Integrity Infrabuild Developers IPO
- IPO Date13 May, 2025 to 15 May, 2025
- Listing Date20 May, 2025
- Face Value₹10 per share
- Issue Price₹100 to ₹100 per share
- Lot Size1200 Shares
- Minimum Investment₹1,20,000
- Listing AtNSE SME
- Total Issue Size12,00,000 Shares
(aggregating up to ₹12.00 Cr) - Fresh Issue12,00,000 Shares
(aggregating up to ₹12.00 Cr)
- Offer for Sale-
- Issue TypeFixed Price IPO
- Share holding pre issue31,00,000
- Shareholding post issue43,00,000
IPO Dates
Closing Date
15 May, 2025
Initiation of Refunds
19 May, 2025
Listing Date
20 May, 2025
13 May, 2025
Opening Date
16 May, 2025
Basis of Allotment
19 May, 2025
Credit of Shares
Integrity Infrabuild Developers Lot Size
Investors can bid for a minimum of 1200 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| HNI (Min) | 2 | 2400 | ₹2,40,000 |
| Retail (Max) | 1 | 1200 | ₹1,20,000 |
| Retail (Min) | 1 | 1200 | ₹1,20,000 |
Integrity Infrabuild Developers Promoter Holding
The company's promoters are Keyurkumar Sheth, Rajendrakumar Sheth and Disha Keyurkumar Sheth.
| Pre Issue Share Holding | Post Issue Share Holding |
|---|---|
| 99.99% | 72.09% |
Integrity Infrabuild Developers COMPANY INFORMATION
Integrity Infrabuild Developers IPO is a fixed price of ₹12.00 crores. The issue is entirely a fresh issue of 12.00 lakh shares. Integrity Infrabuild Developers IPO opens for subscription on May 13, 2025 and closes on May 15, 2025. The allotment for the Integrity Infrabuild Developers IPO is expected to be finalized on Friday, May 16, 2025. Integrity Infrabuild Developers IPO will be list on NSE SME with a tentative listing date fixed as Tuesday, May 20, 2025. Integrity Infrabuild Developers IPO price is ₹100 per share. The minimum lot size for an application is 1200. The minimum amount of investment required by retail investors is ₹1,20,000. The minimum lot size investment for HNI is 2 lots (2,400 shares) amounting to ₹2,40,000. Aryaman Financial Services Limited is the book-running lead manager of the Integrity Infrabuild Developers IPO, while Link Intime India Private Ltd is the registrar for the issue.The market maker for Integrity Infrabuild Developers IPO is Aryaman Capital Markets Limited. Refer to Integrity Infrabuild Developers IPO RHP for detailed information.
Incorporated in 2017, Integrity Infrabuild Developers Limited is a Class-A civil contractor registered with the Government of Gujarat.
The company executes construction activities as a contractor for government projects in Gujarat and regularly subcontracts to expand its presence in the state's construction sector.
As of March 31, 2025, the company has secured ongoing contracts totalling ₹ 20,598 lakhs. Of this amount, works valued at ₹ 4,291 lakhs have been executed, while the remaining ₹ 16,307 lakhs are included in their order book.
As of March 31, 2025, the company had 53 full-time employees which include KMP, Office Staff, Project Execution staff (Semi-skilled, unskilled worked including drivers).
Competitive Strengths:
- Focused on Roads, Buildings and Bridge construction
- Strong project management capabilities with industry experience
- Visible growth through a robust order book
- Strong Financial Performance
- Technical Capabilities and Resources
Integrity Infrabuild Developers IPO Analysis
Integrity Infrabuild Developers Limited IPO – A Comprehensive Analysis
The Initial Public Offering (IPO) of Integrity Infrabuild Developers Limited marks a strategic transition from a long-standing partnership firm to a public limited company aiming to capitalize on growth opportunities in India's infrastructure sector. The IPO is a fixed price issue offering 12,00,000 equity shares at ₹100 per share, aggregating ₹1,200 lakhs. The equity shares are set to be listed on NSE EMERGE, targeting retail and institutional investors.
Company Overview and Business Model
Integrity Infrabuild Developers Limited was originally established in 2017 as "M/s Dipak J. Gandhi" and later transitioned into a limited company on June 1, 2024. The company is an EPC (Engineering, Procurement, and Construction) contractor primarily operating in Gujarat. It undertakes government projects including construction of roads, buildings, and bridges. Since FY 2021-22, the company has completed over 111 projects with a cumulative contract value exceeding ₹21,336 lakhs.
