Interarch Building Products IPO: Listing date finalised as August 26; check details

Construction solutions provider Interarch Building Products, whose initial public offering (IPO) received a robust response this week, will be listed on the bourses on Monday, August 26, as confirmed by the stock exchanges.

Although August 26 was the tentative date of listing, a confirmation was issued after the subscription window closed. As per the information available with the exchanges, Interarch Building will be listed on 'B' group of securities from 10 am onwards on August 26. The stock will be traded on both the BSE and the NSE.

This means that the grey market expects the stock to be listed at ₹1260, which is the sum of the GMP of ₹360 and the upper end of the IPO price band of ₹900, the report pointed out. The expected listing price of the grey market is 40% higher than the IPO upper price.

Notably, readers are recommended not to follow the GMP as it pertain to the unofficial trends and not regulated by any financial institution.

IPO size, price band & other details

The ₹600.29-crore IPO was a fresh issue of 22 lakh shares worth up to ₹200 crore and an offer for sale (OFS) of 44 lakh shares worth up to ₹400.29 crore.

The company fixed the price band at ₹850 to ₹900 per share. The minimum lot size was 16 shares, requiring an investment of ₹14,400 from retail investors.

The initial share sale garnered bids for 43.87 crore (43,87,96,464) shares against 46,91,585 shares on offer, according to the exchange data.

The qualified institutional buyers' portion was booked 205.41 times. The non-institutional investors’ quota was subscribed 128.42 times, and the retail individual investors' part was subscribed 19.11 times.

The company has proposed to utilise the IPO proceeds from the fresh issue to meet capital expenditure, system upgrades and general corporate purposes.