The IPO will fetch Rs 600.29 crore at the upper end of the price band.
MUMBAI, Aug 17 (The CONNECT) – Interarch Building Products Limited, one of the leading turnkey pre-engineered steel construction solution providers in India has garnered Rs. 179.49 crores from anchor investors ahead of its initial public offering that opens for public subscription on Monday, August 19, 2024.
The company informed the bourses that it allocated 19,94,288 equity shares at Rs. 900 per share on Friday, August 16, 2024, to 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.
Out of the total allocation of 19,94,288 equity shares to the anchor investors, 7,16,592 equity shares were allocated to 3 domestic mutual funds through a total of 8 schemes amounting to Rs. 64.49 crore (approx.) i.e. 35.93% of the Total Anchor Book Size.
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.
IPO Details
The IPO consists of fresh issue of up to Rs 2,000 million and an offer for sale (OFS) of up to 44,47,630 equity shares by Promoter Selling Shareholders and Investor Selling Shareholder. The offer includes a reservation of Rs 2 crore for eligible employees and employee discount of Rs 85 per share.
The Company is proposing to open its initial public offering of Equity Shares on Monday, August 19, 2024, and closes on Wednesday, August 21, 2024. The price band for the Offer has been determined at Rs 850 – Rs 900 per equity share.
The IPO will fetch Rs 600.29 crore at the upper end of the price band.
Investors can bid for a minimum of 16 equity shares and in multiples of 16 equity shares thereafter.
The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the net offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders.
