Interarch Building Products was listed at Rs 1,299 on the National Stock Exchange, a premium of 44.3% to the issue price. The company kept the IPO price in a range of Rs 850 to Rs 900 per equity share.
GMP
The stocks of the company were fetching a premium of more than 36% a day before listing in the grey market. It is an unofficial place where shares change hands ahead of listing. Investors take cues for listing gains by tracking the grey market premium.
IPO Details
The company collected a sum of Rs 600.29 crore through a combination of fresh shares and an offer for sale. Interarch Building Products opened its issue on August 19 and closed taking bids on August 21. The company’s shares allotment was finalised on August 22.
Minimum Investment Requirement
A retailer had to apply for a minimum of Rs 14,400 as a single lot contained 16 shares. Meanwhile, there were different lot sizes for small and big NIIs.
Expert’s Take
“We believe Interarch Building Products Ltd IPO brings investors a unique opportunity to investors to invest in a leading player in PEB segment. The company holds a strong market position, ranking 3rd in operating revenue with the 2nd largest installed capacity and commands a 6.5% market share. We think Interarch’s vertically integrated operations, from design to project management, combined with a robust track record of executing 677 PEB contracts, underscore its operational excellence. We also believe the company’s diverse and long-standing customer base across key industrial and infrastructure sectors further enhances its stability and growth prospects,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
Employee Reservation
The issue had a reservation of up to 24,539 shares for employees, which was offered to them at a discount of Rs 85 to the issue price.
BRLMs and Registrars
Ambit Private and Axis Capital were the lead book runners of the Interarch Building Products, while Link Intime India worked as the registrar for the issue.
