Ardee Industries IPO booked 23.26x, listing slated for August 12

Ardee Industries is a company that recycles materials like lead and batteries, helping to build what is called a circular economy.

It wants to raise money from the public, so it is selling small pieces of itself called shares in a sale known as an IPO.

Each share costs between ₹50 and ₹53, and the sale opened on August 5 and will close on August 7.

Lots of investors were interested — by the third day the offer was subscribed more than 23 times.

People who buy IPO shares hope the price will go up once the shares start trading on the stock market, and experts estimate the shares could list at about ₹68, higher than the ₹53 top price.

The money the company raises will be used mostly for its daily working needs and to pay off some debt.

The company's promoters are also selling some of their own shares in the same offer.

Many experts say the price is attractive compared with similar companies, but they warn that the business depends on battery sales and lead prices, which can change.

The shares are expected to begin trading on the BSE and NSE on August 12.