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' IPO has seen an overwhelming response with a subscription of 133.26 times, driven by strong demand from non-institutional investors (NII) at 254.99 times. The qualified institutional buyers (QIB) portion was subscribed to 197.77 times, and the retail investor portion was subscribed to 45.01 times. The company's ₹426-crore IPO, priced between ₹50-53 per share, included a fresh issue of up to ₹320 crore and an offer-for-sale of up to 1.99 crore shares by promoters Sandeep and Nikunj Aggarwal.
The proceeds will be used for various purposes, including working capital requirements, debt repayment, and general corporate purposes.
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