Ahead of IPO, ArisInfra Solutions garners ₹225 crore from anchor investors

ArisInfra Solutions Ltd on Tuesday said it has raised Rs 225 crore from anchor investors, a day ahead of the launch of its initial share sale for public subscription.

Astorne Capital VCC, Niveshaay Hedgehogs Fund, Citigroup Global Markets Mauritius, Rajasthan Global Securities, Sunrise Investment, Nexus Global Opportunities Fund, Zeal Global Opportunities Fund, Saint Capital Fund, Beacon Stone Capital among others have been allotted shares in the anchor round.

According to a circular uploaded on BSE's website, ArisInfra Solutions allocated 1,01,26,946 shares to 15 funds at Rs 222 per equity share, which is the upper end of the IPO price band.

The nearly Rs 500-crore IPO will open for subscription on June 18 and conclude on June 20. The price band has been set at Rs 210 to Rs 222 per share for the public issue.

The IPO is completely a fresh issue of equity shares worth Rs 499.6 crore with no offer for sale (OFS) component.

At the upper end of the price band, the company is valued at nearly Rs 1,800 crore.

Proceeds of the issue will be used for funding the working capital requirements of the company, investment in the subsidiary, Buildmex-Infra, for funding its working capital, purchase of partial shareholding from existing shareholders of its subsidiary, ArisUnitern Re Solutions Pvt Ltd, repayment of loan and for general corporate purposes.

Earlier, the company attracted pre-IPO placement from Param Capital founder Mukul Agrawal, along with asset management firm Singularity Ventures, and Sundar Iyer, founder of Suryoday Trust and Rays of Life Foundation.

Arisinfra Solutions is a B2B technology-enabled company, focusing on simplifying and digitizing the procurement process for construction materials.

Between April 1, 2021, and March 31, 2024, the company has delivered 10.35 million metric tonnes of construction materials, including aggregates, ready-mix concrete, steel, cement, construction chemicals and walling solutions, utilizing 1,458 vendors and serving 2,133 customers across 963 pin codes in various cities.

JM Financial, IIFL Securities and Nuvama are the book running lead managers to the public issue. The equity shares are expected to be listed on June 25 on the stock exchanges.