Arisinfra Solutions IPO subscribed 2.65 times on final day of bidding
The initial share sale of Arisinfra Solutions subscribed 2.65 times on the closing day of bidding on Friday.
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The initial share sale of Arisinfra Solutions subscribed 2.65 times on the closing day of bidding on Friday.The nearly Rs 500-crore initial public offer ( IPO ) received bids for 3,46,63,388 shares against 1,30,84,656 shares on offer, as per NSE data.The portion for retail individual investors (RIIs) attracted 5.59 times subscriptions while the category for non-institutional investors subscribed 3.14 times. The quota for qualified institutional buyers (QIBs) received 1.42 times the subscription.ArisInfra Solutions Ltd on Tuesday said it has garnered Rs 225 crore from anchor investors.The price band for the offer has been fixed at Rs 210-222 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. IIFL Capital Services and Nuvama Wealth Management are the book-running lead managers to the issue.
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