Metals recycler Ardee Industries raises INR4bn in IPO
Metals recycling company Ardee Industries has debuted in India, raising INR4 billion (USD42 million) from its initial public offering on the BSE and NSE, with T&S Law, Desai & Diwanji and Hogan Lovells providing legal advice.
The IPO comprised a fresh issue of 60.3 million shares worth INR3 billion and an offer for sale of 19.9 million shares for INR1 billion at a face value of INR2 per share. Ardee Industries debuted on 12 August 2026.
T&S Law counselled the sole bookrunning lead manager, Pantomath Capital Advisors, while Hogan Lovells acted as international legal counsel. Desai & Diwanji acted for Ardee Industries.
“What I particularly valued about working on this transaction was the level of engagement across the working group,” said Sagarieeka, a partner at T&S Law.
“Pantomath … was closely involved throughout the process, and brought a strong sense of ownership and responsiveness, which helped keep the various workstreams aligned and moving forward.”
The offering attracted strong investor demand and was oversubscribed 133.66 times overall, with the oversubscription rates of qualified institutional buyers, non-institutional investors and retail investors at 197.77, 255.24 and 45.71 times, respectively.
“A significant part of the process involved reviewing each disclosure and due diligence point closely, keeping information updated as the transaction evolved, and ensuring that the position remained consistent across successive drafts, filings and verification exercises,” added Sagreeika who had the support of associate Janmejay Pratap Singh and junior associate Rishi Sharma.
