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Ardee Engineering IPO: Issue Date, Lot Size, Price, Everything You Need to Know
Ardee Engineering, a Hyderabad-based integrated design, engineering and manufacturing company, is gearing up for its stock market debut with a sizeable main-board IPO of ₹580 crore. The company provides customised engineering solutions across heavy engineering, material handling, process equipment, and fabricated structures to clients in sectors like steel, power, ports and infrastructure. Over the last few years, Ardee has scaled its balance sheet, order book and profitability, supported by capacity additions and technology-led manufacturing.
The Ardee Engineering IPO consists of a fresh issue of equity shares aggregating up to ₹500 crore and an offer for sale (OFS) of shares worth ₹80 crore by promoter Chandra Sekhar Moturu. Fresh proceeds are earmarked for setting up new manufacturing units, funding capex, repaying or prepaying certain borrowings and general corporate purposes, which together aim to strengthen growth and reduce leverage. Equity shares are proposed to list on BSE and NSE, giving investors direct exposure to India’s industrial and infrastructure capex cycle via a specialised engineering solutions provider.
This blog explains the Ardee Engineering IPO in detail, including the Ardee Engineering IPO date (once declared), business profile, financials, sector backdrop, key factors influencing Ardee Engineering valuation, and how to track Ardee Engineering IPO subscription, Ardee Engineering IPO subscription status and Ardee Engineering allotment status.
Ardee Engineering IPO Dates & Launch Details
Regulators have granted SEBI approval, and the IPO is expected to hit the markets in the coming months; exact dates are yet to be notified.
- IPO opening date: To be announced
- IPO closing date: To be announced (Typically three days after opening)
- Basis of allotment: To be announced (Within 3 working days post closure)
- Refund initiation: To be announced (Shortly after basis of allotment)
- Expected listing date: To be announced (Usually within a week following allotment finalisation)
Lead Book Running Managers: To be announced
Registrar: To be announced
Ardee Engineering Price Band & Investment Details
The price band will be fixed closer to the Ardee Engineering IPO date based on market conditions and updated financials.
- Price band: To be announced (Face value likely to be ₹10 per share)
- Minimum lot size: To be announced
- Minimum investment: To be announced
- Maximum retail investment: To be announced
For the latest price band and bidding details, always refer to the RHP and the IPO pages on NSE, BSE and reliable broker platforms like m.Stock.
Ardee Engineering IPO Structure
Detail | Information |
|---|---|
Issue Type | Book-built IPO (Fresh Issue + Offer for Sale) |
Total Issue Size | ₹580 crore |
Fresh Issue Value | ₹500 crore (new shares) |
OFS Shares | ₹80 crore by promoter selling shareholder Chandra Sekhar Moturu |
Reservations | To be announced |
Listing Exchanges | |
Registrar | To be announced |
Lead Manager | To be announced |
About Ardee Engineering
Ardee Engineering operates as an integrated engineering solutions provider, delivering design, fabrication, machining, assembly and installation services for large and complex equipment. The company caters to steel plants, power projects, ports, cement and other process industries, supplying heavy fabricated structures, material handling systems, process vessels and related components.
Key Highlights:
- Presence across design, engineering and manufacturing enables Ardee to offer end-to-end project solutions rather than just standalone fabrication services.
- Diversified customer base in heavy industries and infrastructure, reducing dependence on any single client or sector.
- Pre-IPO placements, including a recent ₹15 crore round at a post-money valuation of around ₹2,200 crore, signal investor interest and provide a reference point for Ardee Engineering valuation discussions.
- Use of modern fabrication facilities and a growing order book indicates readiness to capture larger-ticket projects linked to India’s ongoing capex upcycle.
This integrated model positions Ardee Engineering as a differentiated player among mid-sized engineering and fabrication companies.
Ardee Engineering Financials
Revenue and Profit Table
Period | Revenue from Operations (₹ Crore) | Net Profit (₹ Crore) |
|---|---|---|
H1 FY ‘25 | 288.28 | 15.60 |
FY ‘24 | 620.99 | 29.11 |
FY ‘23 | 331.25 | 10.91 |
FY ‘22 | 216.86 | 1.29 |
Cash Flow Table
Period | Cash Flow from Operations (₹ Crore) | Free Cash Flow (₹ Crore) |
|---|---|---|
H1 FY ‘25 | 13.83 | 6.78 |
FY ‘24 | -46.37 | -94.44 |
FY ‘23 | 8.95 | -5.45 |
FY ‘22 | -24.64 | -35.55 |
Key Highlights:
- Revenue from operations has expanded from ₹216.86 crore in FY22 to ₹331.25 crore in FY23 and ₹620.99 crore in FY24; H1FY25 already stands at ₹288.28 crore, indicating strong growth momentum if the run rate holds.
- Net profit improved sharply from ₹1.29 crore in FY22 to ₹10.91 crore in FY23 and ₹29.11 crore in FY24, with H1FY25 profit at ₹15.60 crore; margins have climbed from 4.2% in FY22 to 9.7% in FY24 and 12.1% in H1FY25, reflecting better operating leverage and cost control.
- Cash flows remain volatile: operating cash flow was negative in FY22 and FY24 and positive in FY23 and H1FY25, while free cash flow is negative in most reported periods except H1FY25, largely due to capex and working-capital intensity typical of project-based engineering businesses.
Sector & Market Context
Ardee Engineering operates in the broader engineering and capital goods space, which is closely linked to India’s infrastructure, industrial and power investments. Government programmes in steel capacity, renewable and conventional power, ports, and logistics are driving demand for heavy fabricated equipment and engineering services.
