Ardee Industries Ltd is launching its ₹426-crore initial public offering today at ₹50-53 price band. The IPO, comprising a fresh issue up to ₹320 crore and an Offer for Sale of up to 1.99 crore equity shares by promoters (Sandeep Aggarwal and Nikunj Aggarwal), closes on Friday.
The company has reserved not more than 50% of the net public issue shares for Qualified Institutional Buyers (QIB), 35 per cent to retail investors and about 15 per cent to non-institutions. Bids can be made for a minimum of 281 Equity Shares and multiples of 281 Equity Shares thereafter.
Meanwhile, as part of IPO, Ardee Industries has raised ₹127.75 crore from seven anchor investors by allotting 2,41,05,584 shares at ₹53 a share. The anchor book saw participation from a variety of investors, including Bank of India Small Cap Fund, Ashish Kacholia led Bengal Finance & Investment Pvt Ltd, Rohit Kothari led Winro Commercial (India) Limited, The Wealth Company Alternates Trust – Bharat Value Fund, India Max Investment Fund Limited, Sundar Iyer led Cognizant Capital Dynamic Opportunities Fund – Investment Account, and IMAP India Capital Investment Trust – Catalyst New India Fund.
Of the fresh issue, ₹220 crore will be earmarked for funding the company’s incremental working capital requirements, ₹22 crore will go towards debt repayment, and the remaining amount will be used for general corporate purposes
