Ardee Engineering's IPO: A New Leap in Manufacturing

Ardee Engineering Ltd is preparing for an IPO, seeking to raise Rs 580 crore. The funds will be used for new manufacturing facilities, debt payment, and general purposes. With a diverse client base and key partnerships, the company aims to expand its reach in various sectors.

Ardee Engineering Ltd has initiated steps to launch an initial public offering (IPO), aiming to generate Rs 580 crore, the company disclosed in filings with the Securities and Exchange Board of India (SEBI).

Notably, the IPO will feature Rs 500 crore in new equity shares and a Rs 80 crore Offer-for-Sale (OFS) by promoter Chandra Sekhar Moturu. There is potential for a Rs 100 crore Pre-IPO placement that may adjust the fresh issue size.

The IPO proceeds will fund two new manufacturing sites in Telangana and Andhra Pradesh, repay Rs 65 crore in debt, and cater to other corporate needs. With a broad client spectrum, Ardee Engineering positions itself as a leader in the integrated design and manufacturing industry.

(With inputs from agencies.)