Arisinfra Solutions Ltd. has submitted its draft red herring prospectus to the Securities and Exchange Board of India in preparation for its initial public offering. The company aims to raise up to Rs 600 crore through the IPO, which will consist of a fresh issue of shares.
The proceeds from the IPO are earmarked for several key purposes: approximately Rs 204.60 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 Private Limited, to fund its working capital. Arisinfra also plans to use Rs 20.40 crore to acquire a partial stake from current shareholders of another subsidiary, ArisUnitern Re Solutions Pvt. Ltd. (formerly ArisUnitern Pvt. Ltd.).
The remaining funds will be directed towards general corporate purposes and potential acquisitions.
JM Financial Ltd., IIFL Securities Ltd., and Nuvama Wealth Management Ltd. (formerly Edelweiss Securities Ltd.) have been appointed as the book-running lead managers for the offering.
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