Ardee Industries Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an IPO comprising a ₹320 crore fresh issue and an Offer for Sale (OFS) of up to 3.76 crore equity shares by promoters, aiming to fund working capital, repay debt, and general corporate purposes.
Offer structure and size
- Fresh issue: ₹320 crore (all primary capital).
- Offer for sale: Up to 3.76 crore equity shares by promoter selling shareholders, alongside the fresh issue.
- Key intermediaries: Pantomath Capital Advisors appointed as the book‑running lead manager as per filing coverage.
Use of proceeds
- Working capital: ₹220 crore earmarked for incremental working capital to support scale‑up.
- Debt repayment: ₹22 crore for partial or full repayment of borrowings.
- Balance for general corporate purposes as detailed in the draft.
Business snapshot
- Circular‑economy recycler: Focused on environmentally responsible recovery and recycling of end‑of‑life energy storage products and non‑ferrous scrap, reclaiming critical resources.
- Product suite: Pure lead and lead alloys (lead‑calcium, lead‑antimony, lead‑tin, lead‑silver, lead‑cadmium) used in energy storage, e‑mobility, automotive, and chemicals.
- Customers and markets: 50+ customers as of March 31, 2025; exports to seven countries including Singapore, Hong Kong, South Korea, Switzerland, UAE, Japan, and the US; domestic presence in 10 states.
Capacity and operations
- Plant location and capacity: Manufacturing facility in Tirupati, Andhra Pradesh with installed recycling capacity of 104,025 MTPA; equipped with rotary furnaces, refining kettles, and pollution‑control systems.
- Quality and branding: Products marketed under the “Ardee” brand and listed on MCX, with purity levels cited around 99.97%–99.985% for global standards compliance.
Growth and financial highlights (as cited in coverage)
- Reported multi‑year growth: Media citing F&S notes revenue CAGR above 30% with rising gross margin per tonne from FY23 to FY25; EBITDA and PAT growth outpacing revenue due to efficiency gains. Investors should verify exact figures in the filed draft.
DRHP access and regulatory process
- DRHP availability: Filing references are accessible via exchange archives; review risk factors, financial statements, related‑party details, and object‑wise deployment schedules.
- Next steps: SEBI observation period precedes RHP filing with final price band and timetable; timelines depend on regulatory feedback and market conditions.
Bottom line: Ardee Industries’ IPO blends a ₹320 crore primary raise with a sizable OFS to fund working capital and deleveraging, backed by a 104,025 MTPA Andhra unit and export reach; prospective investors should read the DRHP for granular risks, unit economics, and customer concentrations as the process moves toward SEBI observations and RHP.