Ardee Industries IPO Day 3: Subscription hits 133x led by NIIs demand
Robust institutional and retail participation reflected strong investor appetite, with proceeds earmarked for working capital, debt reduction and expansion
Ardee Industries initiated its ₹426-crore IPO with an impressive response, seeing a subscription of 133.26 times overall as of 4:36 pm. Qualified institutional buyers (QIB) contributed 197.77 times, while non-institutional investors (NII) led with a staggering 254.99 times. Retail investors contributed 45.01 times to the subscription.
The IPO price band was set between ₹50-53 per share. The fresh issue of up to ₹320 crore, alongside an offer-for-sale of up to 1.99 crore equity shares by promoters Sandeep Aggarwal and Nikunj Aggarwal, totaled the funding. Of the fresh issue proceeds, ₹220 crore will be used to bolster the company's working capital, ₹22 crore will go towards debt repayment, and the rest will be allocated for general corporate purposes.
Earlier, Ardee Industries completed a pre-IPO secondary transaction worth ₹115 crore at ₹53 per equity share. Promoters Sandeep and Nikunj Aggarwal played a significant role, selling up to 1.99 crore shares. Leading the IPO, Pantomath Capital Advisors Private Limited, had seven anchor investors, including Bank of India Small Cap Fund, Bengal Finance & Investment Pvt Ltd, Winro Commercial (India) Limited, among others.
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