Now Reading: Ardee Industries lists with 39% pop, IPO subscribed 134 times
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Ardee Industries lists with 39% pop, IPO subscribed 134 times
Ardee Industries listed on NSE and BSE on Wednesday at a 36-39 per cent premium over the IPO price of Rs 53. The stock opened at Rs 73.60 on BSE and Rs…
The Story in Brief
Ardee Industries listed on NSE and BSE on Wednesday at a 36-39 per cent premium over the IPO price of Rs 53. The stock opened at Rs 73.60 on BSE and Rs 72 on NSE, then traded around Rs 69, a 30 per cent gain. The Rs 426-crore IPO was subscribed 133.66 times, with bids for Rs 41,300 crore from 41.2 lakh applicants.
Non-institutional investors bid 255 times their quota, qualified institutional buyers 198 times, and retail investors 45 times. Retail odds of allotment were 2.7 per cent, with one in 37 applicants getting shares. The company, based in New Delhi, recycles end-of-life batteries and non-ferrous scrap into high-purity lead and specialised lead alloys.
The Indian Opinion
The Ardee IPO mania shows retail hunger for any story that touches 'recycling' or 'green'. But a 134-times subscription for a lead-recycler with volatile commodity prices is not a vote of confidence; it is a lottery ticket. The grey market doubled its premium during bidding, yet the stock has already slipped from the listing high. The real test is not listing-day fireworks but whether earnings per share can keep pace with the valuation. Watch the next quarterly result: will operating margins justify the price-to-earnings multiple of a growth stock? Or was this just another froth trade?
Sources (2): businesstoday.in, thehindubusinessline.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
