ArisInfra Solutions IPO: Sebi Approves Rs 600 Crore Issue

New Delhi, Nov 18 (PTI) ArisInfra Solutions Ltd has received Sebi's go ahead to raise Rs 600 crore through an initial public offering (IPO), an update with the markets regulator showed on Monday.

The proposed IPO is entirely a fresh issue of equity shares and with no offer-for-sale (OFS) component, according to the draft red herring prospectus.

The company, which filed preliminary IPO papers with Sebi in August, obtained its observation on November 13, the update showed.

In Sebi's parlance, obtaining observations means its go ahead to float the public issue.

As per the draft papers, the Mumbai-based company plans to utilise proceeds of the issue for funding the working-capital requirements of the company, investment in subsidiary, Buildmex-Infra, repayment of loan and for general corporate purposes.

ArisInfra Solutions is a business-to-business (B2B) company leveraging technology to streamline and digitise the procurement of construction materials.

From April 1, 2021, to March 31, 2024, the firm supplied 10.35 million tonnes of construction materials. This includes aggregates, ready-mix concrete, steel, cement, construction chemicals, and walling solutions, working with 1,458 vendors to serve 2,133 customers across 963 pin codes in various cities.

JM Financial, IIFL Securities and Nuvama are the book running lead managers for the public issue.