'We Supply Buildings As Capital Goods,' Says Interarch Building Products MD Arvind Nanda
The initial public offering of Interarch Building Products Ltd. was fully subscribed on day 1. "We are raising this fresh issue of shares worth Rs 200 crore primary, out of which Rs 55 crore goes into the capital expenditure of setting up a new plant in Andhra Pradesh," Managing Director Arvind Nanda told NDTV Profit.
"A similar amount goes into the working capital requirements for our expected increased turnover in the coming years, and about Rs 10 crore goes to our IT software upgrade. And Rs 20 crore goes into upgrading and increasing the capacity of our existing three main plants in India. While the balance is a general pool," Nanda said further.
The company's IPO issue for Rs 600.3 crore has opened for subscription on Aug. 19 and will close on Aug. 21. Bidding for the anchor portion will open for a day on Aug. 16.
The public issue consists of a fresh issue of shares worth Rs 200 crore and an offer-for-sale component of Rs 400.3 crore, according to the red herring prospectus. The price band for the issue is set at Rs 850 to Rs 900 per share, with the market value at the upper end valued at Rs 1,497.4 crore.
Interarch Building is a provider of turnkey pre-engineered steel construction solutions in India. It offers integrated facilities for design, engineering, manufacturing, and on-site project management for the installation and erection of pre-engineered steel buildings. "So we are a company which supplies buildings as capital goods to all our clients," Nanda said.
"Since we have to design, engineer and produce the whole building in parts in our whole factories and then carry them to site to assemble like a mechano set, hence our role becomes more critical," he further added.
The company is not simply a sleep fabricator and contractor but a very important capital goods supplier to the clients, Nanda said. "That is how we have been perceived over the last 20 years by the leading names in India."
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