ArisInfra Solutions IPO To Open On June 18 For Rs 500-Crore Fundraise

The initial public offering of ArisInfra Solutions Ltd. will open on June 18 and close on June 20, the company announced on Thursday. The price band for the IPO will be issued later.

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. The pre-IPO round for anchor investors will be held on June 17.

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.

ArisInfra Solutions is a Mumbai-based business-to-business company leveraging technology to streamline and digitise the procurement of construction materials.

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.