Mid-sized integrated engineering firms like Ardee benefit from project outsourcing by large EPCs and OEMs that prefer specialist partners for fabrication and on-site work. However, the sector is cyclical, exposed to commodity prices, project delays and client capex decisions, which can affect order flows and margins.
Key Considerations for Investors
Strengths
- Strong revenue and profit growth over FY22–FY24, with improving margins and a rising order book pointing to better scale and efficiency.
- Integrated capabilities from design to commissioning, serving diversified heavy-industry clients, which can support higher-value contracts.
- SEBI-approved ₹580 crore IPO and pre-IPO placements at a healthy valuation (around ₹2,200 crore implied) suggest confidence from institutional investors.
Risks
- Negative free cash flow in most reported periods highlights reliance on external funding and working-capital lines to support growth.
- Project delays, cost overruns, or slower-than-expected client capex can hurt utilisation, margins and cash flows.
- Exposure to cyclical sectors such as steel and power means performance is partly tied to broader economic and investment cycles.
Opportunities
- Continued infrastructure, industrial and power capex in India can support a strong multi-year project pipeline for engineering solution providers.
- Funds from the Ardee Engineering IPO can be used to expand capacity, upgrade technology and strengthen the balance sheet, improving competitiveness in bidding for larger orders.
- Moving up the value chain from pure fabrication to design-plus-build solutions offers scope for better pricing and customer stickiness.
IPO Structure
- The Ardee Engineering IPO combines a ₹500 crore fresh issue and an ₹80 crore OFS by the promoter, aligning growth funding with partial monetisation for the existing shareholder.
- Fresh proceeds are planned for new manufacturing units, capacity additions, debt reduction and other corporate needs, which can improve leverage metrics and support larger project execution.
- Equity shares will be listed on NSE and BSE through the standard book-building process, with allocations across QIB, NII and retail categories in line with SEBI regulations.
About the Company
Hyderabad-based Ardee Engineering describes itself as an integrated design, engineering and manufacturing company offering a wide range of customised engineering products and services across heavy industries. Through its facilities and engineering team, the company aims to deliver high-quality fabricated equipment and solutions that match demanding customer specifications in India and abroad.
Ardee Engineering Final Review
The Ardee Engineering IPO provides investors access to a growing engineering solutions company that has demonstrated strong revenue and profit growth, but also exhibits the working-capital and cash-flow pressures typical of project-driven businesses. Investors should assess the final Ardee Engineering valuation, order book visibility, and updated FY25 numbers in the RHP alongside personal risk appetite before applying.
Always consider personal investment objectives and consult trusted sources before making any decisions.
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FAQ
What is the size and structure of the Ardee Engineering IPO?
The Ardee Engineering IPO totals ₹580 crore, comprising a fresh issue of equity shares worth ₹500 crore and an offer for sale of ₹80 crore by promoter Chandra Sekhar Moturu, as detailed in the DRHP.
When is the Ardee Engineering IPO date and when will the shares list?
The exact Ardee Engineering IPO date is yet to be announced.Once the timetable is finalised, the company will notify the opening and closing dates, and the shares are proposed to list on BSE and NSE shortly after allotment.
What does Ardee Engineering do and which sectors does it serve?
Ardee Engineering provides integrated design, fabrication, machining, assembly and installation services for heavy equipment and structures, catering to steel, power, ports, cement and other process industries in India and overseas.
How has Ardee Engineering performed financially in recent years?
Revenue has risen from about ₹216.86 crore in FY22 to ₹331.25 crore in FY23 and ₹620.99 crore in FY24, with H1FY25 at ₹288.28 crore; net profit improved from ₹1.29 crore in FY22 to ₹29.11 crore in FY24 and ₹15.60 crore in H1FY25, while margins expanded from 4.2% to over 9.7%.
What factors will influence Ardee Engineering valuation at IPO?
Ardee Engineering valuation will be guided by its growth rates, margin profile, order book, balance sheet strength, peer engineering and capital-goods multiples, and broader market sentiment at the time of pricing, along with reference points from its pre-IPO placements.
How can retail investors apply for the Ardee Engineering IPO?
Once the issue opens, retail investors can apply online using UPI or ASBA through their demat and trading accounts; on a platform like m.Stock, they would log in, navigate to the IPO section, select the Ardee Engineering IPO, choose lots, enter their UPI ID and approve the mandate in their UPI app.
How can investors track Ardee Engineering IPO subscription and subscription status?
During the issue period, Ardee Engineering IPO subscription status for QIB, NII and retail categories will be updated on NSE and BSE websites; investor platforms, including m.Stock’s IPO dashboard, typically summarise this data in an easy-to-read format.
What are the main risks associated with investing in the Ardee Engineering IPO?
Key risks include cyclical demand from core sectors, project delays or cost overruns, negative free cash flows in several years due to capex and working-capital needs, and exposure to raw-material price volatility that can compress margins.
What should prospective investors review in the Ardee Engineering DRHP/RHP?
Investors should examine details on order book composition, client concentration, contract terms, debt profile, capex plans, contingent liabilities and promoter background, as well as risk factors and use-of-proceeds disclosures.
How can investors check Ardee Engineering IPO allotment status?
After the basis of allotment is finalised, investors can check Ardee Engineering allotment status on the registrar’s website using PAN, application number or DP/Client ID; links are also usually provided on NSE, BSE and major broker platforms.