Arisinfra Solutions IPO Fully Subscribed On Day 2: Check GMP

The initial public offering of Arisinfra Solutions Ltd. has been fully subscribed on the second day of bidding as on Thursday. The IPO saw the entry of qualified institutional buyers.

On the first day, it garnered a sluggish reception and was subscribed 24% or 0.24 times. The portion for retail investors was fully subscribed.

The IPO consists solely of a fresh issue worth Rs 499.6 crore, with no offer-for-sale component, as detailed in the red herring prospectus. Investors can place bids starting from a minimum of 67 shares, with additional bids in multiples of this amount.

The Securities and Exchange Board of India approved the IPO last November. Initially, the company aimed to raise Rs 600 crore, as stated in its draft offer document, but later adjusted the amount to Rs 520 crore following a pre-IPO placement that raised Rs 80 crore.

JM Financial Ltd., IIFL Securities Ltd., and Nuvama Wealth Management Ltd. are serving as the book-running lead managers for this public offering.

• Issue opens: June 18.

• Issue closes: June 20.

• Issue price: Rs 210-222.

• Fresh issue: Rs 499.6 crore.

• Lot size: Minimum 67 shares, and then in multiples thereof.

• Market value at upper end of price band: Rs 1,182 crore.

Arisinfra Solutions is a Mumbai-based business-to-business company leveraging technology to streamline and digitise the procurement of construction materials. The company leverages a network of vendors to source construction materials and provide them to real estate and infrastructure developers and contractors.

For financial year 2024, the company reported revenue from operations of Rs 696.8 crore.

The IPO has been subscribed fully as of 5 p.m. on Thursday.

• Qualified Institutions: 0.73 times or 73%.

• Non-Institutional Buyers: 1.39 times.

• Retail Investors: 3 times.

According to InvestorGain, the latest grey market premium for Arisinfra Solutions IPO stood at Rs 22 as of 4:57 p.m. The GMP indicates an estimated listing price of Rs 244 per share, 9.91% higher compared to the upper band of the issue price of Rs 222 apiece.