Interarch Building Products announces Rs 850-900 price band for Rs 600 crore IPO. Check details
Interarch Building Products has announced a price band of Rs 850-900 for its upcoming Rs 1,186.11 crore initial public offering (IPO), which will open on August 19 and close on August 21.
The IPO consists of a fresh issue of shares worth Rs 200 crore and an offer for sale (OFS) of up to 44.48 lakh with a face value of Rs 10 each share. At the upper price band of Rs 900, the OFS would be worth about Rs 400.28 crore.
Under the OFS, Arvind Nanda, Gautam Suri, Ishaan Suri, Shobhna Suri and OIH Mauritius Limited will offload their part stakes.
Bids can be made for a minimum of 16 equity shares and in its multiples thereafter. The offer will be made through the book building process and not more than 50% of the offer will be available for the qualified institutional buyers (QIBs), not less than 15% for the non-institutional bidders and not less than 35% to the retail investors.
The shares of Interarch Building Products are proposed to be listed on the BSE and the NSE.
The proceeds from the fresh issue, to the extent of Rs 58.53 crore, will be utilised for financing the capital expenditure towards setting up the project, Rs 19.25 crore to upgrade various manufacturing facilities, Rs 11.39 crore for funding investment in information technology assets and Rs 55 crore to meet incremental working capital requirements and general corporate purposes.
Interarch Building Products was incorporated in 1983 and over the years the company has evolved into a turn-key PEB solutions provider, with integrated facilities for design
