Ardee Industries raises ₹127.76cr from anchor investors ahead of IPO
Ardee Industries, a New Delhi-based company that recycles old batteries and metal scrap, just raised ₹127.76 crore from big investors ahead of its upcoming IPO.
The IPO, totaling ₹425.9 crore, opens for subscription on August 5 and closes August 7. Shares are priced between ₹50-53 each.
IPO proceeds mostly for working capital
Seven anchor investors picked up 2.41 crore shares at ₹53 each: Bank of India Small Cap Fund, Bengal Finance and Investment, and Winro Commercial put in ₹25 crore apiece, while Bharat Value Fund and India Max Investment Fund invested ₹20 crore each.
Most of the fresh funds will go toward working capital (₹220 crore), paying off some debt (₹20 crore), and general corporate needs.
Ardee's battery recycling business looks solid
Ardee focuses on recycling used batteries and nonferrous metals for industries like energy storage, automotive, and e-mobility.
Business is looking solid as they head into their IPO.