Ardee Industries IPO is a mainboard IPO raising ₹426 Cr at ₹50 – ₹53 a share. It listed on 12 Aug 2026 at ₹72, +35.8% against its issue price of ₹53, and trades at ₹51 today (−3.8% since issue). It was subscribed 134× in total.
133.7 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Read from the 476-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 13 specific to this company; 702 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
The revenue from our top customer was ₹ 4,745.56 million, ₹ 3,804.08 million and ₹ 3,352.94 million and contributed to 40.64%, 51.22% and 72.42% of revenue from operations
84.79%, 87.23% and 88.64% of our revenue from operations, respectively, was attributed to the battery and metal industries
We have not been able to trace certain of our Company's corporate records and regulatory filings
One of our Group Company, Pilot Industries Limited is engaged in the business of manufacturing and trading of automobile parts, battery components, battery scrap, lead & lead alloys
the availability of used lead-acid batteries in India for recycling could decline over the medium to long term. This poses a material risk to our raw material supply chain
Import purchases ... 8,059.78 ... 86.94% ... We usually do not enter into long-term supply contracts with any of our raw material suppliers
Our Promoters and certain members of our Promoter Group will be in a position to exercise significant control... The entire proceeds from the Offer for Sale, net of their respective share of Offer related expenses, will be paid to our Promoter Selling Shareholders, namely, Sandeep Aggarwal and Nikunj Aggarwal and our Company will not receive any proceeds from the Offer for Sale.
Our manufacturing operations are concentrated in the State of Andhra Pradesh... We own and operate a Manufacturing Facility at District Tirupati, Naidupet, in the state of Andhra Pradesh. The facility spans 7.61 acres.
Our debt-to-equity ratio ... was 1.25 times, 2.65 times and 4.87 times for Fiscals 2026, 2025 and 2024, respectively
Net Cash Inflow/(Outflow) from Operating Activities (A) 298.25 78.40 (252.62)
Pure lead ... Utilized Capacity ... 50.45 ... 30.07 ... Total ... 67.15 ... 45.16
a portion of our business involves melting of lead-containing materials in the rotary furnaces ... explosions; fires; mechanical failures ... discharges or releases of hazardous substances
Our Manufacturing Facilities are subject to a wide range of increasingly strict environmental, health and safety requirements... increasing scrutiny from MoEFCC and central & state pollution control boards.
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 2 | 0 | ₹0.4 Cr |
| Promoters | 2 | 1 | 0 | ₹10 Cr |
| Directors | 0 | 0 | 0 | — |
| Group companies | 0 | 0 | 0 | — |
DGGI criminal complaint 3371/2023 against Pilot Industries Ltd (group co.), promoter Sandeep Aggarwal and promoter-group member Sanjeev Aggarwal alleging fake Input Tax Credit of Rs 98.08 mn under CGST Act s.132; Uttarakhand HC stayed proceedings on Jun 26, 2025; related CGST adjudication demand of ~Rs 3.79 mn was confirmed (unsubstantiated on the larger allegation)
Mohan Kumar Verma criminal complaint 1485/2022 against promoter Sandeep Aggarwal and promoter-group members Sanjeev Aggarwal and Aayushi Aggarwal (as directors of Pilot Industries) alleging total loss of Rs 1 mn (batteries) + Rs 2 mn (medical) + Rs 2 mn (cheque misuse) = Rs 5 mn under IPC ss.420, 406, 467, 468, 471, 472, 120B, 384; Patna HC stayed proceedings on May 15, 2024
Direct tax proceeding against the Company — 1 case, Rs 2.61 mn involved
Indirect tax proceeding against the Company — 1 case, Rs 0.92 mn involved
Direct tax proceeding against Promoters — 1 case, Rs 0.13 mn involved
All amounts originally stated in Rs million; converted to Rs crore (1 crore = 10 million). Promoters bucket aggregates 2 criminal matters (Rs 98.08 mn alleged fake ITC + Rs 5 mn alleged loss in Mohan Kumar Verma complaint) plus 1 direct-tax case (Rs 0.13 mn) = Rs 10.321 crore. Company tax aggregate = Rs 3.53 mn = Rs 0.353 crore. Company has no subsidiaries (p390). Group Companies section states no material-impact litigation; the DGGI case nevertheless names group co. Pilot Industries as a co-accused but is disclosed under the Promoters section. Material Threshold for disclosure is Rs 21.15 mn (p379). Grand total amount is not stated in the text and is therefore left null.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
The full prospectus — business, financials, risk factors and litigation.
Which institutions were allotted shares before bidding opened, and how many.
Where physical applications could be submitted.
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
The full prospectus — business, financials, risk factors and litigation.
