Interarch Building Products’ Rs.600-Cr IPO sees 93.46 times subscription

The initial public offering (IPO) of Noida-headquartered construction solutions provider Interarch Building Products got subscribed 93.46 times. The INR 600 crore share sale received bids for 43,87,96,464 shares against 46,91,585 shares on offer. The portion for Qualified Institutional Buyers (QIBs) received 205.41 times subscription while the quota for Non-Institutional Investors (NIIs) fetched 128.42 times subscription. The Retail Individual Investors (RIIs) part got subscribed 19.11 times.The IPO has a fresh issue of INR 200 crore and an offer for sale of 44,47,630 equity shares. The price range for the offer is fixed at INR 850-900 per share. Proceeds from the fresh issue will be used for capital expenditures and system upgrades.Interarch is a construction solution provider with integrated facilities for design and engineering, manufacturing and on-site project management capabilities for the installation and erection of pre-engineered steel buildings.Ambit Pvt Ltd and Axis Capital are book-running lead managers to the offer.