Ardee Industries IPO Day 2 Subscription Status: 14.16x Subscribed; GMP at Rs 15.25
Ardee Industries’ Initial Public Offering (IPO) was subscribed 14.16 times by the end of Day 2, with Non-Institutional Investors (NIIs) leading at 30.55 times. Retail demand reached 14.32 times, while the Grey Market Premium (GMP) stood at Rs 15.25 (28.8%) in the early evening on 6 August 2026. The issue remains open and will close on 7 August 2026, with bidding accelerating sharply from the Day 1 close.
| Metric | Latest update |
| Bidding day | Day 2 |
| Data status | Provisional, early evening on 6 August 2026 |
| Overall subscription | 14.16x |
| Qualified Institutional Buyers | 1.31x |
| Non-Institutional Investors | 30.55x |
| Retail Individual Investors | 14.32x |
| Employee or shareholder category | Not separately reported |
| Current GMP | Rs 15.25 |
| GMP percentage | 28.8% |
| Indicative price | Rs 68.25 |
| Closing date | 7 August 2026 |
Ardee Industries IPO Day 2 Subscription Status
Ardee Industries received bids for about 82.73 crore shares against approximately 5.84 crore shares available, taking the overall subscription to 14.16 times by the early evening on Day 2.
| Investor category | Day 2 | Day 1 close | Change |
| Qualified Institutional Buyers (QIBs) | 1.31x | 1.10x | +0.21x |
| Non-Institutional Investors (NIIs) | 30.55x | 5.32x | +25.23x |
| Retail Individual Investors | 14.32x | 3.22x | +11.10x |
| Overall | 14.16x | 3.08x | +11.08x |
The NII category recorded the largest increase and remained the main driver of the Day 2 acceleration. Retail demand also expanded substantially, suggesting that the response was not limited to one investor segment.
QIB participation increased more gradually. Institutional participation often builds later in the bidding period, but the current figures do not establish how demand will develop on Closing Day.
Subscription multiples measure the quantity of shares bid for relative to the shares reserved in each category. They do not represent the number of unique applicants.
How Subscription Changed From Day 1
The IPO moved from 3.08 times subscribed at the Day 1 close to 14.16 times by the end of Day 2, an absolute increase of 11.08 times.
NIIs produced the strongest movement, with their subscription rising from 5.32 times to 30.55 times. Retail subscription increased from 3.22 times to 14.32 times. This shows that demand became broader during the second day, although NII bids contributed the largest category-wise multiple.
The issue is already subscribed in all three main categories. However, the final demand mix remains unresolved because one full bidding day is still available. Closing Day can also bring sizeable bid additions, modifications, or withdrawals, particularly from larger applicants.
Ardee Industries IPO GMP Today and Estimated Listing Price
Ardee Industries shares were reported at a GMP of Rs 15.25 in the unofficial grey market in the early evening on 6 August 2026. The premium was higher than the roughly Rs 8 reading available around the issue opening, indicating an increase of about Rs 7.25.
| GMP observation | GMP | Movement |
| Early evening, 6 August 2026 | Rs 15.25 | Current |
| Previous available reading | Around Rs 8 | Up about Rs 7.25 |
At the upper price band of Rs 53, the current GMP produces the following calculation:
Indicative price = Rs 53 + Rs 15.25 = Rs 68.25
GMP percentage = Rs 15.25 ÷ Rs 53 × 100 = 28.8%
The GMP is unofficial, unregulated, and based on informal market activity. It can change quickly and does not guarantee the actual listing price or any listing gain.
What Stands Out in Today’s Bidding
Two signals stand out. First, the overall subscription increased more than fourfold from the Day 1 close, mainly because of stronger NII and retail bidding. Second, both subscription demand and the GMP moved higher during the bidding period, so there is no clear divergence between these two indicators at present.
There are also important limitations. NII demand can include large bid quantities from a relatively smaller pool of applicants, and a high category multiple does not reveal the number of investors involved. In addition, strong subscription and a positive GMP do not prove that the IPO is fairly valued, that the underlying business is low-risk, or that the shares will deliver positive returns after listing.
IPO Details Retail Investors Need
| Detail | Information |
| Price band | Rs 50 to Rs 53 per share |
| Lot size | 281 shares |
| Minimum retail investment | Rs 14,893 at the upper price band |
| Total issue size | Rs 425.87 crore |
| Fresh issue | Rs 320 crore |
| Offer for Sale (OFS) | Rs 105.87 crore |
| Issue type | Book-built mainboard IPO |
| Closing date | 7 August 2026 |
| Expected listing date | 12 August 2026 |
| Exchange | BSE Limited and National Stock Exchange of India |
The minimum investment has been calculated as 281 shares multiplied by the upper price band of Rs 53.
Brief Company and Financial Context
Ardee Industries recovers and recycles end-of-life batteries and non-ferrous metal scrap. It primarily manufactures pure lead and specialised lead alloys used in energy storage, automotive, e-mobility, chemical, and industrial applications. Total income increased from Rs 743.53 crore in the financial year ended March 2025 to Rs 1,168.88 crore in the year ended March 2026, while profit after tax rose from Rs 33.27 crore to Rs 84.68 crore. The company plans to use Rs 220 crore of fresh proceeds for working capital and Rs 20 crore for debt repayment. Key risks include lead-price volatility, raw-material availability, customer concentration, and environmental compliance requirements.
What Happens Next
The Ardee Industries IPO will enter its third and final bidding day on 7 August 2026. Investors can monitor whether QIB participation strengthens, whether NII and retail demand continues to rise, and whether the GMP holds its current direction. The final subscription multiple may differ materially from the Day 2 figure.
Frequently Asked Questions (FAQs)
Q: How many times was the Ardee Industries IPO subscribed on Day 2?
A: The Ardee Industries IPO was subscribed 14.16 times by the early evening on 6 August 2026. The NII category led at 30.55 times, retail investors subscribed 14.32 times, and the QIB category was subscribed about 1.31 times.
Q: How did Ardee Industries IPO demand change from Day 1 to Day 2?
A: Overall subscription rose from 3.08 times at the Day 1 close to 14.16 times on Day 2. The largest increase came from NIIs, whose subscription moved from 5.32 times to 30.55 times.
Q: What is the Ardee Industries IPO GMP today?
A: The Ardee Industries IPO GMP was Rs 15.25 in the early evening on 6 August 2026. GMP is an unofficial market indicator and may change before the IPO closes or lists.
Q: What listing price does the current Ardee Industries IPO GMP indicate?
A: Adding the Rs 15.25 GMP to the upper price band of Rs 53 gives an indicative price of Rs 68.25. This is only an informal estimate and does not guarantee the actual listing price or a premium listing.
Disclaimer
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