Construction Solutions services provider InterArc Building Products Ltd has fixed a price band of Rs 850-900 per share for its Rs 600 crore initial public offering (IPO). According to a company statement, the IPO will open on August 19 and close on August 21. The IPO is a combination of fresh shares up to Rs 200 crore and an offer for sale of 44.47 lakh shares worth Rs 400 crore. Thus, the total size of the issue is Rs 600 crore. The company will use the proceeds from the issue for capital expenditure, system upgrades and general corporate purposes. Ambit and Axis Capital are the book running lead managers to the InterArc Building Products IPO, while Link Intime India is the registrar to the issue. The company’s shares will be listed on both BSE and NSE.
Bid has to be placed for a minimum of 16 shares
Retail investors can place bids in a minimum lot of 16 equity shares and in multiples thereof. Proceeds of Rs 58.53 crore from the fresh issue will be used to finance capital expenditure for setting up the project, Rs 19.25 crore for upgrading various manufacturing facilities, Rs 11.39 crore for financing investments in information technology assets and Rs 55 crore for meeting incremental working capital requirements and general corporate purposes.
The company presented great results
InterArc Building Products had reported a net profit of Rs 86.26 crore with a revenue of Rs 1,306.32 crore for the financial year ended March 31, 2024. The company had posted a profit of Rs 81.46 crore with a revenue of Rs 1,136.39 crore for the financial year 2022-23. InterArc Building has reserved 75 per cent stake for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will get 15 per cent stake. The remaining 10 per cent stake will be allotted to retail investors.
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