Ardee Industries had earlier raised ₹127.75 crore from anchor investors and plans to use the fresh issue proceeds primarily for working capital, debt repayment and general corporate purposes.
Ardee Industries IPO was subscribed 98.07 times overall as of 3.09 pm with a couple of hours left before the issue closed.The qualified institutional buyers (QIB) portion was subscribed to 98.32 times, while the non-institutional investors (NII) category saw subscription of 233.29 times. The retail investor portion was subscribed to 39.98 times.Issue details and utilisation of proceedsThe company launched its ₹426-crore initial public offering at a price band of ₹50-53 per share. The IPO comprised a fresh issue of up to ₹320 crore and an offer-for-sale of up to 1.99 crore equity shares by promoters Sandeep Aggarwal and Nikunj Aggarwal.Of the proceeds from the fresh issue, ₹220 crore will be used to fund the company’s incremental working capital requirements, ₹22 crore will be allocated towards debt repayment, and the remaining amount will be used for general corporate purposes.Earlier last week, the company completed a pre-IPO secondary transaction aggregating ₹115 crore at ₹53 per equity share.Anchor investors and lead managerAhead of the IPO, Ardee Industries raised ₹127.75 crore from seven anchor investors by allotting 2,41,05,584 shares at ₹53 per share.The anchor investors included 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.Pantomath Capital Advisors Private Limited is the book-running lead manager for the issue.Published on August 7, 2026
