ArisInfra Solutions' shares debut with nearly 8% discount
ArisInfra Solutions
Ltd on Wednesday listed with a discount of nearly 8 per cent against the issue price of Rs 222.
The stock started trading at Rs 209.10, a decline of 5.81 per cent from the issue price on the
BSE
. Later, it dropped 9.90 per cent to Rs 200.
At the NSE, it listed at Rs 205, reflecting a discount of 7.65 per cent.
The company's market valuation stood at Rs 1,694.72 crore.
The initial share sale of Arisinfra Solutions got subscribed 2.65 times on the closing day of bidding on Friday last week.
The nearly Rs 500-crore Initial Public Offer (IPO) had a price band of Rs 210-222 per share.
The IPO was a complete fresh issue of equity shares worth Rs 499.6 crore with no Offer For Sale (OFS) component.
Proceeds of the issue will be used for funding the working capital requirements of the company, investment in the subsidiary Buildmex-Infra for funding its working capital, purchase of partial shareholding from existing shareholders of its subsidiary, ArisUnitern Re Solutions Pvt Ltd, repayment of loan and for general corporate purposes.
Arisinfra Solutions is a B2B technology-enabled company, focusing on simplifying and digitising the procurement process for construction materials.
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