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19 Nov 2024
Interarch Building Products Ltd, a leading provider of turnkey pre-engineered steel construction solutions in India, has set a price band of Rs 850-900 per share for its upcoming Rs 600 crore initial public offering (IPO). The IPO will open for subscription on August 19, 2024 and close on August 21, 2024.
The IPO comprises a fresh issue of shares worth Rs 200 crore and an offer for sale (OFS) of up to 44.48 lakh shares by existing promoters and shareholders. At the upper price band, the OFS is valued at around Rs 400 crore.
The anchor book will open on August 16, three days before the IPO launch. The net proceeds from the fresh issue will be used for capital expenditures, system upgrades, and general corporate purposes.
For the fiscal year 2023, Interarch Building Products reported a 34.6% increase in revenue from operations to Rs 1,123.93 crore, driven by heightened revenue from pre-engineered building contracts and product sales. Profit after tax surged by 375.54% to Rs 81.46 crore.
In the first half of FY24, the company reported a revenue from operations of Rs 591.53 crore and a profit after tax of Rs 34.57 crore. As of September 30, 2023, Interarch's order book stood at Rs 1,036.27 crore.
Ambit Private Limited and Axis Capital Limited are the book-running lead managers for the IPO, while Link Intime India Private Ltd is the registrar. The shares are proposed to be listed on BSE and NSE.
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