Interarch Building IPO set to open on Aug 19

New Delhi: Construction solutions provider Interarch Building Products Ltd on Tuesday said it has fixed a price band of Rs 850-900 per share for its Rs 600-crore initial public offering (IPO). The initial share-sale will open for public subscription on August 19 and conclude on August 21, the company announced. The IPO is a combination of a fresh issue of shares worth up to Rs 200 crore and an offer-for-sale of up to 44.47 lakh shares valued at Rs 400 crore, at the upper end of the price band, by the promoters and investor-selling shareholders. This aggregates the total issue size to Rs 600 crore.

Proceeds from the fresh issue will be used for capital expenditures, system upgrades, and general corporate purposes. Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Further, investors can bid for a minimum of 16 equity shares and in multiples of 16 equity shares thereafter.