This recently listed building products company is trading 9% higher; here’s why

2 min read | Updated on September 20, 2024, 14:52 IST

SUMMARY

The recently listed IPO, Interarch Building Products, continued to gather momentum after a stellar listing on bourses. The company announced a mega order win of ₹635 crore.

This recently listed building products company is trading 9% higher; here’s why

Shares of Interarch Building Products are currently trading 9.21% higher at ₹. 1290, after the company announced a new order win worth ₹634 crore in FY25

Interarch Building Products has secured new orders worth ₹ 633.5 crore in this financial year. During the first quarter, the company secured new orders of ₹341 crore, and for Q2 FY25 until September 14, 2024, the company secured orders of ₹293 crore. As of September 14, 2024, the company's order book stood at Rs 1,350 crore.

During FY25, Interarch Building Products secured several significant orders, showcasing its strong market presence. In Q1 FY25, key orders included a ₹114 crore contract from Reliance Industries, ₹60 crore from Ampin Solar, and ₹19 crore from Vinplex Logistics.

During Q2FY25 (up to September 14, 2024), Interarch continued its momentum, winning ₹50 crore from Amaraja Infra, ₹26 crore from Ashok Leyland, and ₹19 crore from Brit Logistics, along with orders from Maccabee India and Shree Sai Ganesh, valued at ₹12 crore and ₹11 crore, respectively.

The total revenue for the quarter improved marginally to ₹ 303 crore as against ₹293 crore in the previous year's corresponding quarter. Profit after tax improved marginally to ₹ 20.2 crore for the quarter ended June 2024 from ₹19.3 crore of the corresponding previous quarter. The company reported a good operating profit of ₹30 compared to ₹ 28.3 crore of the corresponding previous quarter.

The company received a stellar response during its public issue, with the total issue getting oversubscribed 93x raising nearly ₹40,000 against the ask for ₹600 crore, which included fresh issue of ₹200 crore and offer for sale by existing promoters of ₹400 crore.

The company got listed at 44% premium at ₹1290 apiece on the NSE over its issue price of ₹850 apiece.

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, on-site project management capabilities for the installation and erection of PEB.

Following the announcement, Interarch Building Products' share price touched a new high ₹1,338 apiece on the NSE, jumping more than 13% over its previous day's closing price of ₹1,181 apiece.

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