Interarch Building Products IPO gets subscribed to 93.46 times on last day

The initial public offer of construction solutions provider Interarch Building Products got subscribed a whopping 93.46 times on the last day of subscription on Wednesday.

The Rs 600-crore initial share sale received bids for 43,87,96,464 shares against 46,91,585 shares on offer, as per NSE data.

The portion for Qualified Institutional Buyers (QIBs) received 205.41 times subscription while the quota for Non-Institutional Investors fetched 128.42 times subscription. The Retail Individual Investors (RIIs) part got subscribed 19.11 times.

The initial public offer (IPO) has a fresh issue of up to Rs 200 crore and an offer for sale of up to 44,47,630 equity shares.

The price range for the offer is fixed at Rs 850-900 per share.

The IPO of Interarch Building Products was fully subscribed on the first day of subscription on Monday.

The initial share sale will conclude on August 21.

Proceeds from the fresh issue will be used for capital expenditures, system upgrades and general corporate purposes.

Interarch Building Products is one of the leading turnkey pre-engineered steel construction solution providers in India with integrated facilities for design and engineering, manufacturing and on-site project management capabilities for the installation and erection of pre-engineered steel buildings.

Ambit Pvt Ltd and Axis Capital are book-running lead managers to the offer.

The equity shares are proposed to be listed on BSE and NSE.