Fund Ltd., Cognizant Capital Dynamic Opportunities Fund, and IMAP India Capital Investment Trust – Catalyst New India Fund.

Ardee Industries IPO Details

The public issue will open for subscription on August 5 and close on August 7. The IPO comprises a fresh issue of equity shares worth up to ₹320 crore and an offer for sale (OFS) of up to 1.99 crore equity shares by promoter shareholders Sandeep Aggarwal and Nikunj Aggarwal, who will each sell up to 99.87 lakh shares.

The company has fixed the price band at ₹50-53 per share, valuing it at around ₹1,671 crore at the upper end. Investors can bid for a minimum of 281 equity shares and in multiples thereafter.

Half of the issue has been reserved for qualified institutional buyers (QIBs), while 35% is reserved for retail investors and 15% for non-institutional investors.

Of the proceeds from the fresh issue, ₹220 crore will be used to meet incremental working capital requirements, while ₹20 crore has been earmarked for debt repayment. The remaining amount will be utilised for general corporate purposes.

Ahead of the IPO, Ardee Industries completed a ₹115 crore pre-IPO secondary transaction at ₹53 per share.

The transaction attracted investors including Ashish Kacholia, Bharat Value Fund, Winro Commercial (India) Ltd., Gagandeep Consultancy Pvt. Ltd., Urjita Jagdish Master, Shruti Gagan Chaturvedi, Jaisinghani Family Office, and Meru Investment Fund.

Pantomath Capital Advisors Pvt. Ltd. is the book-running lead manager to the issue.

About Ardee Industries

Ardee Industries operates in the circular economy segment, focusing on the recovery and recycling of end-of-life energy storage products and non-ferrous scrap. The company manufactures pure lead and lead alloys used across the energy storage, electric mobility, automotive and chemicals sectors.

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