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Ardee Industries IPO to debut Wednesday after 139x subscription
Grey market premium was ₹13.5, implying a potential ₹66.5 listing price and about a 25.5% premium to the ₹53 issue price.
Ardee Industries is set to list on Indian bourses on Wednesday, 12 August, after its IPO concluded with a healthy subscription of 139 times, LiveMint Markets reports. The company sells energy storage products and operates as a recycler of non-ferrous scrap.
Ahead of the debut, grey market data suggested Tuesday morning GMP of ₹13.5, pointing to a potential listing price of ₹66.5 on the BSE and NSE, which would represent a 25.5% premium versus the ₹53 issue price. The highest GMP in the prior two weeks was ₹16, according to the same grey market indications.
The IPO book-build size was ₹425.87 crore, made up of a fresh issue of 6.04 crore shares to raise ₹320 crore, and an offer for sale of 2 crore shares aggregating ₹105.87 crore. The deal opened for subscription on 5 August and closed on 7 August, with allotment finalized on 10 August.
Ardee Industries specializes in recycling end-of-life energy storage products and non-ferrous scrap, including recovery of critical resources from waste streams. For FY24 to FY26, the company reported revenue from operations of ₹462.96 crore, ₹742.74 crore, and ₹1,167.65 crore, and profits of ₹8.95 crore, ₹33.27 crore, and ₹84.68 crore, respectively, per the filing cited in the article.