ArisInfra Solutions Ltd announced on Tuesday that it has raised INR 225 crore from anchor investors, just one day before its IPO (initial public offering) opens to the public.
Some of the major investors who took part include Astorne Capital VCC, Niveshaay Hedgehogs Fund, Citigroup Global Markets Mauritius, Rajasthan Global Securities, Sunrise Investment, Nexus Global Opportunities Fund, Zeal Global Opportunities Fund, Saint Capital Fund, and Beacon Stone Capital, among others.
According to a notice on the BSE website, ArisInfra allocated 1,01,26,946 shares to 15 investment funds for Rs 222 per share, which is the highest end of its IPO price range.
The ArisInfra IPO, worth almost INR 500 crore, will be open for the public to buy shares from June 18 to June 20. The price range for the shares has been set between Rs 210 and Rs 222 each.
This IPO is a fresh issue, meaning the company is raising new funds by issuing new shares. There is no offer for sale (OFS), so no existing shareholders are selling their shares in this round.
If the shares are sold at the highest price of Rs 222, ArisInfra will be valued at around INR 1,800 crore.
The money raised from the IPO will be used to help ArisInfra run its day-to-day operations, support its subsidiary Buildmex-Infra with working capital, and buy back some shares from current owners of another subsidiary, ArisUnitern Re Solutions Pvt Ltd. It will also be used to repay loans and cover other general business needs.
Before the IPO, ArisInfra received investments from Mukul Agrawal, founder of Param Capital, as well as from asset management firm Singularity Ventures and Sundar Iyer, founder of Suryoday Trust and Rays of Life Foundation.
ArisInfra is a B2B tech company that makes buying construction materials easier and more digital.
From April 2021 to March 2024, the company delivered over 10 million metric tonnes of materials like aggregates, ready-mix concrete, steel, cement, construction chemicals, and walling solutions. They worked with 1,458 vendors and served 2,133 customers in 963 postal areas across different cities.
JM Financial, IIFL Securities, and Nuvama are managing the IPO. The company’s shares are expected to start trading on the stock market on June 25.
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