Ardee Industries, a leading recycling company, launched its initial public offer (IPO) and closed on Friday with a remarkable subscription rate of 138.83 times. The offer, valued at Rs 425.87 crore, received 41.18 lakh applications, making it the fourth highest in 2026 by application volume.
In terms of overall subscription, the IPO ranks fifth for the year, behind only Advit Jewels, MV Electrosystems, Caliber Mining & Logistics, and Bharat Coking Coal. The high demand reflects strong investor confidence in the company’s business model.
Pantomath Capital Advisors acted as the sole book-running lead manager for the issue. The offering comprised a fresh issue of shares worth Rs 320 crore and an offer for sale (OFS) of 1.99 crore equity shares, raising a total of Rs 105.9 crore from existing promoters.
The price band for the shares was set between Rs 50 and Rs 53. Before the issue opened, Ardee Industries secured anchor investors in a regulatory filing on August 4. The company allotted 2.41 crore shares to anchor investors at the upper price band of Rs 53.
Key anchor investors included Bank of India Small Cap Fund, Bengal Finance & Investment (backed by Ashish Kacholia), and Winro Commercial of the Ashwin Kumar Kothari Group. Each of these investors received 47.17 lakh shares, valued at Rs 25 crore. Other investors such as Bharat Value Fund and India Max Investment Fund were allotted 37.73 lakh shares each, worth Rs 20 crore.
The net proceeds from the fresh issue will be used as follows: Rs 220 crore will fund incremental working capital needs, Rs 20 crore will repay certain borrowings, and the remaining amount will support general corporate purposes.
Ardee Industries’ successful IPO demonstrates robust demand for companies in the recycling sector and highlights the continued interest of investors in sustainable businesses.