Leading brokerage firms have given a “Subscribe” rating to the issue highlighting the company’s strong financial performance, market leadership.
MUMBAI, Aug 20 (The CONNECT) – The Initial Public Offering of Interarch Building Products Limited was subscribed 10.84 times today, the second day of bidding.
The issue received bids of 5,08,66,544 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 30.82 times and 11.75 times respectively, whereas Qualified Institutional Buyer Portion was subscribed 1.47 times. Retail Portion Portion was subscribed with 7.31 times. The issue kicked off for subscription on Monday, August 19, 2024, and will close tomorow.
On Friday, Interarch Building Products Ltd raised Rs 179.49 crores from anchor investors. 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, IndSec 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 more than three decades of experience in the pre-engineered steel buildings (PEB) industry, under the brands, “TRAC®” and “TRACDEK®”. 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.
Interarch’s customers under the industrial/manufacturing construction category include Grasim Industries Limited, Berger Paints India Limited, Blue Star Climatech Limited, Timken India Limited and Addverb Technologies Limited and infrastructure construction category includes InstaKart Services Private Limited.
