Ardee Industries launches Rs 426 crore IPO amid profit surge
Indian lead recycler Ardee Industries is seeking to raise Rs 425.87 crore through an August public offering, buoyed by a 155% jump in annual profit and strong grey market demand.
Ardee Industries will open its initial public offering on August 5, aiming to capitalise on surging demand for recycled metals in the energy storage and electric mobility sectors. The book-built issue comprises a fresh issue of 6.04 crore shares worth Rs 320 crore and an offer for sale of 2 crore shares totalling Rs 105.87 crore. The three-day subscription window will close on August 7.
Early investor appetite appears robust ahead of the opening. The IPO's grey market premium has reached Rs 13 per share, representing a roughly 25% premium over the upper price band of Rs 53. If this unlisted market sentiment holds through to the official debut, shares are expected to list around Rs 66. The stock is scheduled to begin trading on both the NSE and BSE on August 12.
The strong pricing trajectory is underpinned by accelerating top-line and bottom-line growth. For the financial year ended March 31, 2025, Ardee Industries' total income jumped 57% to Rs 1,168.9 crore, up from Rs 743.5 crore in the prior year. Profitability expanded at an even faster clip, with profit after tax surging 155% to Rs 84.7 crore from Rs 33.3 crore.
Founded in 1993, the company specialises in the sustainable recovery of end-of-life energy storage products and non-ferrous scrap. Its core output includes high-purity lead and customised alloys such as lead calcium, lead antimony, lead tin, lead silver, and lead cadmium. These materials are critical components for the automotive, chemical, and electric mobility industries.
Ardee processes these materials at a 7.61-acre manufacturing facility in the Tirupati district of Andhra Pradesh. The site operates with an installed capacity of 104,025 metric tonnes per annum and carries ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications for quality, environmental, and safety management.
The firm has successfully leveraged this infrastructure to build an international footprint. It serves more than 50 customers across the battery and metals sectors, exporting to seven markets including the United States, Japan, Switzerland, South Korea, Singapore, Hong Kong, and the UAE. This geographic diversification reduces its reliance on domestic demand cycles.
Share allotment for the offering is expected to be finalised on August 10. Pantomath Capital Advisors is acting as the book running lead manager, with KFin Technologies serving as the registrar.
