Interarch Building Products IPO Subscription Details on Day 2

20 Aug 2024 , 12:55 PM

Noida-based Interarch Construction Products Ltd, a leader in pre-engineered steel construction solutions, launched its IPO on August 19, 2024.

The IPO is open for bidding until August 21, 2024, with a price band set between ₹850 and ₹1,900 per share. The company raised ₹179.49 Crore from anchor investors on August 18, ahead of the IPO opening.

The issue is allocated as follows: 35% to retail investors, 50% to qualified institutional investors, and 15% to non-institutional investors. Investors can bid in multiples of 16 equity shares, with a minimum bid of 16 shares.

At the time of writing on Day 2 of subscription at 12:23 pm, the Retail investor category saw an impressive 4.66 times subscription, while Non-Institutional Investors (NIIs) showed even stronger interest with 15.10 times subscription. Qualified Institutional Buyers (QIBs) subscribed to the IPO 0.27 times.

Share allocation is expected to be finalized on August 22, with refunds processed on the same day and shares credited to demat accounts on August 23.

Interarch Building Products shares are likely to list on the BSE and NSE on August 26. The company reported an operating revenue of ₹1,293.30 Crore and a profit after tax of ₹86.26 Crore in the fiscal year 2024.

The IPO includes an offer for sale (OFS) of up to 44.48 lakh shares by existing promoters and shareholders, valued at approximately ₹400 Crore, and a fresh issue of shares worth ₹200 Crore.

The net proceeds from the new issuance will be used for general corporate purposes, technology upgrades, and capital expenditures.

Ambit Private Limited and Axis Capital Limited are the book-running lead managers, with Link Intime India Private Limited serving as the offer registrar.