The current grey market premium (₹325) is showing signs of going up. Its unofficial market premium stood at ₹355 on the day of allotment.
The grey market is an unofficial platform for trading IPO shares until they are listed.
Rajan Shinde, research analyst at Mehta Equities, believes that the market could give Interarch, a premium multiple towards its leadership position, which can result in healthy share price gains of over 25% over its issue price.
On the last day of the auction, i.e. August 21, the issue was highly subscribed, with 93.53 times. Qualified institutional investors led the auction, accounting for 205.41 times their allotted share, while non-institutional investors came in second, accounting for 128.42 times their allotted share.
Meanwhile, retail investors bought 19.11 times their reserved portion, while employees showed strong participation in the issue, bidding 24.19 times their share.
The issue was priced between ₹850 and ₹900 per share.
The IPO included a fresh issue of ₹200 crore along with an Offer for Sale (OFS) component to existing shareholders worth ₹400 crore.
Interarch Building Ltd. offers turnkey prefabricated steel building solutions in India. The company offers integrated facilities for design, engineering, fabrication and on-site project management for installation and erection of prefabricated steel buildings (PEB).
The company reported revenue of ₹1,293 crore in the financial year 2024, compared to ₹834 crore it had reported in the financial year 2023.
The company’s net profit for FY24 increased to ₹86.2 crore from ₹81.5 crore in FY23.
In fiscal year 2024, the company’s industrial business contributed 68.6% of its total revenue, up from 80% in fiscal year 2023. The non-industrial segment contributed 31.4% of total revenue, up from 20% in fiscal year 2023.
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