Ardee Industries IPO oversubscribed by more than 98 times
Ardee Industries just wrapped up a super popular IPO that was oversubscribed by more than 98 times.
Investors rushed in, bidding for over 1,042 crore shares when only about 10.6 lakh were actually available.
Shares were priced between ₹50 and ₹53 each.
NIIs subscribed 233.29 times, ₹220cr earmarked
Non-institutional investors (NIIs) really showed up, subscribing 233.29 times their allotted shares. Qualified institutional buyers (QIBs) and retail investors also joined in with strong demand.
The company plans to use most of the funds raised, ₹220 crore, for working capital, plus ₹22 crore to pay off debts, with the rest going toward general corporate needs.
Ardee secured ₹127.75cr from 7 anchors
Before opening to the public, Ardee secured ₹127.75 crore from seven anchor investors like Bank of India Small Cap Fund and Catalyst New India Fund at ₹53 per share.
Pantomath Capital Advisors managed the IPO process.