Interarch Building Products IPO Day 2: Exciting Subscription Details, Soaring GMP & More | Market News Update

Summary:

The Interarch Building Products IPO has continued to draw strong interest from investors into the second day of its subscription period. Commencing on Monday, the IPO was fully subscribed on its opening day. By 12:25 PM on Tuesday, the offering was subscribed 5.80 times, with non-institutional investors leading at 15.43 times, retail individual investors at 4.76 times, and qualified institutional buyers at 0.26 times. The subscription window closes on August 21, 2024.

Shares are trading at a grey market premium of Rs 335, or 37.22% above the upper issue price. The IPO is priced between Rs 850-900 per share, with a minimum lot size of 16 shares. It involves a fresh issue of 2,222,222 shares worth Rs 200 crore and an offer for sale of 4,447,630 shares. Retail investors need a minimum of Rs 14,400 to participate.

Funds raised will be used for setting up a new manufacturing unit in Andhra Pradesh, upgrading facilities in Tamil Nadu and Uttarakhand, enhancing IT infrastructure, and general corporate needs. Shares will be allotted on August 22 and credited to demat accounts by August 23, ahead of the scheduled listing on the BSE and NSE on August 26, 2024.

Several notable brokerage firms have shared favorable opinions on the IPO, urging investors to consider subscribing.

Original Story https://www.business-standard.com/markets/news/interarch-building-products-ipo-day-2-see-subscription-details-gmp-more-124082000399_1.html
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