Interarch Building Products IPO subscribed 7.89 times Day 2

20 Aug 2024 , 03:25 PM

Interarch Construction Products Ltd, headquartered in Noida and a leader in offering complete pre-engineered steel construction solutions, will enter the Indian primary market on August 19, 2024. Bidding for the Interarch Construction Products IPO will stay available until August 21, 2024, which is Wednesday this week. The company has set a price band for shares between ₹850 and ₹1,900. On Friday, August 23, the business received ₹179.49 crore from anchor investors through its IPO, which will shut on August 21.

Retail investors will receive 35% of the issue size, eligible institutional investors will receive 50%, and non-institutional investors will receive the remaining 15%.

Following the minimum of 16 equity shares, investors can bid in multiples of 16 equity shares.

The Interarch Building Products initial public offering (IPO) share allocation basis is likely to be concluded on Thursday, August 22. The company will begin refunds on the same day, and on Friday, August 23, the shares will be credited to the allottees’ demat accounts. Interarch Building IPO shares are expected to be listed on the BSE and NSE on Monday, August 26.

Interarch Building Products is India’s premier provider of pre-engineered steel construction solutions, with integrated design and engineering, manufacturing, and on-site project management capabilities for steel structure installation and erection.

In fiscal year 2024, the company’s operating revenue increased to ₹1,293.30 crore from ₹1,123.93 crore. Profit after tax increased to ₹86.26 crore from ₹81.46 crore.

On the second day of bidding, non-institutional investors continued to show substantial interest in Interarch Building Products’ IPO. The response from retail investors was satisfactory. According to BSE data, at 15:22 IST, the subscription status for Interarch Building Products IPO was 7.98 times.

Non-institutional investors placed 22.04 times subscriptions and retail investors placed 6.09 times bids. The quota for Qualified Institutional Buyers (QIBs) obtained 30% subscription, with the employee part booked 8.64 times.

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