Sector Outlook and Growth Potential
India's infrastructure development, particularly in road construction, is witnessing robust government support and funding. The sector recorded construction of over 12,000 km of national highways in FY24, with significant budget allocations in Union Budgets. This macroeconomic backdrop bodes well for companies like Integrity Infrabuild that focus on public sector EPC projects.
Key Financial Highlights
Revenue Growth: ₹6,896.80 lakhs (Dec 2024) vs ₹3,348.19 lakhs (FY22)
PAT (Profit After Tax): ₹194.30 lakhs (Dec 2024) vs ₹29.96 lakhs (FY22)
EBITDA Margin: Improved to 7.93% (Dec 2024) from 4.81% (FY22)
EPS (Basic & Diluted): ₹6.27 (Dec 2024)
Return on Net Worth: 42.64% (Dec 2024)
IPO Objectives and Use of Proceeds
The primary objective of the IPO is to raise capital to fund the company’s working capital requirements, repay certain borrowings, and for general corporate purposes. The promoters intend to use the funds to strengthen their balance sheet and enhance operational capacity for larger government projects.
Promoter Background and Shareholding
Promoter Group
The company is promoted by Keyurkumar Sheth, Rajendrakumar Sheth, and Disha Keyurkumar Sheth. Post-issue, the promoter holding will reduce to 72.09% from a pre-issue level of 99.99%, ensuring a diversified shareholding structure.
SWOT Analysis of Integrity Infrabuild Developers IPO
Strengths
Strong track record with over 111 infrastructure projects completed.
Registered as a Class A contractor in Gujarat.
High return on net worth (42.64%) and improving margins.
Clear focus on government EPC projects in roads and buildings.
Weaknesses
Limited geographical presence, primarily focused in Gujarat.
High dependency on government contracts may expose to regulatory risks.
Relatively small scale of operations compared to listed peers.
Opportunities
Expansion into new Indian states and public sector tenders.
Potential to diversify into private infrastructure contracts.
Strengthening brand through public listing.
Threats
Rising construction material costs and labor shortage risks.
Delay in project execution due to external dependencies.
Intense competition from large infrastructure players.
Pros and Cons of Investing in the IPO
Pros
Attractive valuations compared to peers with EPS of ₹6.27 and P/E of 32.68.
Strong financial fundamentals with increasing revenue and profitability.
Promoters with industry experience and continuity from the partnership firm.
Focused business model in a growing sector backed by government push.
Cons
Small IPO size and lower liquidity post-listing on SME platform.
Concentrated client base (mostly government departments).
High working capital requirement and low FCFE in recent quarters.
Price volatility risk post-listing due to lower float.
Peer Comparison and Market Position
Compared to peers like Udayshivakumar Infra and V R Infraspace, Integrity Infrabuild’s P/E ratio of 32.68 appears slightly elevated. However, its RONW at 30.60% is significantly higher than many peers, indicating efficient capital utilization
FAQ About Integrity Infrabuild Developers IPO
Integrity Infrabuild Developers IPO will open on 13 May, 2025 and close on 15 May, 2025. Investors must apply within this period to participate.
The Integrity Infrabuild Developers IPO price band is set between ₹100.00 and ₹100.00 per share. The minimum lot size is 1200, requiring an investment of at least ₹120000.00.
The Integrity Infrabuild Developers IPO shares are expected to be listed on 20 May, 2025, subject to regulatory approvals and final allotment.
You can track your Integrity Infrabuild Developers IPO application status on the registrar’s website: Link Intime or KFintech using your PAN, application number, or DP ID
The Integrity Infrabuild Developers IPO will be listed on major stock exchanges such as BSE, where you can trade shares once they are listed.
The IPO issue size is ₹1,200 lakhs through the issue of 12,00,000 equity shares at a fixed price of ₹100 per share.
Integrity Infrabuild Developers will be listed on the NSE EMERGE platform.
The proceeds will be utilized for meeting working capital requirements, repayment of borrowings, and other general corporate purposes.
The company operates in the EPC domain with a focus on government projects involving roads, buildings, and bridges, primarily in Gujarat.
Yes, the company has shown consistent profitability. For the period ending December 31, 2024, PAT stood at ₹194.30 lakhs with a healthy EBITDA margin of 7.93%.
The promoters are Keyurkumar Sheth, Rajendrakumar Sheth, and Disha Keyurkumar Sheth.
Yes, key risks include dependency on government projects, limited operational geography, rising construction costs, and a relatively smaller operational scale.
While the company is smaller in scale, it boasts strong profitability ratios such as RONW and EPS, positioning it well within its niche on the SME platform.