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Ardee Industries IPO opens August 5 with 3.08x day-1 subscription
The IPO, priced at ₹50 to ₹53, raised ₹128 crore from anchor investors and is scheduled for listing on August 12.
Ardee Industries IPO opened for subscription on Wednesday, August 5, with the offer price set at ₹50 to ₹53 per equity share. The bidding is scheduled to run until Friday, August 7, and the issue is made up of a fresh issue of ₹320 crore and an offer-for-sale of 1.99 crore shares.
Ahead of the public offering, the company raised ₹128 crore from anchor investors by allotting 2.41 crore equity shares at ₹53, the upper end of the price band, according to a BSE circular. The LiveMint Markets story also said the subscription had reached 3.08x on day 1, after the anchor book participation included several listed funds and investment entities.
Ardee Industries said the lot size is 281 equity shares, with bids allowed in multiples of 281 thereafter. Under the allocation structure, up to 50% of the net issue is reserved for Qualified Institutional Buyers, not less than 15% for Non-Institutional Investors, and not less than 35% for Retail Individual Investors.
The tentative IPO timeline calls for finalization of allotment on Monday, August 10, refunds starting Tuesday, August 11, and share credit to demat accounts on the same day. Listing on the BSE and NSE is scheduled for Wednesday, August 12, with LiveMint Markets citing a current grey market premium of +15.25 and an estimated listing price of ₹68.25, about 28.8% above the ₹53 IPO price.