ArisInfra Solutions Ltd. raised Rs 225 crore from anchor investors on Tuesday ahead of the launch of its initial public offering. The company allotted 1.01 crore shares at Rs 222 apiece to 15 anchor investors, according to an exchange filing.
The investors comprise Necta Bloom VCC - Regal Fund, Astorne Capital VCC - Arven, Sunrise Investment Trust - Sunrise Investment Opportunities Fund, Winro Commercial (India) Ltd., Rajasthan Global Securities Pvt. Ltd. and more.
Necta Bloom VCC netted 16.24% of the allocation, while Astorne Capital and Sunrise Investment Trust secured 13.34% and 10.24% stake each.
No domestic mutual funds have applied to the anchor allocation round, as per the filing.
The price band for the IPO is set at Rs 210 to Rs 222.
The proposed IPO is entirely a fresh issue of up to Rs 499.6 crore and has no offer-for-sale component, according to the red herring prospectus. Bids can be made for a minimum of 67 shares, and then in multiples thereof.
The Securities and Exchange Board of India approved the IPO last November. In its draft offer document, the company had planned to raise Rs 600 crore but reduced the offer after raising Rs 80 crore in a pre-IPO placement.
The proceeds from the IPO are earmarked for several key purposes: approximately Rs 204.6 crore will be allocated towards repaying or prepaying existing borrowings, while Rs 177 crore is designated to support the company's working capital needs.
Additionally, Rs 48 crore will be invested in the company's subsidiary, Buildmex-Infra Pvt., to fund its working capital.
The remaining funds will be directed toward general corporate purposes and potential acquisitions.
JM Financial Ltd., IIFL Securities Ltd., and Nuvama Wealth Management Ltd. are the book-running lead managers for the public issue.
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