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The initial public offering of Interarch Building Products Ltd. to raise Rs 600.3 crore will open for subscription on Aug. 19. The price band for the issue is set at Rs 850 to Rs 900 per share with the market value at the upper end valued at Rs 1,497.4 crore.
The public issue consists of a fresh issue of shares worth Rs 200 crore and an offer-for-sale component of Rs 400.3 crore, according to the red herring prospectus.
The minimum lot size for bidding will be 16 shares, with further bids to be made in multiples. Arvind Nanda, Gautam Suri, Ishaan Suri, and Shobhna Suri will be among the promoters selling shareholders during the public offering.
Ambit Pvt. and Axis Capital Ltd. are the book-running lead managers for the issue.
The company is not simply a sleep fabricator and contractor but a very important capital goods supplier to the clients, Managing Director Arvind Nanda told NDTV Profit. "That is how we have been perceived over the last 20 years by the leading names in India."
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Issue Details
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Issue opening: Aug. 19- Aug. 21.
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Issue Price: Rs 850-900 per share.
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Fresh Issue: Rs 200 crore.
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Offer for Sale: Rs 400.29 crore.
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Total Issue Size: Rs 600.29 crore.
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Bid lot: 16 shares.
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Market Value at the upper end of price band: Rs 1497.43 crore.
Use Of Proceeds
Of the net proceeds from the fresh issue, Rs 58.5 crore will be used to fund a manufacturing facility in Andhra Pradesh. Approximately Rs 19.3 crore will be invested in upgrading facilities in Kichha and Pantnagar in Uttarakhand, and two units in Tamil Nadu.
The company will invest Rs 10.97 crore to upgrade its information technology infrastructure, and another Rs 55 crore to fund incremental working capital requirements.
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Subscription Status: Day1
The IPO has been subscribed 0.7 times or 70% as of 11:33 a.m. on Monday.
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Qualified institutional buyers: nil.
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Non-institutional investors: 1.68 times.
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Retail investors: 0.65 times or 65%.
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Employees reserved: 1.26 times.
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