Interarch Building is the brand new listing on the bourses today morning; as against the IPO price of Rs.900, it got listed at a 43% premium at Rs.1291.20 on the BSE. It went up to Rs.1316 and is now trading at Rs.1217.

The IPO did exceedingly well, with overall subscription at 93.44x, with QIB portion highest at 205.41x, Retail at 18.98x and HNIs at 128.34x.

Interarch Building Products, short for International Architecture, co-promoted by an IIT Delhi graduate, manufactures pre-engineered steel buildings with an installed capacity of 1.41 lakh MTPA, across 4 integrated plants, in Uttarakhand and Tamil Nadu.  It is India’s 2^nd largest pre-engineered steel buildings (PEB) manufacturer. Capacity utilization was reported at 60% for FY24, but was more like 80%, based on available capacity. Thus, it is undertaking greenfield and brownfield expansion, through a mix of internal accruals and IPO proceeds, to meet growing demand. 

Our IPO Analysis conclusion - Company is a play on India’s manufacturing growth. Strong fundamentals and attractive IPO price make Interarch a quality micro-cap stock. Hence, we recommend applying in IPO.