Ardee Industries IPO ends with 133.66x subscription; GMP signals 28% listing pop 

In the unlisted markets, the company’s shares are trading at a premium of more than 28%, and Ardee Industries had fixed the share price band at Rs 50 to Rs 53 per share. Here’s a quick summary of the Ardee Industries IPO

Ardee Industries IPO: Heavy oversubscription across QIB and NII segments

The IPO witnessed heavy bidding across its Non-Institutional Investors segment, which was oversubscribed 255.24 times, receiving applications for more than 321 crore shares against its offer of 1.25 crore shares. The Qualified Institutional Buyers (QIBs) portion too witnessed massive demand, being oversubscribed 197.77 times. 

More than bids were received in the QIB segment, against its offer of 1.64 crore. Meanwhile, the retail individual investor quota was oversubscribed 45.71 times, receiving 134 crore bids against its offer of 2.93 crore equity shares. 

Ardee Industries IPO: Subscription snapshot

The IPO witnessed heavy investor participation, achieving an overall oversubscription of 133.66 times. 

Ardee Industries IPO: GMP up 28%

In the grey markets, the metal suppliers’ shares are trading at a premium of 28.30% on the upper cap of the share price band. This translates into an estimated listing price of Rs 68, reflecting a gain of Rs 15 per share. 

However, readers must know that grey market prices do not guarantee profits and may fluctuate based on market conditions. 

Ardee Industries IPO: Subscription timeline

The issue opened for public subscription on August 5, and closed on August 7. On a tentative basis, share allotment is expected to conclude by August 10, while beneficiaries shall be credited their shares alongside the requisite refunds by August 11. 

The company is likely to list on NSE and BSE by August 12.