Interarch Building Products IPO Oversubscribed by 93.46 Times

Interarch Building Products' initial public offering (IPO) was oversubscribed by 93.46 times on its final subscription day. The Rs 600-crore IPO saw overwhelming demand, particularly from Qualified Institutional Buyers. The funds will be used for capital expenditures and corporate needs. Shares will be listed on BSE and NSE.

The initial public offer of construction solutions provider Interarch Building Products ended on a high note, with a staggering 93.46 times subscription on the last day of its offer period.

The Rs 600-crore IPO gathered bids for 43,87,96,464 shares against 46,91,585 shares available, according to data from the NSE.

The allotment was led by Qualified Institutional Buyers (QIBs) who oversubscribed their category by 205.41 times. Non-Institutional Investors subscribed 128.42 times, while Retail Individual Investors (RIIs) subscribed their portion 19.11 times.

The offering included a fresh issue worth up to Rs 200 crore and a sale of up to 44,47,630 equity shares. Priced between Rs 850 and Rs 900 per share, the IPO had already been fully subscribed on its opening day.

Proceeds from the fresh issue will be allocated towards capital expenditures, system upgrades, and general corporate purposes. Interarch Building Products specializes in turnkey pre-engineered steel construction solutions in India, providing services from design and manufacturing to on-site project management.

Ambit Pvt Ltd and Axis Capital are the book-running lead managers for the offer. The equity shares are set to be listed on both BSE and NSE.

(With inputs from agencies.)