Noida-based Interarch Building Products Limited, one of the leading turnkey pre-engineered steel construction solution providers in India, has 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 March 18, 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 of up to 4.45 million 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 Limited. The offer includes a reservation for subscription by eligible employees.
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 offer is being made through the book-building process, wherein not more than 50% of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the net offer shall be available for allocation to non-institutional bidders, and not less than 35% of the net offer shall be available for allocation to retail individual bidders.
The proceeds from its fresh issuance to the extent of Rs 58.53 crore will be utilized for financing the capital expenditure towards the Project; Rs 19.25 crore for financing the capital expenditure towards the upgradation of the Kichha Manufacturing Facility, Pantnagar Manufacturing Facility and Tamil Nadu Manufacturing Facilities; Rs 10.97 crore for funding investment in information technology assets for upgradation of existing information technology infrastructure of the Company; Rs 55 crore for funding incremental working capital requirements; and general corporate purposes.
Interarch Building Products was incorporated in 1983 and has more than three decades of experience in the pre-engineered steel buildings (PEB) industry, under the brands, "TRAC®" and "TRACDEK®". Over the years, the company has developed into a comprehensive PEB solutions provider, offering 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 September 30, 2023, Interarch Building Products' Order Book stood at ? 1,036.27 crore.
Ambit Private Limited and Axis Capital Limited are the book-running lead managers, and Link Intime India Private Limited is the registrar of the issue. |
