Noida-based Interarch Building Products Gets Sebi Nod For IPO
The IPO is a mix of fresh issue of shares of up to Rs 200 crore and an offer-of-sale of up to 4.45 million shares
Noida-based Interarch Building Products, a pre-engineered steel construction solution providers received final observation from the capital markets regulator, Securities and Exchange Board of India (Sebi), to raise funds through an initial public offering (IPO).
The Company had filed its IPO papers with Sebi on 18 March 2024.
The IPO, with a face value of Rs 10 per equity share, is a mix of fresh issue of shares of up to Rs 200 crore and an offer-of-sale (OFS) of up to 4.45 million shares by the promoter group and investor-selling shareholders.
The offer for sale consists of the sale of equity shares of up to 7.20 lakh by Arvind Nanda, up to 7.90 lakh shares by Gautam Suri, up to 5.40 lakh shares by Ishaan Suri, up to 6 lakh shares by Shobhna Suri, up to 1.80 million by OIH Mauritius. The offer includes a reservation for subscription by eligible employees.
Ambit Private and Axis Capital are the book-running lead managers, and Link Intime India is the registrar of the issue.
The company, in consultation with the book-running lead managers, may consider a private placement of equity shares aggregating to Rs 40 crore as a ‘pre-IPO placement’. If such placement is completed, the fresh issue size will be reduced.
The proceeds from its fresh issuance to the extent of Rs 58.53 crore will be utilised for financing the capital expenditure towards the project, while Rs 19.25 crore for financing the capital expenditure towards the upgradation of the Kichha, Pantnagar and Tamil Nadu manufacturing facilities.
The proceeds are also planned to utilised for funding investment in information technology assets for upgradation of existing information technology infrastructure of the company along with incremental working capital requirements and general corporate purposes.
Interarch Building, a PEB solutions provider, offers end-to-end services including design, engineering, manufacturing, and on-site project management for the installation and erection of PEBs, ensuring complete solutions for its customers.
As of 30 September 2023, Interarch Building Products' Order Book stood at Rs 1,036.27 crore.
