Interarch Buildings Shares Close at ₹1195

26 Aug 2024 , 03:54 PM

Interarch Building Products’ share price listed on the Indian stock market at a substantial premium of approximately 44%. The share price of Interarch Building Products closed at 1,195.7 on the NSE. Interarch Building Products’ shares rose to an intraday high of 1,314.80 per share on the NSE, following a strong listing.

However, the freshly listed stock struggled to maintain higher levels and experienced profit-booking difficulties. Interarch Building Products’ share price fell to 1179 on the NSE, following an intraday high.

The IPO, which consisted of a fresh issuance worth Rs 200 crore and an offer for sale (OFS) of up to 44.48 lakh shares, drew massive interest, with an aggregate subscription of 93.5 times. Demand was significant from both non-institutional and institutional investors.

The proceeds of the new issue will be used as follows: Rs 58.53 crore for financing capital expenditure to establish a new project, Rs 19.25 crore for upgrading various manufacturing facilities, Rs 11.39 crore for investment in information technology assets, and Rs 55 crore for funding incremental working capital requirements and general corporate purposes.

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