Mumbai-based construction material supplier Arisinfra Solutions said it received the nod from SEBI for its initial public offering. The Company would raise ₹579.6 crore from the IPO, which is lesser than ₹600 crore stated in the draft papers filed on 12th August, 2024.
SEBI issued an observation letter for the IPO on Nov 13,2024, thus enabling the company to file for listing within one year. Arisinfra would mopup ₹115.92 crore through a pre-IPO placement, which would reduce the fresh issue size by the same amount if done. The IPO will be an all-fresh issue with no offer-for-sale (OFS) by existing shareholders.
The company plans to utilize ₹204.6 crore of the proceeds for debt repayment and ₹225 crore for working capital requirements. Remaining amounts will be utilized for general corporate purposes and for inorganic growth initiatives.
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