Ardee Industries IPO

About the company

Ardee Industries is one of India’s most prominent companies engaged in the concept of a circular economy by providing eco-friendly recycling of energy storage products like lead-acid batteries and non-ferrous scrap metal recycling. It manufactures pure lead along with various lead alloys like lead-calcium, lead-antimony, lead-tin, lead-silver, and lead-cadmium alloys with purity content ranging between 99.97% and 99.99% according to international standards. The company is engaged in operations through an operational facility spanning an area of 7.61 acres located in the Tirupati district of Andhra Pradesh, located close to battery producers and near three ports such as Chennai, Kattupalli, and Ennore for facilitating domestic and international operations. The installed capacity has increased from 54,750 MTPA in FY24 to 156,950 MTPA as on the date of RHP. Pure lead generated revenue of 56.4% in FY26, while that of lead alloy constituted 27.5%. Sales of scrap and others constituted the rest of the revenues in FY26. Domestically sold goods constituted 55.4% of total revenues, while exports generated 39.8% of revenue. Revenue from exports has shown a CAGR of 138.6% from FY24 to FY26. Singapore and Switzerland were the top two countries of exports in FY26. As of March 31, 2026, the firm had more than 50 customers (44 domestic, 8 foreign) in the battery and metal industries. Amara Raja Energy & Mobility is the largest domestic customer, accounting for 40.6% of FY26 operating income. Sebang Metal Trading Co. Ltd is one of the important foreign customers of the company. The total contribution of the top 10 customers in FY26 is 91.6%. The main inputs include battery scrap, remelted lead ingots/blocks, lead scrap, and lead master metal, which are available from 55 domestic and 165 foreign vendors in FY26. There was a huge increase in imports to 86.9% of the total purchase in FY26 from 61.3% in FY24. The cost of material consumed is 80.1% of operating income. The firm plans to integrate the lead recycling business of its subsidiary Pilot Industries Limited (Bhiwadi, Rajasthan) with itself through a subsidiary merger. In addition, it plans to diversify its business into plastic granules, tin, and copper recycling with the help of an acquired 5.56 acres of land at Naidupet, Tirupati. The Indian recycled lead ingots market size was around ₹30,933 crore in FY26 and is expected to be ₹39,200 crore by FY30 with a CAGR of 6.1%. Over 80% of India's lead requirement is met from secondary sources of lead, primarily sourced from ULABs, largely driven by the automotive industry, inverter & UPS backup, telecommunication, data centres and renewable energy storage applications. The industry of recycled lead continues to remain fragmented, with a sizeable contribution of output coming from the unorganised side of the market despite the efforts taken by the Indian government in the form of Battery Waste Management Rules, 2022; EPR regulations; and the National Non-Ferrous Metal Scrap Recycling Framework, 2020, to take the industry on to the path of formalisation and compliance. The demand growth for recycled lead is fuelled by increased automotive manufacturing, increased installations of telecom towers, additional data centre capacities (estimated to cross 4,500 MW by 2030), and increased solar power backup applications. Ardee Industries can leverage these favourable industry dynamics through the integrated recycling and refining of lead at Naidupet, Andhra Pradesh, with the installed refining capacity, which has been scaled up to 156,950 MTPA till May 2026. The favourable port-centric location of the firm gives it an advantage in procuring scrap from over 50 countries and exporting to the rapidly expanding export destinations like Southeast Asia and South Korea, where there is strong demand growth for recycled lead. Through its empanelment with the London Metal Exchange, being a Three-Star Export House, and being compliant with CPCB and MoEFCC standards, Ardee Industries is well positioned to capitalise on the market becoming more formalised and EPR-driven, while the diversified customer base among domestic and international lead-acid battery manufacturers gives it a good chance to leverage the structural growth in the industry. Now, Ardee Industries is launching its initial public offering (IPO), which consists of a fresh issue of ₹ 320 crore and an offer for sale of ₹106 crore only. The total issue size of the IPO is ₹425.87 crore. Its shares will be listed on the NSE and BSE. ## **How to pre-apply for Ardee Industries IPO?** You can pre-apply for Ardee Industries IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription. Follow these steps to pre-apply for the IPO: - Login to your Upstox account, using your six-digit PIN - After successfully logging in, click on ‘Discover’ - On the Discover tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Ardee Industries IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Pre-Apply’ - Accept the mandate on your UPI app ## **How to apply for Ardee Industries IPO?** If you are interested in this investment opportunity but unsure how to apply for Ardee Industries IPO, here are the steps that you need to follow. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Ardee Industries IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Ardee Industries IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app ## **How to check the Ardee Industries IPO allotment status? ** When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes. Here’s a step-by-step guide on how to check the Ardee Industries IPO allotment status: - Login to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ page, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, you will find the ‘View all’ option - Once you click on ‘View all’, you will be directed to the ‘IPO’ tab - In the ‘IPO’ tab, click on ‘My applications’ - In ‘My applications’, under the History section, your Ardee Industries IPO allotment status will be mentioned

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   05 Aug 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   07 Aug 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   10 Aug 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   11 Aug 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   11 Aug 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   12 Aug 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.