Lead Recycling Firm Ardee Industries to Launch IPO on August 5 at ₹50–53 Price Band

Ardee Industries, a player in the secondary metals and recycling economy, has announced plans to file for an IPO with the BSE and NSE on August 5. The price band has been fixed at ₹50–53 per equity share of face value ₹2 each. Bids will open from August 5–7, with an anchor investor bidding day on August 4. Bids can be made in multiples of 281 equity shares, of face value ₹2 each.

The company hopes to raise a total of ₹425.9 crore at the upper price band level, of which ₹320 crore will be a fresh issue of 63,999,436 and the rest will come from an offer for sale of up to 19,975,000 shares belonging to promoters — 9,987,500 shares each belonging to Sandeep Aggarwal, Chairman and MD, and Nikunj Aggarwal, Whole-Time Director, Ardee Industries.

The public offer is being made through the book-building process under Securities and Exchange Board of India (SEBI) Issue of Capital and Disclosure Requirements (ICDR) regulations. Nor more than 50 percent of the block will be allocated to Qualified Institutional Buyers, of which 60 percent can be allocated on a discretionary basis, 33.3 percent will be allocated to domestic mutual funds, and 6.67 percent to life insurance and pension funds. Not less than 15 percent of the offer will be available to non-institutional bidders, with allocations for those investing in different bid size blocks.

Pantomath Capital Advisors Pvt Ltd is the book running lead manager, while KFin Technologies Ltd is the registrar to the offer. The NSE will be the designated stock exchange.

Ardee Industries Ltd describes itself as one of the top six integrated lead recycling companies in India, with 2.09 percent market share as of FY26. It is primarily engaged in the procurement of scrap lead in the form of used lead-acid batteries, safely dismantling them, smelting and refining the reclaimed material to produce pure lead as well as alloys with calcium, antimony, tin, silver, and cadmium. Reclaimed lead is moulded into ingots and shipped to customers who will manufacture new batteries, completing a circular economy. Alloy products are customisable in composition.

Key industries that use reclaimed lead are automotive, cable sheathing, inverter and UPS, telecom, and solar power. The company expects its market to grow at 6-7 percent, driven by high demand for lead-acid batteries thanks to the rapid adoption of electric vehicles, and efforts to popularise rooftop solar power generation. The Government of India’s ongoing push for self-reliance in essential materials, and transforming the unorganised scrap market into an organised sector are also set to be advantages.

The company operates a 7.61 acre ISO-certified manufacturing facility at Tirupati, Andhra Pradesh, and says it owns additional land in preparation for potential expansion. Its current lead recycling capacity is 1,56,950 metric tonnes per annum, up from 54,750 metric tonnes in FY24 and 1,04,025 in FY26. This is a zero-discharge facility, with only hazardous waste being disposed of via authorised government channels.

Scrap is imported from over 50 countries, and the processed lead is exported to customers in eight countries, with ₹465 crore topline revenue from exports last financial year. Ardee Lead 9997 is listed on the London metal exchange, and the company is also registered.

The company is proposing to use the net proceeds from its IPO for funding working capital. ₹20cr will be used towards paying off long-term debt to improve the company’s balance sheet by reducing interest costs.