On the final day of subscription, the initial public offering (IPO) of construction solutions provider Interarch Building Products was massively oversubscribed, with a subscription rate of 93.46 times.
The Rs.600-crore IPO attracted bids for 43,87,96,464 shares, far exceeding the 46,91,585 shares available, according to data from the NSE.
The portion of the IPO allocated for Qualified Institutional Buyers (QIBs) was oversubscribed by 205.41 times, while the Non-Institutional Investors (NIIs) segment saw a subscription of 128.42 times. The Retail Individual Investors (RIIs) category was subscribed 19.11 times.
The IPO includes a fresh issue of up to Rs.200 crore and an offer for sale of up to 4,447,630 equity shares.
The price range for the offer is set between Rs.850 and Rs.900 per share.
Interarch Building Products' IPO was fully subscribed on its first day of subscription, which was Monday.
The initial share sale will close on August 21.
Funds from the fresh issue will be allocated for capital expenditures, system upgrades, and general corporate purposes.
Interarch Building Products is a prominent provider of turnkey pre-engineered steel construction solutions in India, offering integrated facilities for design, engineering, manufacturing, and on-site project management for the installation and erection of pre-engineered steel buildings.
Ambit Pvt Ltd and Axis Capital are serving as the book-running lead managers for the offer.
Interarch Building Products is a leading provider of turnkey pre-engineered steel construction solutions in India. They offer comprehensive services, including design, engineering, manufacturing, and on-site project management for the installation and erection of pre-engineered steel buildings.
Copyright © 2024 HomesIndiaMagazine. All Rights Reserved.
