Arisinfra Solutions IPO subscribed 1.32 times on Day 2; Check latest GMP, subscription status, other details

Mumbai, 19 June 2025: ArisInfra Solutions Ltd’s much-anticipated ₹499.6 crore IPO gained traction on Day 2, seeing overall subscription of 1.32× by closing—with marked interest from retail and non-institutional investors. Grey market indications suggest listing gains could moderate to ₹22–25, translating into a 9–11% premium.

🚀 Subscription Snapshot

• Overall: 1.32× of shares offered was subscribed

• Retail Investors: 3.0× subscribed—strongest momentum 

• Non-Institutional Investors (NIIs): 1.39× subscribed 

• Qualified Institutional Buyers (QIBs): 0.73× subscribed

On Day 1, subscriptions were modest (≈0.24× overall), but retail appetite surged on Day 2

💹 Grey Market Premium (GMP) Trends

Unlisted GMP data shows:

GMP slightly declined from ₹25 to ₹22, hinting at tempered listing expectations 

💼 About ArisInfra Solutions

Founded in 2021 and backed by PharmEasy co‑founder Siddharth Shah, ArisInfra is a tech-enabled B2B platform offering streamlined procurement of bulk construction materials—steel, cement, RMC, aggregates—for builders and infrastructure companies. It operates across 20+ cities, with a network of 1,700 vendors and 2,600+ clients (e.g., L&T, Afcons, Ashoka Buildcon)  FY24 revenue stood at ₹700 cr with a net loss of ₹17.3 cr; however, EBITDA was positive at ₹13 cr

🎯 Issue Structure & Utilisation

• Fresh Issue: 2.25 crore shares

• Price Band: ₹210–222; lot size: 67 shares 

• Anchor Book: ₹225 cr raised on 17 June 

• Utilisation: Debt repayment, working capital, subsidiary investment (Buildmex‑Infra), inorganic growth, corporate purposes 

📈 Market Context

India’s construction materials sector (~$235–255 bn) remains fragmented and ripe for tech-driven disruption  ArisInfra aims to capitalise on this by introducing digital efficiencies like automated syndication and credit pricing.

Sequential analyst feedback:

• Arihant Capital: Neutral rating, emphasises growth strategy, tech adoption, but flags steep valuations (≈206× FY25 P/E) 

• KR Choksey Finserv: Cautions 48.3× EV/EBITDA (FY25) as excessive, recommends "Avoid" 

• SBICAP / Bajaj Broking: SBICAP wary of aggressive pricing; Bajaj sees asset-light model, marquee clients, and long-term infrastructure demand as positives 

📅 Key Timeline

• IPO open: 18–20 June 2025

• Allotment date: ~23 June

• Listing: Likely 25 June on BSE/NSE 

🧭 Analyst Outlook & Investor Takeaways

1. Valuation Risk: Absence of profits and P/E ~206× at upper band could mean limited short-term upside.

2. Tech-driven moat: Efficiency gains through digitisation and vendor integration could support long-term sustainability.

3. Retail Trust: 3× retail subscription indicates strong grassroot confidence.

4. GMP Shift: Dip from ₹25 to ₹22 suggests tempered listing expectations.

5. Institutional Caution: Subdued QIB response reflective of valuation concern.

Investor Guidance:

• Long-term: Growth-oriented investors may find value in underlying business trends, despite rich pricing.

• Short-term: Listing gains appear modest (~10%), and listing-day volatility could emerge if QIB participation remains weak.

ArisInfra’s IPO garnered robust retail momentum on Day 2, pushing total subscription to 1.32×, marking its revival from Day 1’s tepid start. GMP tracking ₹22–25 predicts a listing premium of ~10%. The central concern remains high valuation versus profitability; long-term bullish investors with conviction in India’s infrastructure growth may consider modest exposure. Conservative investors might wait for a post‑listing trading window.