Ardee Industries' initial public offering closed on Friday with a total subscription of 98.07 times, reflecting intense demand from non-institutional investors (NIIs) who subscribed 233 times.
The ₹426 crore ($51 million) offering, which ran from August 5 to August 7, also saw strong participation from qualified institutional buyers (QIBs) and retail investors, according to Hindu Businessline.
The company had previously raised ₹127.75 crore from anchor investors, providing early validation of the issue size and price band.
Ardee Industries set the price band at ₹50 to ₹53 per equity share, with the final allotment likely to occur at the upper end given the oversubscription levels.
The fresh issue proceeds are earmarked for working capital, debt repayment, and general corporate purposes, a standard structure for mid-cap industrial listings in India.
The strong subscription underscores continued investor appetite for new listings in the Indian market, particularly among retail and NII segments.