Interarch Building Products IPO: The IPO of Interarch Building Products Limited, a company engaged in the design, construction and sale of pre-engineered steel buildings, has been subscribed about 1.86 times or 186 percent on its first day i.e. 19 August 2024 by 2 pm. At the same time, its premium in the gray market is also seen around 34 percent. This IPO will be open for subscription from August 19 to August 21, 2024. On August 26, the company’s shares will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
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About IPO
Interarch Building Products has fixed the price band for the IPO at Rs 850 to Rs 900 per share. The size of the IPO is Rs 600.29 crore. It has an issue of 22,22,222 fresh equity shares worth Rs 200 crore, while the existing investors of the company are selling 44,47,630 shares worth Rs 400.29 crore through Offer for Sale (OFS). Investors can bid for 16 shares in one lot. That means at least Rs 14,400 will have to be invested. At the same time, one can invest Rs 1,87,200 for a maximum of 13 lots.
Nearly 2 times subscribed till now
50% of the IPO of Interarch Building Products Limited is reserved for qualified institutional buyers (QIB) and bidding for it has not started yet. 35% of the IPO is reserved for retail investors and it has been subscribed 1.84 times or 184% so far. 15% of the IPO is reserved for non-institutional investors (NII) and it has been subscribed 4.29 times till 2 pm on the first day. Overall, this issue has been subscribed 1.86 times or 186%.
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Interarch Building Products GMP
There is a stir in the grey market regarding the unlisted stock of Interarch Building Products Limited. The unlisted stock of the company is at a premium of Rs 310 in the grey market. This premium is 34 per cent in terms of the upper price band of Rs 900. The funds raised from this IPO will be used to set up the project, upgrade various manufacturing facilities, fund investments in information technology assets, working capital requirements and general corporate purposes. Ambit Private and Axis Capital are the book-running lead managers to the issue, while Link Intime India is the registrar to the offer.
