Ardee Industries Files Draft IPO Papers with SEBI, Plans ₹320 Crore Fresh Issue and OFS Component

New Delhi, 29 September 2025: Ardee Industries Limited has filed its draft red herring prospectus with SEBI for its upcoming IPO. The issue will include a fresh issue of up to ₹320 crore and an offer for sale of up to 37.65 million equity shares by existing promoters. The shares are expected to be listed on NSE and BSE.

Founded in 1995, Ardee Industries operates across the collection, smelting, and refining spectrum in the recycling and metals recovery industry. The company is a key supplier of lead and alloys for batteries and heavy engineering applications.

Ardee Industries IPO Structure and Utilisation of Proceeds

The public issue will consist of two components: a fresh issue of equity shares up to ₹320 crore and an offer for sale (OFS) by promoters. According to the DRHP, the net proceeds will primarily be used to fund incremental working capital requirements of ₹2,200 million and repay or prepay borrowings of ₹220 million, with the balance allocated for general corporate purposes.

Ardee Industries Strong Financial Performance

Ardee Industries has experienced significant growth over the last two years. Its topline increased from ₹4,117.78 million in FY23 to ₹7,427.35 million in FY25 with a CAGR of 34.3%. Profitability also experienced a significant surge, with the PAT margin increasing to 4.48% in FY25. The company’s Return on Net Worth (RoNW) increased to 53.15%, indicating a very high level of operating efficiency.

Ardee Industries Strengths and Risks

The company is well-positioned to lead in the circular economy, with its capacity projected to grow from 54,750 MTPA in FY23 to 104,025 MTPA in FY25, serving a diversified customer base, including major battery manufacturers. Key risks include fluctuations in raw material prices, high working capital requirements, cyclical demand, and significant transactions with related parties.

Outlook

Ardee Industries’ IPO outlook appears promising, supported by strong revenue growth, rising profitability, and expanding capacity. However, sustained performance will depend on managing raw material volatility, high working capital needs, and cyclical industry demand, while leveraging its leadership in the recycling sector.

REF: https://www.bseindia.com/corporates/download/323087/IPO Prior/Ardee_Industries_Limited_20250929063555.pdf

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