Interarch Building IPO fully subscribed on Day 1 of offer; ends with 3.19 times subscription

New Delhi: The initial public offer of construction solutions provider Interarch Building Products got fully subscribed on the first day of subscription on Monday.

The Rs 600 crore initial share sale received bids for 1,49,85,152 shares against 46,91,585 shares on offer, translating into 3.19 times subscription, as per NSE data.

The portion for non-institutional investors fetched 7.85 times subscription, while the category for Retail Individual Investors (RIIs) got subscribed 2.75 times. The quota for Qualified Institutional Buyers (QIBs) received 27 per cent subscription.

The Initial Public Offer (IPO) has a fresh issue of up to Rs 200 crore and an offer for sale of up to 44,47,630 equity shares.

The price range for the offer is Rs 850-900 per share.

The initial share sale will conclude on August 21.

Proceeds from the fresh issue will be used for capital expenditures, system upgrades and general corporate purposes.

Interarch Building Products is one of the leading turnkey pre-engineered steel construction solution providers in India with integrated facilities for design and engineering, manufacturing and on-site project management capabilities for installation and erection of pre-engineered steel buildings.

Ambit Private Ltd and Axis Capital are the book-running lead managers to the issue.

The equity shares are proposed to be listed on BSE and NSE.