Ardee Industries Limited IPO
ListedMainboard
133.31×
Subscribed
Price band
₹53 – ₹53
Issue size
₹425.87 Cr
Open – close
05 Aug 2026
to 07 Aug 2026
Listing
12 Aug 2026
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong4 of 7 dimensions read
The disclosed numbers are strong — 3 of 5 signals read positive
Strength75/100
- Strong revenue growthRevenue compounding at 58.8% across the reported years
- Profit growth outpaces salesPAT up 207.5% a year against revenue at 58.8% — check whether that is operating leverage or a one-off before extrapolating it
- High return on equityROE of 57.5%
- Meaningful leverageDebt/equity of 1.24×
- Institutions bid heavilyQIB portion subscribed 197.77×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens05 Aug 2026
- Closes07 Aug 2026
- Listing12 Aug 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB197.77x
Non-institutionalNII / HNI255.03x
Retail individualRII45.11x
Chance of allotment
Retail45.11× subscribed
~1 in 45.1
Retail is 45.11× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 45.1 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII255.03× subscribed
~1 in 255
HNI is 255.03× subscribed. This category is allotted proportionately, so a bid receives roughly 1/255 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹53 – ₹53
Total issue size₹425.87 Cr
Listing atMainboard
Company & valuation
Return on equity57.46%
Debt / equity1.24×
What the money is for
Stated use of the net proceeds
- 01Funding incremental working capital requirement of our Company₹220 Cr
- 02Repayment and/or pre-payment, in full or in part, of certain borrowings availed by our Company₹20 Cr
- 03General corporate purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 462.959 | — | 8.954 | 29.249 | — |
| 2025 | 742.735 | — | 33.271 | 62.601 | — |
| 2026 | 1,167.653 | — | 84.681 | 147.38 | — |
Revenue CAGR 58.8%PAT CAGR 207.5%
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumLoss of any of our top customers, top 5 customers, or top 10 customers could have a material adverse effect on our business, financial condition, results of operations and cash flows. The revenue from our top customer was ₹ 4,745.56 million, ₹ 3,804.08 million and ₹ 3,352.94 million and contributed
mediumLoss of any substantial portion of sales to any of our top customer, top 5 customers and top 10 customers, for any reason including inability to negotiate favourable terms, failure to meet their quality specification, technological changes, a decline in market share of these customers in their respe
mediumOur business operations are dependent upon the battery and metal industries, which accounted for 84.79%, 87.23% and 88.64% of our revenue from operations in the Fiscals 2026, 2025 and 2024, respectively. Any downturn in the demand of battery and metal industries and the other industries in which our
Litigation
Except as stated in this section, there are no outstanding criminal proceedings, actions taken by any statutory or regulatory authorities, disciplinary action including penalty imposed by SEBI or stock exchanges against the Company, Promoters and Directors in the last five Fiscals, outstanding claims for any direct or indirect tax, or details of any other pending litigations involving the Company, Directors, or Promoters that are determined to be material as per the Materiality Policy.
Positives the filing discloses (2)
Strong revenue growth
Restated revenue CAGR of 58.8%.
Healthy return on equity
ROE of 57.5%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+11.1%
Listed up
6 of 8
Best
+90.0%
Shanti Inorganics
Worst
-0.7%
Mopshop Distribution
Gaja Alternative Asset Management Limitedsame segment
31.2× sub+15.6%
Juniper Green Energy Limitedsame segment
7.9× sub+8.9%
131.8× sub+90.0%
1.6× sub+0.0%
-0.7%
138.6× sub+22.1%
1.5× sub+6.9%
46.2× sub+13.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Ardee Industries Limited IPO subscribed?
Ardee Industries Limited is subscribed 133.31× overall (QIB 197.77×, NII 255.03×, retail 45.11×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
What are the chances of allotment in the Ardee Industries Limited IPO?
The retail portion is subscribed 45.11×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 45. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.