Steel Infrastructure Company Interarch Goes Public: Raises ₹ 179.49 Cr in Anchor Sale Interarch Building Products, a Nodia-based turnkey pre-engineered steel construction company has announced its initial sale of shares which will open today (19 August) and will close on Wednesday, 21 August
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Interarch Building Products, a Nodia-based turnkey pre-engineered steel construction company has announced its initial sale of shares which will open today (19 August) and will close on Wednesday, 21 August
The initial public offering (IPO) consists of a fresh issue of shares worth INR 200 crore and an offer for sale (OFS) of up to 44.48 lakh shares. The price band has been set in the range of INR 850-900 per share.
The company expects to amass close to INR 400 crore at the upper end of the IPO price band with the overall issue size being INR 600 crore. The net proceeds from the issue will be used for general corporate purposes, upgrades, and capital expenses according to the company.
During the anchor round, however, Interarch raised INR 179.49 crore ahead of the opening of opening.
Both domestic and international institutions participated in the anchor investment round, namely Bajaj Allianz Insurance Company, Chartered Finance & Leasing Ltd, Bengal Finance and Investment, ICICI Prudential MF, Aryabhata MF, Carnelian Capital Compounder Fund, SBI General Insurance, and Eastspring Investment India.
On Friday, August 16, the company informed the stock exchanges that it had allocated 19.94 lakh equity shares to anchor investors at INR 900 each, and out of the total allocation, 35.93 per cent of equity shares were allotted to eight domestic mutual funds, worth INR 64.49 crore as reported by Upstox.
Interarch, according to its financial records had reported a net profit of INR 34.57 crore, for the first half of FY24 and operational revenue of INR 591.53 crore. The company also boasts an order book worth INR 1036.27 crore.
The book-running lead managers for the IPO are Ambit Private Limited and Axis Capital Limited.
