ArisInfra Shares List At 8% Discount Over IPO Price

Shares of B2B ecommerce company ArisInfra Solutions made their stock market debut today, listing at INR 205 on the NSE, a 7.65% discount over its IPO price.

On the BSE, ArisInfra’s stock debuted at INR 209, a 5.81% discount over its issue price.

ArisInfra’s INR 499.6 Cr IPO had an issue price of INR 222, which opened for public subscription on June 18 and concluded on June 20.

The IPO closed with an oversubscription of 2.65X, with investors bidding for 3.47 Cr shares as against 1.31 Cr shares on offer. The retail investor portion was subscribed the most at 5.59X, getting bids for 1.33 Cr shares against the 23.79 Lakh shares on offer, while non-institutional investors (NII) placed bids for 1.12 Cr shares as against the 35.69 Lakh shares reserved for them, translating to 3.14X subscription.

Broking firm Bajaj Broking had cautioned the investors about the tepid performance of ArisInfra’s listing. “Based on latest working the issue is aggressively priced, and based on working till FY24, the P/E is negative. Well-informed/cash surplus investors may park moderate funds for long term, others may simply stay away from this pricey bet,” Bajaj Broking had said in a note.

On the BSE, the shares took a heavy beating and fell as low as 22.74% to INR 171.50 apiece from its issue price. But the stocks pared back some of its losses and ended today’s trade 21.58% lower at INR 174.10 from its IPO price and 16.74% from its open price.

The shares of ArisInfra saw an equally bad trade on the NSE. The stock closed its day on the stock market at INR 173.90 apiece, 15.17% and 21.67% lower from its issue price and open price, respectively.

The company also raised INR 80 Cr in a pre-IPO placement round earlier this year.

Founded in 2021 by Ronak Morbia and Bhavik Khara, ArisInfra is a B2B construction material procurement platform for real estate and infrastructure developers for products like ready-mix concrete, steel, cement, and construction chemicals, among others.

It counts the likes of Wadhwa Group, ACC, Piramal Realty, Tata Projects, and JSW Cements among its clients. The startup is promoted by PharmEasy founder Siddharth Shah, his family office and kin.

The shareholding pattern of the startups shows that Shah’s family trust, Aspire Family Trust, is the largest shareholder in the company, with an 11.99% stake, while Morbia and Khara hold 11.01% and 7.56% stakes in the company, respectively.

Besides Shah’s sister, Priyanka Shah’s family trust holds an additional 7.3% stake in the company. Priyanka Shah is also the wife of Khara.

Former COO of Wadhwa Group, Srinivasan Gopalan is the chief executive of ArisInfra.

On the financial front, ArisInfra came in the black in the first nine months of the financial year ended March 31, 2025 (FY25) reporting a net profit of INR 6.5 Cr as against a loss of INR 17.3 Cr in the previous fiscal period. However, its operating revenue stood at INR 557.8 Cr in the period under review against INR 702.4 Cr in FY24.

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