Arisinfra Solutions' IPO subscribed 1.32 times on Day 2 of offer
NEW DELHI: The initial share sale of
Arisinfra Solutions
Ltd got subscribed 1.32 times on the second day of bidding on Thursday.
The Initial Public Offer (IPO) received bids for 1,73,03,085 shares against 1,30,84,656 shares on offer, as per NSE data.
The category for Retail Individual Investors (RIIs) got subscribed 3 times while the portion for non-institutional investors fetched 1.39 times subscription. The quota for Qualified Institutional Buyers (QIBs) received 73 per cent subscription.
ArisInfra Solutions Ltd on Tuesday said it has garnered Rs 225 crore from anchor investors.
The nearly Rs 500-crore IPO will conclude on Friday. The price band for the offer has been fixed at Rs 210 to Rs 222 per share.
The IPO is a completely fresh issue of equity shares worth Rs 499.6 crore with no offer for sale (OFS) component.
At the upper end of the price band, the company is valued at nearly Rs 1,800 crore.
Proceeds of the issue will be used for funding the working capital requirements of the company, investment in the subsidiary, Buildmex-Infra, for funding its working capital, purchase of partial shareholding from existing shareholders of its subsidiary,
ArisUnitern Re Solutions
Pvt Ltd, repayment of loan and for general corporate purposes.
Arisinfra Solutions is a B2B technology-enabled company, focusing on simplifying and digitising the procurement process for construction materials.
JM Financial
,
IIFL Capital Services
and
Nuvama Wealth Management
are the book-running lead managers to the issue.
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