Interarch Building Products, a leading provider of pre-engineered steel construction solutions, has successfully mobilized Rs 179.5 crore through its anchor book on August 16, ahead of its upcoming Initial Public Offering (IPO) set to open on August 19.
Notable institutional investors like ICICI Prudential Mutual Fund, Whiteoak Capital, Mirae Asset, Pinebridge Global Funds, LC Pharos Multi Strategy Fund, and Eastspring Investments participated in the anchor book. The firm has finalized the allotment of 19,94,288 equity shares to these anchor investors at a price of Rs 900 per share.
The IPO is looking to raise Rs 600.29 crore, including a fresh issue of Rs 200 crore and an Offer for Sale (OFS) of 44.47 lakh equity shares, worth Rs 400.29 crore, by promoters and investors. This includes OIH Mauritius which will fully offload its stake by selling 1,797,600 equity shares through the OFS at a scorching profit of Rs 400 per share at the upper price band of Rs 900.
The IPO price band is fixed at ₹850-900 per share. The offer closes on August 21. The money raised through the fresh issue would be used for setting up a new PEB manufacturing unit — ₹58.5 crore, and the upgradation of existing facilities at various locations, including Tamil Nadu and Pantnagar, for ₹19.25 crore.
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Source: Moneycontrol
News Desk
