Ardee Industries Limited IPO
ListedMainboard
138.83×
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
Strong5 of 7 dimensions read
The disclosed numbers are strong — 6 of 7 signals read positive
Strength88/100
- Priced below its peers15.9× earnings against a peer median of 33.6× — a discount to the issuer's own comparison set
- Out-earns its peersReturn on net worth of 57.5% against a peer median of 16.7%
- 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%
- Conservative balance sheetDebt/equity of 0.39×
- Institutions bid heavilyQIB portion subscribed 202.26×
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. 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 institutionalQIB202.26x
Non-institutionalNII / HNI266.75x
Big NIIabove ₹10L289.87x
Small NII₹2L – ₹10L220.51x
Retail individualRII47.77x
41,18,591 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 07 Aug 2026.
Chance of allotment
Retail47.77× subscribed
~1 in 47.8
Retail is 47.77× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 47.8 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII266.75× subscribed
~1 in 266.8
HNI is 266.75× subscribed. This category is allotted proportionately, so a bid receives roughly 1/266.8 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
Fresh issue₹320 Cr
Offer for sale₹105.87 Cr
Listing atMainboard
Company & valuation
P/E at upper band15.95×
EPS₹2.16pre-issue
NAV per share₹5.78
Return on equity57.46%
Debt / equity0.39×
ROCE44.26%
RoNW57.46%
PAT Margin7.25%
EBITDA Margin12.60%
NAV5.78
ISININE0XNF01022
24.9% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 4,01,75,974 | — |
| Anchor Investor | 2,41,05,584 | — |
| QIB (Ex. Anchor) | 1,60,70,390 | — |
| NII (HNI) | 1,20,52,793 | — |
| bNII > ₹10L | 80,35,195 | 2042.00% |
| sNII < ₹10L | 40,17,598 | 1021.00% |
| Retail | 2,81,23,183 | 100082.00% |
Total issue 8,03,51,950 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,8931 lot · 281 sh
Retail (Max)₹1,93,60913 lots · 3,653 sh
S-HNI (Min)₹2,08,50214 lots · 3,934 sh
S-HNI (Max)₹9,97,83167 lots · 18,827 sh
B-HNI (Min)₹10,12,72468 lots · 19,108 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted2,41,05,584
Anchor portion₹127.76 Cr
Bid date04 Aug 2026
Lock-in ends (50%)08 Sept 2026
Lock-in ends (rest)07 Nov 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
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 purposes₹46.27 Cr
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%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Ardee Industries Limitedthis issue | 3.32 | 15.95 | 5.78 | 57.46% |
| Gravita India Limited | 52.02 | 35.37 | 332.16 | 15.43% |
| Pondy Oxides and Chemicals Limited | 43.98 | 31.94 | 258.39 | 16.73% |
| Jain Resources Recycling Limited | 10.25 | 33.57 | 45.24 | 22.25% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumThe loss of any of our top customer, top 5 customers, or top 10 customers could have a material adverse effect on our business, financial condition, results of operations, and cash flows. In Fiscal 2026, the top customer contributed 40.64% of revenue from operations, the top 5 customers contributed
mediumOur business operations are dependent on the battery and metal industries, which accounted for 84.79%, 87.23%, and 88.64% of our revenue from operations in Fiscal 2026, 2025, and 2024, respectively. Any downturn in the demand of these industries could adversely affect our business.
Litigation
Except as stated in this section, there are no outstanding (a) criminal proceedings, (b) actions taken by any statutory or regulatory authorities, (c) disciplinary action including penalty imposed by SEBI or stock exchanges against the Company, Promoters and Directors in the last five Fiscals, (d) outstanding claims for any direct or indirect tax, or (e) details of any other pending litigations involving the Company, Directors, Promoters. All criminal proceedings involving Key Managerial Personnel and Senior Management and actions taken by regulatory and statutory authorities against such personnel are also not outstanding. The text defines a Materiality Policy and Threshold (₹ 21.15 million) for pending litigation but does not list specific pending cases.
Positives the filing discloses (4)
Primarily fresh capital
75% of the offer is fresh issue, so most proceeds fund the company.
Low leverage
Debt-to-equity of 0.39x.
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
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
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 138.83× overall (QIB 202.26×, NII 266.75×, retail 47.77×). 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 47.77×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 48. 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.