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After ending the first day of its IPO with an overall subscription of 24%, driven primarily by retail investor enthusiasm, the second day of B2B ecommerce company ArisInfra Solutions’ bidding got off to a healthy start.
As of 2:21 PM, the issue was subscribed to 84% on the second day.
According to BSE data, the IPO received bids for 1.1 Cr shares against 1.3 Cr shares on offer.
The retail investor portion saw an overwhelming response, with 2.4X subscription. It received bids for 57.16 Lakh shares as against 23.79 Lakh shares on offer.
Following retail investors, non-institutional investors (NIIs) showed strong interest, bidding for 31.72 Lakh shares against 36.68 Lakh shares reserved for them, an 88% subscription.
Qualified institutional buyers (QIBs) also picked up pace on Day 2, with a 31% subscription, receiving bids for 22.09 Lakh shares out of the 71.37 Lakh shares allocated to them.
It is important to note that of the total IPO offer, 75% is reserved for QIBs, followed by 15% for NIIs and 10% for retail investors. There is no reservation for employees in this issue.
The IPO will close on June 20, and the company’s shares are expected to list on the stock exchanges on June 25. ArisInfra has set a price band of INR 210 to INR 222 for its public issue, which consists solely of a fresh issue worth INR 499.6 Cr.
At the upper price band of INR 222, the company is targeting a post-issue implied market capitalisation of INR 1,799 Cr (around $209 Mn).
Two days ahead of the IPO opening, ArisInfra raised INR 224.8 Cr from anchor investors by allotting 1.01 Cr shares at INR 222 per share to 15 investors, including Astorne Capital VCC, Niveshaay Hedgehogs Fund and Nexus Global Opportunities Fund.
The post ArisInfra IPO Day 2: Issue Subscribed 84% So Far appeared first on Inc42 Media.
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