Interarch Building Products IPO Oversubscribed 10.83 Times

New Delhi, Aug 20 (PTI) The initial public offer of construction solutions provider Interarch Building Products received 10.83 times subscription on day two of bidding on Tuesday.

The Rs 600 crore initial share sale got bids for 5,08,30,992 shares against 46,91,585 shares on offer, as per NSE data.

The portion for non-institutional investors fetched 30.81 times subscription while the quota for retail individual investors (RIIs) got subscribed 7.30 times. The qualified institutional buyers (QIBs) part received 1.47 times the subscription.

The initial public offer (IPO) has a fresh issue of up to Rs 200 crore and an offer for sale of up to 44,47,630 equity shares.

The price range for the offer is fixed at Rs 850-900 per share.

The initial public offer of Interarch Building Products was fully subscribed on the first day of subscription on Monday.

The initial share sale will conclude on August 21.

Proceeds from the fresh issue will be used for capital expenditures, system upgrades and general corporate purposes.

Interarch Building Products is one of the leading turnkey pre-engineered steel construction solution providers in India with integrated facilities for design and engineering, manufacturing and on-site project management capabilities for the installation and erection of pre-engineered steel buildings.

Ambit Private Limited and Axis Capital are the book-running lead managers to the offer.

The equity shares are proposed to be listed on BSE and NSE.