Shares of Interarch Building Products were currently trading at Rs 1,245.20 at 10:14 IST on the BSE, representing a premium of 38.36% as compared with the issue price of Rs 900.
The scrip was listed at Rs 1,291.20, exhibiting a premium of 43.47% to the issue price.So far, the stock has hit a high of 1,316 and a low of 1,227.20. On the BSE, over 4.14 lakh shares of the company were traded in the counter so far.
The initial public offer (IPO) of Interarch Building Products was subscribed 93.53 times. The issue opened for bidding on 19 August 2024 and it closed on 21 August 2024. The price band of the IPO was fixed between Rs 850 to Rs 900 per share.
The IPO comprises offer for sale (OFS) of 44,47,630 equity shares and fresh issue of equity shares, aggregating to Rs 200 crore.
Of the net proceeds from the fresh issue, about Rs 58.533 crore will be used to financing the capital expenditure towards setting up a new 40000 mtpa PEB manufacturing unit in Phase II in Andhra Pradesh, Rs 19.246 crore towards financing upgradation of the Uttarkhand and Tamilnadu manufacturing facility I and II; Rs 11.392 crore towards upgradation of existing IT infrastructure; Rs 55.00 crore towards incremental working capital requirements; and general corporate purposes.
Ahead of the IPO, Interarch Building Products on 16 August 2024, raised Rs 179.48 crore from anchor investors. The board allotted 19.94 lakh shares at Rs 900 each to 20 anchor investors.
Interarch Building Products (IBPL), promoted by Arvind Nanda and Gautam Suri, is a turnkey pre-engineered steel construction solution provider. It has integrated facilities for design and engineering, manufacturing, on-site project management capabilities for the installation and erection of pre-engineered steel buildings (PEB).
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The aggregate installed capacity stood at 141000 tonnes per annum (mtpa), spread across its four manufacturing facilities, with two located at Sriperumpudur, Tamilnadu, and on each at Pantnagar and Kichha in Uttarakhand.
The firm reported a net profit of Rs 87.15 crore and sales of Rs 1293.30 crore for the twelve months ended on 31 March 2024.
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