Ardee Industries IPO subscribed 2.43 times at ₹50-₹53 price band
Ardee Industries's IPO kicked off with a bang: by Wednesday afternoon, it was already subscribed 2.43 times.
Shares are priced at ₹50 to ₹53, and the offer includes a fresh issue of up to ₹320 crore and an offer for sale of up to 1.99 crore equity shares by promoters Sandeep Aggarwal and Nikunj Aggarwal.
If you're interested, you've got until August 7 to put in a bid.
Non institutional investors lead 3.75x subscription
Non-institutional investors (NIIs) led the charge, subscribing 3.75 times their quota. Retail investors weren't far behind at 2.61 times, while institutional buyers also showed interest.
Before the IPO opened, Ardee raised ₹127.75 crore from anchor investors like Bank of India Small Cap Fund at ₹53 per share.
Most of the fresh funds will go toward working capital and paying down debt, with Pantomath Capital Advisors managing the show.