Interarch Building Services IPO Day 2- Check Subscription, GMP, and other details

Interarch Building IPO Day 2: Interarch Building Services was subscribed to a total of 6.25 times more than the offered shares on the second day of the IPO. On the first day of the IPO, it was subscribed over 3 times. The retail segment was fully booked on the first day itself getting subscribed 2.8 times.

GMP

The shares of Interarch Building were fetching a premium of almost 38% in the grey market. An illegal place where shares trade ahead of listing. Investors take cues from GMP to track listing gains. 

IPO Details

The company wanted to collect a total of Rs 600.29 crore through a combination of fresh shares worth Rs 200 crore. And an offer for sale of Rs 400.29 crore by offloading 4.4 million shares of promoters and other selling shareholders. 

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Price Band

Interarch Building kept the IPO price band in a range of Rs 850 to Rs 900 per equity share. The allotment of shares is expected to be finalised by August 22. The listing is likely to be on NSE and BSE on August 26, as per the tentative schedule. 

Objectives Behind IPO

According to the company, the raised money will be used to finance the capital expenditure towards setting up a new PEB manufacturing unit in Andhra Pradesh, upgrading the Kichha manufacturing facility, Tamil Nadu manufacturing facility I & II, and Pantnagar manufacturing facility. Also, it will use the money to fund investment in information technology (“IT”) assets for upgrading the company’s existing IT infrastructure. Further, the money will be used for incremental working capital requirements and other general corporate purposes.

BRLMs and Registrar

Ambit Private and Axis Capital are the book-running lead managers of the IPO, while Link Intime India Pvt Ltd registrar for the issue.

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