Ardee Engineering files DRHP with SEBI

28 Mar 2025 , 11:17 AM

Ardee Engineering, a Hyderabad-based engineering solutions provider company has filed draft papers with the Securities and Exchange Board of India. The company aims to raise ₹580 crore from the issue.

According to the DRHP, the IPO consists a fresh issue of equity shares worth ₹500 crore and an offer-for-sale (OFS) of ₹80 crore. The promoter of the company, Chandra Sekhar Moturu will be offloading his part of share via IPO.

The company may also consider raising funds around ₹100 crore from the pre-IPO placement. It it get successfully close, the fresh issue will reduce accordingly.

As per the draft paper, the company aims to use the net proceeds from the IPO towards setting up two new manufacturing facilities at Seetharampur, Telangana and setting up a new integrated manufacturing facility at Parawada, Andhra Pradesh.

It will also use the proceeds towards the payment of debt and for other general corporate purposes. As of January 31, 2025, the company has a total debt of ₹362.2 crore in its books.

IIFL Capital and JM Financials are the book running lead managers of the IPO.