Over the years, the company has evolved into a turn-key pre-engineered steel buildings solutions provider
MUMBAI, Aug 19 (The CONNECT) – The Initial Public Offering of turnkey pre-engineered steel construction solutions provider Interarch Building Products Limited was subscribed 3.2 times on the first day of bidding after receiving an overwhelming response from all the categories of investors. The issue received bids of 1,49,99,008 shares against the offered 46,91,585 equity shares, at a price band of ₹850-900, according to the data available on the stock exchanges.
Non-Institutional Investors Portion and Employee Portion were subscribed 7.85 times and 4.97 times respectively, whereas Qualified Institutional Buyer Portion was subscribed 0.27 times. Retail Portion Portion was subscribed with 2.76 times. The issue kicked off for subscription on Monday, August 19, 2024, and will close on Wednesday, August 21, 2024.
Interarch Building Products Ltd raised Rs 179.49 crores from anchor investors on Friday. Foreign and Domestic Institutions who participated in the anchor were ICICI Prudential MF, Whiteoak Capital MF, Mirae Asset MF, 3P India MF, Pinebridge Global Funds, LC Pharos MF, SBI General Insurance, Eastspring Investment India, Bajaj Allianz Insurance Company, Chartered Finance & Leasing Ltd, Bengal Finance and Investment, Aryabhata MF, Carnelian Capital Compounder Fund, Societe Generale, and Subhkam Ventures (I) Pvt. Ltd.
Leading brokerage firms like Nirmal Bang, SBI Securities, Deven Choksey Research, Reliance Securities, Canara Bank Securities, Arihant Capital, Ajcon Global and Swastika Investmart have given a “Subscribe” rating to the issue highlighting the company’s strong financial performance, market leadership in the pre-engineered buildings (PEB) sector, and strategic positioning for future growth. The company’s robust revenue growth, expanding order book, operational efficiencies, and attractive valuation are key factors driving this positive outlook. Despite minor concerns about supply chain dependencies and working capital requirements, the brokers agree that IBPL is well-positioned to benefit from rising demand in the PEB market, making the IPO a solid long-term investment opportunity.
Ambit Private Limited, and Axis Capital Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.
Company Information
Interarch Building Products was incorporated in 1983 and has experience in the pre-engineered steel buildings (PEB) industry, under the brands, TRAC and TRACDEK. It 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 installation and erection of pre-engineered steel buildings (PEB). Over the years, the company has evolved into a turn-key PEB solutions provider, with integrated facilities for design and engineering, manufacture, and on-site project management capabilities for the installation and erection of PEBs supplied by the company which enable it to deliver end-to-end solutions to its customers.
