The initial public offering (IPO) of Ardee Industries Ltd is getting a good response from investors and has so far received 55.14 times subscription on the third day of bidding on Friday. According to data available on the National Stock Exchange (NSE) at the time of writing the report, the issue got bids for 3,22,13,35,106 shares against 5,84,22,516 shares on offer. The category for non-institutional investors received 161.42 times subscription, while the portion for retail investors was subscribed 32.66 times.ย The portion for qualified institutional buyers (QIBs) was subscribed 13.89 times.
Ardee Industries IPO GMP Todayย
According to Investorgain, Ardee Industries’ unlisted shares are trading at a grey market premium (GMP) of Rs 9. Considering the upper price band of Rs 53, the company’s shares are expected to list at around Rs 62, reflecting a grey market premium of 16.98 per cent.
Ardee Industries IPO subscription window
Today is the last day of the three-day subscription window. The price band for the IPO has been fixed at Rs 50-53 per equity share for the issue, valuing the company at Rs 1,671 crore.
Ardee Industries IPO listing date
The company’s equity shares will be listed on both the NSE and the BSE. The shares are expected to make their market debut on August 12.
Pantomath Capital Advisors is the sole book-running lead manager for the issue, while KFin Technologies is the registrar.
What does the company do?
Ardee Industries operates in the circular economy segment, focusing on recovering and recycling end-of-life energy storage products and non-ferrous scrap.ย ย
Ardee Industries raises Rs 128 crore
Ahead of IPO, Ardee Industries Ltd, a leading firm in secondary metals and circular economy sectors, raised Rs 128 crore from anchor investors. According to a circular uploaded on the BSE website, it allotted 2.41 crore equity shares to anchor investors at Rs 53 apiece, the upper end of the issue price band.
The anchor book saw participation from Bank of India Mutual Fund, Ashish Kacholia-led Bengal Finance & Investment Pvt Ltd, Rohit Kothari-led Winro Commercial (India) Ltd, The Wealth Company Alternates Trust, India Max Investment Fund Ltd, Cognizant Capital Dynamic Opportunities Fund, IMAP India Capital Investment Trust and Catalyst New India Fund.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)