ArisInfra Solutions Ltd, which is backed by PharmEasy CEO Siddharth Shah, has filed preliminary papers with capital markets regulator Sebi to raise Rs 600 crore through an initial public offering.
The proposed initial public offering (IPO) is a completely fresh issue of equity shares with no offer for sale (OFS) component, according to the draft red herring prospectus (DRHP).
The Mumbai-based company plans to mop up about Rs 120 crore through a pre-IPO placement.
If such placement is undertaken, the amount raised will be deducted from the total IPO size.
PharmEasy CEO Siddharth Shah is one the promoters of the company along with Ronak Kishor Morbia, Bhavik Jayesh Khara, Jasmine Bhaskar Shah, Priyanka Bhaskar Shah, Bhaskar Shah, Aspire Family Trust and Priyanka Shah Family Trust.
ArisInfra Solutions Papers
Going by the draft papers, proceeds to the tune of Rs 204.6 crore will be used for debt payment, Rs 177 crore for funding the working capital requirements of the company, Rs 48 crore for investment in its subsidiary, Buildmex-Infra Pvt Ltd, Rs 20.4 crore for purchase of partial shareholding from existing shareholders of its subsidiary, ArisUnitern Re Solutions Pvt Ltd and the balance amount towards general corporate purposes and unidentified inorganic acquisitions.
ArisInfra Solutions is a B2B technology-enabled company, focusing on simplifying and digitising the procurement process for construction materials.
JM Financial, IIFL Securities and Nuvama are the book-running lead managers to the public issue.
(With PTI inputs)
