Interarch Building Products subscribed 10.83 times

The offer received bids for 5.08 crore shares as against 46.91 lakh shares on offer.

The initial public offer (IPO) of Interarch Building Products received 5,08,30,992 bids for shares as against 46,91,585 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (20 August 2024). The issue was subscribed 10.83 times.

The issue opened for bidding on Monday (19 August 2024) and it will close on Wednesday (21 August 2024). The price band of the IPO is fixed between Rs 850 to Rs 900 per share. An investor can bid for a minimum of 16 equity shares and in multiples thereof.

The IPO comprises offer for sale (OFS) of 44,47,630 equity shares and fresh issue of equity shares, aggregating to Rs 200 crore.

Of the net proceeds from the fresh issue, about Rs 58.533 crore will be used to financing the capital expenditure towards setting up a new 40000 mtpa PEB manufacturing unit in Phase II in Andhra Pradesh, Rs 19.246 crore towards financing upgradation of the Uttarkhand and Tamilnadu manufacturing facility I and II; Rs 11.392 crore towards upgradation of existing IT infrastructure; Rs 55.00 crore towards incremental working capital requirements; and general corporate purposes.

Ahead of the IPO, Interarch Building Products on Friday, 16 August 2024, raised Rs 179.48 crore from anchor investors. The board allotted 19.94 lakh shares at Rs 900 each to 20 anchor investors.

Interarch Building Products (IBPL), promoted by Arvind Nanda and Gautam Suri, is a turnkey pre-engineered steel construction solution provider. It has integrated facilities for design and engineering, manufacturing, on-site project management capabilities for the installation and erection of pre-engineered steel buildings (PEB).

The aggregate installed capacity stood at 141000 tonnes per annum (mtpa), spread across its four manufacturing facilities, with two located at Sriperumpudur, Tamilnadu, and on each at Pantnagar and Kichha in Uttarakhand.

The firm reported a net profit of Rs 87.15 crore and sales of Rs 1293.30 crore for the twelve months ended on 31 March 2024.

Powered by Capital Market - Live News