Strong Market Debut for Ardee Industries; Shares End Nearly 27% Higher

New Delhi: Shares of Ardee Industries on Wednesday ended with a premium of nearly 27 per cent against the issue price of Rs 53.

The stock started trading at Rs 73.60, up 38.86 per cent from the issue price on the BSE. It finally ended at Rs 67.13, rallying 26.66 per cent.

At the NSE, it listed at Rs 72, registering a jump of 35.84 per cent from the issue price. The stock ended at Rs 67.12, up 26.64 per cent.

The company’s market valuation stood at Rs 2,115.94 crore.

In traded volume terms, 125.16 lakh shares of the firm were traded at the BSE and 1,302.76 lakh shares on the NSE during the day.

The initial public offering of Ardee Industries received strong participation from investors, with the issue getting subscribed 133.66 times on the final day of bidding on Friday last week.

The Rs 426-crore IPO had a price band of Rs 50-53 per equity share.

The IPO had a fresh issue of equity shares worth up to Rs 320 crore and an offer-for-sale (OFS) of up to 1.99 crore shares by promoters.

Ardee Industries is engaged in the circular economy segment, focusing on the recovery and recycling of end-of-life energy storage products and non-ferrous scrap.

It also reclaims critical resources from waste streams and manufactures pure lead and lead alloys used in sectors such as energy storage, e-mobility, automotive and chemicals.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)