Ardee Engineering Gains Sebi Green Light for Rs 580 Crore IPO

Ardee Engineering Ltd secured regulatory clearance from Sebi to launch an initial public offering (IPO) aimed at raising Rs 580 crore, according to recent updates.

The IPO will include a fresh equity issue worth Rs 500 crore alongside an Offer-for-Sale (OFS) of Rs 80 crore by promoter Chandra Sekhar Moturu, per the draft red herring prospectus (DRHP).

The company intends to use the IPO proceeds to finance new manufacturing facilities in Telangana and Andhra Pradesh, pay down debt, and fulfill general corporate purposes, while featuring key partnerships with global industry leaders.

(With inputs from agencies.)