Ardee Industries files DRHP with SEBI to launch IPO; check details here
The Initial Public Offering (IPO) consists of a fresh issue amounting to Rs 320 crores and an offer for sale of up to 37,650,000 equity shares, each with a face value of Rs 2.
- Sep 29, 2025,
- Updated Sep 29, 2025 12:52 PM IST
Ardee Industries, a company with focus on sustainable recovery and recycling of end-of-life energy storage products and non-ferrous scrap, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI).
The Initial Public Offering (IPO) consists of a fresh issue amounting to Rs 320 crores and an offer for sale of up to 37,650,000 equity shares, each with a face value of Rs 2. Of this, Sandeep Aggarwal and Nikunj Aggarwal, the promoter selling shareholders, will each offer up to 18,825,000 equity shares.
Ardee Industries aims to allocate Rs 220 crores from the net proceeds to incremental working capital requirements and Rs 22 crores for partial or full repayment of existing borrowings. The remainder will be used for general corporate purposes, as outlined in the DRHP.
Established as a leader in the environmentally responsible recovery sector, Ardee Industries has posted a revenue compound annual growth rate (CAGR) of 33.15% over the last three financial years, as reported by F&S. Its product portfolio includes pure lead and specialised lead alloys, such as lead calcium, antimony, tin, silver, and cadmium alloys, catering to industries like energy storage, e-mobility, automotive, and chemicals.
The company's products, including the 'Ardee' brand listed on the MCX platform, are highly customisable in terms of purity and composition, with purity levels from 99.97% to 99.985% meeting global standards. Ardee Industries has more than 50 customers as of March 2025, spread across domestic and international markets, including exports to seven countries such as Singapore, Hong Kong, South Korea, Switzerland, UAE, Japan, and the USA.
Ardee operates a manufacturing facility on approximately 7.61 acres in Tirupati, Andhra Pradesh, with an installed recycling capacity of 104,025 metric tonnes per annum. The plant features advanced machinery for lead recycling, including rotary furnaces, refining kettles, and pollution control equipment, supporting efficient and compliant operations.
According to the F&S Report, the company has maintained a revenue CAGR of 34.3% from FY23 to FY25. Gross margin per tonne has risen from ₹19,511.95 in FY23 to ₹33,642.16 in FY25. EBITDA achieved a CAGR of 70.2%, while profit after tax saw a 97.07% CAGR over the same period, highlighting ongoing efficiency and cost rationalisation. Export revenue experienced a significant CAGR of 521.22% during this period.
India's lead recycling sector is substantial, with over 80% of domestic demand met via secondary recycled lead, primarily from used lead-acid batteries. In FY25, the nation's recycled lead production stood at around 1.26 million tonnes, with the recycled lead ingot market valued at INR 28,800 crores. Applications include automotive, energy storage, telecom, and various industrial uses.
The IPO is managed by Pantomath Capital Advisors Private Limited, acting as the banker, and KFin Technologies Limited as the registrar to the issue.
Ardee Industries Limited’s alignment with India’s sustainability targets and its rapid financial growth position it as a noteworthy company in the secondary lead recycling space. The company’s manufacturing and export capabilities, alongside a strong product portfolio, underscore its relevance within the global and domestic circular economy.
Ardee Industries, a company with focus on sustainable recovery and recycling of end-of-life energy storage products and non-ferrous scrap, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI).
The Initial Public Offering (IPO) consists of a fresh issue amounting to Rs 320 crores and an offer for sale of up to 37,650,000 equity shares, each with a face value of Rs 2. Of this, Sandeep Aggarwal and Nikunj Aggarwal, the promoter selling shareholders, will each offer up to 18,825,000 equity shares.
Ardee Industries aims to allocate Rs 220 crores from the net proceeds to incremental working capital requirements and Rs 22 crores for partial or full repayment of existing borrowings. The remainder will be used for general corporate purposes, as outlined in the DRHP.
Established as a leader in the environmentally responsible recovery sector, Ardee Industries has posted a revenue compound annual growth rate (CAGR) of 33.15% over the last three financial years, as reported by F&S. Its product portfolio includes pure lead and specialised lead alloys, such as lead calcium, antimony, tin, silver, and cadmium alloys, catering to industries like energy storage, e-mobility, automotive, and chemicals.
The company's products, including the 'Ardee' brand listed on the MCX platform, are highly customisable in terms of purity and composition, with purity levels from 99.97% to 99.985% meeting global standards. Ardee Industries has more than 50 customers as of March 2025, spread across domestic and international markets, including exports to seven countries such as Singapore, Hong Kong, South Korea, Switzerland, UAE, Japan, and the USA.
Ardee operates a manufacturing facility on approximately 7.61 acres in Tirupati, Andhra Pradesh, with an installed recycling capacity of 104,025 metric tonnes per annum. The plant features advanced machinery for lead recycling, including rotary furnaces, refining kettles, and pollution control equipment, supporting efficient and compliant operations.
According to the F&S Report, the company has maintained a revenue CAGR of 34.3% from FY23 to FY25. Gross margin per tonne has risen from ₹19,511.95 in FY23 to ₹33,642.16 in FY25. EBITDA achieved a CAGR of 70.2%, while profit after tax saw a 97.07% CAGR over the same period, highlighting ongoing efficiency and cost rationalisation. Export revenue experienced a significant CAGR of 521.22% during this period.
India's lead recycling sector is substantial, with over 80% of domestic demand met via secondary recycled lead, primarily from used lead-acid batteries. In FY25, the nation's recycled lead production stood at around 1.26 million tonnes, with the recycled lead ingot market valued at INR 28,800 crores. Applications include automotive, energy storage, telecom, and various industrial uses.
The IPO is managed by Pantomath Capital Advisors Private Limited, acting as the banker, and KFin Technologies Limited as the registrar to the issue.
Ardee Industries Limited’s alignment with India’s sustainability targets and its rapid financial growth position it as a noteworthy company in the secondary lead recycling space. The company’s manufacturing and export capabilities, alongside a strong product portfolio, underscore its relevance within the global and domestic circular economy.