Interarch Building makes strong stock market debut, shares list at 44% premium

Shares of Interarch Building Products made a strong Dalal Street debut on Monday as the construction solutions provider was listed at Rs 1,299 on NSE, a premium of 44.33 per cent over its issue price of Rs 900 apiece. Similarly, the stock was listed with a premium of 43.47 per cent at Rs 1,291.20 on BSE over the given issue price.
 

The listing on Interarch Building Products has been better than the expectations. Ahead of its listing, shares of Interarch Building Products were commanding a grey market premium (GMP) of Rs 340-350 per share, suggesting a listing pop of around 40 per cent for the investors on debut.
 

The IPO of Interarch Building Products was open for subscription from August 19-21. The company offered its shares at a fixed price band of Rs 850-900 each, with a minimum of 16 shares and its multiples thereafter. It raised a total of Rs 600.29 crore via IPO, which included a fresh issue of shares worth up to Rs 200 crore and an offer for sale (OFS) of up to 44,47,630 shares.
 

The issue was highly successful, being subscribed a total of 93.53 times. The portion reserved for qualified institutional buyers (QIBs) was bid a solid 205.41 times, while the quota for non-institutional investors saw 128.42 times subscription. Retail bidders and employees showed strong interest as well, with their portions being booked 19.11 times and 24.19 times, respectively.
 

Incorporated in 1983, Interarch Building Products is a leading provider of turnkey pre-engineered steel construction solutions in India. The company offers comprehensive services, including design, engineering, manufacturing, and on-site project management for the installation and erection of pre-engineered steel buildings (PEB).
 

Brokerages were largely positive about the IPO, recommending it as a good long-term investment. Ambit and Axis Capital acted as the book-running lead managers for the IPO, while Link Intime India served as the registrar.