ArisInfra Solutions IPO Booked 1.32x on Day 2: Check GMP, Subscription Status, And Market Outlook

Mumbai-based construction materials company Arisinfra Solutions received a moderate response to its initial public offering (IPO) on the second day of bidding, Thursday, 19 June 2025. The IPO was subscribed 1.32 times, by the end of the day, indicating reasonable interest from investors.

ArisInfra Solutions Ltd has opened its public offering for subscription on June 18 and will end on June 20. Even though the IPO got off to a slow start, individual retail investors portion was fully booked on the first day.

Subsription Details:

Retail investors showed the most enthusiasm for the IPO, subscribing 3.1 times the number of shares allocated to them. A total of 71.32 lakh bids were placed against the 22.5 lakh shares available in this category.

The Non-Institutional Investors (NII) segment saw a 1.47 times subscription, with investors bidding for 49.47 lakh shares, while only 33.75 lakh shares were on offer.

The Qualified Institutional Buyers (QIB) category saw the lowest interest. As of Day 2, this segment was subscribed 77%, with 52.26 lakh bids placed against the 67.51 lakh shares available.

The company has received bids for 1,73,03,085 shares against 1,30,84,656 shares on offer, at 17:00 IST, according to data on BSE.

Arisinfra Solutions IPO latest GMP Trends Downward:

The grey market premium (GMP) for Arisinfra Solutions IPO stood at ₹13 per share on 19 June 2025 at 7.56 pm. This suggests the shares could list at ₹235, a 5.86% premium over the upper price band of ₹222.

However, the GMP has dropped by ₹24 from the highest recorded GMP of Rs 40 and is expected to drop further, according to data from Investorgain.com.

Arisinfra Solutions IPO Details:

Arisinfra Solutions aims to raise around ₹499.60 crore through a completely fresh issue of 2.25 crore shares. There is no offer-for-sale (OFS) portion in this IPO.

The price band for the IPO is fixed between ₹210 and ₹222 per equity share with a face value of ₹2, and the minimum application size is 67 shares per lot and in multiples of 67 equity shares thereafter.
The company had mentioned that 75% of the shares are reserved for qualified institutional buyers(QIBs), 15% for non-institutional investors (NIIs), and the remaining 10% for retail investors.

The company plans to use the funds for loan repayment, working capital needs, investment in a subsidiary, and a potential acquisition. Remaining funds will go toward general corporate purposes.

The lead managers for the IPO include JM Financial, IIFL Capital Services, and Nuvama Wealth Management. MUFG Intime India Private Limited (Link Intime) is handling the registrar duties for the issue.

Anchor Investment:

A day before the IPO opened, ArisInfra Solutions secured Rs 225 crore from anchor investors. Key participants in this round included Astorne Capital VCC, Citigroup Global Markets Mauritius, Rajasthan Global Securities, Niveshaay Hedgehogs Fund, Sunrise Investment, Nexus Global Opportunities Fund, Zeal Global Opportunities Fund, Saint Capital Fund, and others. This early support shows strong institutional interest ahead of the retail subscription window.

Industry Views:

The brokerage said that "Most of ArisInfra's competitors, both in India and abroad, sell directly to consumers through large retail stores, which helps them earn higher profits. In comparison, ArisInfra serves a different type of customer and, based on its expected financials for the year ending 2025, its IPO price seems too high at 48.3 times its EV/EBITDA and Because of this, we recommend avoiding the IPO," said Dr Choksey Finserv.

"The company has shown losses until FY24 and turned profitable only in FY25. The IPO is priced high despite weak past performance. While it operates in a growing niche market, only well-informed or long-term investors with surplus funds should consider investing; others may avoid it due to high valuation," noted Bajaj Financial Securities.

While, Arihant Capital has raised concerns, saying that while the company has a strong network and scalable model and aims to be a top B2B supplier, its financial numbers are worrying. The IPO is priced at a high P/E ratio of 206.7x based on expected earnings for FY25. Hence, they have given it a "Neutral" rating.

About ArisInfra Solutions:

ArisInfra Solutions, founded in 2021, is a digital B2B platform that helps construction companies buy building materials and manage finances easily. It offers steel products like GI pipes and TMT bars, and cement products like OPC bulk.

From April 1, 2021, to March 31, 2024, ArisInfra delivered 10.35 million metric tonnes of construction materials such as aggregates, ready-mix concrete, steel, cement, construction chemicals, and walling solutions. It worked with 1,458 vendors and served 2,133 customers across 963 pin codes in cities like Mumbai, Bengaluru, and Chennai.

Its clients include major infrastructure companies like Capacit'e Infraprojects, J Kumar Infraprojects, Afcons Infrastructure, and EMS Limited.