Ardee Industries IPO Allotment Today: Massive Demand Drives 133x Subscription; Check Status on BSE & NSE

Ardee Industries IPO Allotment Today: Massive Demand Drives 133x Subscription; Check Status on BSE & NSE​

Ardee Industries is scheduled to finalise the basis of allotment for its Initial Public Offering (IPO) today, August 10. The company saw a significant investor response during the three-day bidding period that reflected robust interest in the equity listing.

The IPO, which was sized at Rs 425.87 crore, received massive traction from investors. It was subscribed an overwhelming 133.66 times when the bidding closed on August 7. The IPO opened on August 5 and concluded two days later.

IPO Subscription Details and Investor Demand​

The subscription data indicates strong participation across all investor segments. A total of 7,80,68,45,689 equity shares were bid for against the 5,84,22,516 shares offered by the company.

Non-institutional investors (NII) demonstrated the strongest appetite for Ardee Industries. The NII segment was subscribed a massive 255.22 times. The retail investor segment also showed healthy interest, recording a subscription rate of 45.65 times.

Grey Market Premium and Listing Expectations​

Ahead of the formal allotment, the company’s grey market premium (GMP) remained firm, providing an indicator of market sentiment. According to data from InvestorGain and IPO Watch as of August 7, the GMP stood around Rs 16 per share. This implied a potential listing premium of approximately 30 percent based on the upper end of the IPO price band of Rs 53 per share.

Investors are cautioned that grey market premiums are speculative in nature. They represent market expectations and do not guarantee listing gains or reflect the company’s underlying fundamentals. The price band for the issue was fixed at Rs 50 to Rs 53 per share.

Financial Structure of Ardee Industries IPO​

The public issue comprised a fresh issue of equity shares amounting to Rs 320 crore. It also included an offer for sale (OFS) segment, allowing existing shareholders to sell up to 1.99 crore shares.

The company has outlined the planned usage of funds from the fresh issue. Rs 220 crore is earmarked for incremental working capital requirements. An additional Rs 20 crore is designated for the repayment of certain borrowings. The remaining proceeds will be utilized for general corporate purposes.

Anchor Investment and Company Profile​

Prior to the public offering, Ardee Industries had successfully raised about Rs 127.73 crore from anchor investors. This was achieved through the allotment of 2.41 crore equity shares at a price of Rs 53 apiece.

Key anchor investors included Bank of India Small Cap Fund and Bengal Finance & Investment, each allotted 47.17 lakh shares. Wealth Company Alternates Trust's Bharat Value Fund and India Max Investment Fund also received 37.73 lakh shares apiece.

Ardee Industries is fundamentally engaged in the recovery and recycling of end-of-life energy storage products and non-ferrous metal scrap. The company manufactures pure lead and lead alloys, which are supplied to critical industries such as automotive, e-mobility, chemicals, and energy storage.

Timeline and Post-Allotment Procedures​

The tentative IPO timeline indicates that the shares for successful applicants will be credited to their demat accounts on August 11. Likewise, refunds or fund unblocking procedures for unsuccessful applicants are also expected from August 11. The stock is set to debut on the BSE and NSE on August 12.

Pantomath Capital Advisors serves as the book-running lead manager for this issue, while KFin Technologies acts as the registrar and transfer agent.

How to Check Ardee Industries IPO Allotment Status​

Investors seeking their allotment status can use multiple portals once the basis of allotment is confirmed by the company.

To check the status on BSE, investors must visit the designated BSE IPO allotment status page. They should follow steps involving selecting Equity and inputting their application number or PAN for Ardee Industries Ltd.

For checks via the NSE, users are directed to the NSE IPO application status page. The process requires selecting Equity & SME IPO bid details and inputting the necessary PAN and application information for ARDEE.

KFin Technologies, as the registrar, provides a dedicated portal check. Investors can use their PAN, application number or DP ID/client ID on the KFin Technologies IPO allotment page to view their status.