₹1,05,200 / 400 shares
Goel Construction Company IPO Details
RHP/DRHPIssue Date
02 Sep - 4 Sep'25
Investment/lot
₹1,05,200
Price Range
₹250 - ₹263
Lot Size
400
IPO Size
₹100.15 Cr
IPO Listing Details
Listing On
10 Sep'25
Issue Price
₹263
Listed Price
₹ 302.5
Retail Gain/Listing Gain
▲15.02%
Schedule of Goel Construction Company
Start date
02/09/2025
End date
04/09/2025
Allotment of bids
08/09/2025
Refund Initiation
Listing on exchange
10/09/2025
Goel Construction Company IPO Subscription Status
(Last updated on 04 Sep 2025 04:45 PM)
| Day | Total | QIB | Retail | NII | Employee |
|---|---|---|---|---|---|
Day 1 | 2.39x | 3.51x | 2.39x | 2.01x | 0.52x |
Day 2 | 8.36x | 2.98x | 9.25x | 17.64x | 0.27x |
Day 3 | 104.18x | 117.78x | 75.28x | 205.63x | 0.18x |
Subscription Rate
| Category | Subscription Rate |
|---|---|
Non-Institutional (HNI) | 225.55x |
Employees | 0.98x |
Qualified Institutions | 124.27x |
Retail | 88.13x |
Total Subscription | 115.53x |
Goel Construction Company IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
HNI (Min) | 2 | 800 | ₹2,10,400 |
About Goel Construction Company IPO
The IPO of Goel Construction Company Ltd comprises a fresh issue of up to 30,84,400 equity shares. It also has an offer for sale of 7,23,600 equity shares. The IPO is a 100% book-built issue. The price band is ₹250 to ₹262 and the lot size is 400. The IPO opens on September 2, 2025 and closes on September 4, 2025.
The listing date is on or before September 10, 2025 and the allotment date is on or before September 8, 2025. The credit of shares to the Demat account will take place on or before September 9, 2025, while the initiation of refund will take place on or before September 9, 2025.
Goel Construction Company Ltd is a construction contractor having experience in construction of industrial plants and infrastructure projects. Its primary focus and strength have been deeply rooted in construction of Cement Plant, Power Plant and Dairy Plant and other industrial plants.
Objectives of Goel Construction Company IPO
The company proposes to utilise the IPO proceeds to meet expenses for:
- Capital expenditure towards purchase of additional equipment and fleets
- Repayment / prepayment of certain outstanding borrowings availed by the company
- General corporate purpose
Goel Construction Company IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band | ₹262 |
Fresh Issue | Up to 30,84,400 equity shares |
Offer for Sale | Up to 7,23,600 equity shares |
EPS in ₹ in FY 25 | 33.72 |
Goel Construction Company IPO Lot Size
| Application | Lots | Shares | Amount in INR |
|---|---|---|---|
Individual investors (Retail) (Min) | 2 | 800 | 2,09,600 |
Individual investors (Retail) (Max) | 2 | 800 | 2,09,600 |
S-HNI (Min) | 3 | 1200 | 3,14,400 |
S-HNI (Max) | 9 | 3600 | 9,43,200 |
B-HNI (Min) | 10 | 4000 | 10,48,000 |
Employee (Min) | 2 | 800 | 2,09,600 |
Employee (Max) | 4 | 1600 | 4,19,200 |
Goel Construction Company IPO Share Offer and Subscription Details
| Investor | Shares Offered |
|---|---|
Market Maker | 5% of the offer size |
QIBs | Not more than 50% of the net offer |
Non-institutional Applicants | Not less than 15% of the net offer |
Individual Investors | Not less than 35% of the net offer |
Industry Outlook
India's ambition to transform into a USD 26 trillion economy by 2023 and achieve a USD 5 trillion economy by 2025 underscores the urgent need for robust infrastructure development. The government's commitment to enhancing physical infrastructure is critical in facilitating economic activities, boosting productivity, and attracting investments across various sectors.
The Indian government has launched several initiatives aimed at bolstering infrastructure development. The Gati Shakti national master plan, with an investment of USD 1.3 trillion, aims to implement systemic reforms in infrastructure, enhancing efficiency and reducing costs. Additionally, programs like "Smart Cities Mission" and "Housing for All" are directly driving demand for infrastructure projects, facilitating urban development and improving living standards.
The infrastructure construction industry in India is poised for significant growth, driven by a combination of government initiatives, economic aspirations, demographic changes, and the need for sustainable development. As these demand drivers continue to evolve, they will play a crucial role in shaping the future landscape of India's infrastructure sector.
Company Information
Goel Construction Company Ltd is a construction contractor having experience in construction of industrial plants and infrastructure projects. Its primary focus and strength has been deeply rooted in construction of Cement Plant, Power Plant and Dairy Plant and other industrial plants.
Its focus is on delivering construction services, ensuring quality, timely execution and adherence to project specifications. Its understanding of industrial construction requirements of its clients, its commitment to safety, and the ability to manage complex projects, fosters long term relationships with its clients.
Strengths of Goel Construction Company IPO
- Project management and execution capabilities
- Long standing relationships with customer
- Strong order book providing revenue visibility
- Strong and consistent financial performance
- Effective management of equipment and fleet
- Experienced promoters, directors and management team
Risks of Goel Construction Company IPO
- Exposure to implementation risks in ongoing projects
- Order book may not reflect actual future results
- Inability to secure project work orders may affect operations
- Risk of high fixed and operating costs from equipment and fleet
- Liability claims from service defects may adversely impact business
All Financial Information about Goel Construction Company IPO
Comparison with peers
| Company | EPS in ₹ | Return on Net Worth (in %) | NAV Per Share (in ₹) |
|---|---|---|---|
Goel Construction Company Ltd | 33.72 | 34.09 | 115.78 |
Power Mech Projects Ltd | 95.05 | 14.27 | 665.90 |
Suntech Infra Solutions Ltd | 7.98 | 24.05 | 32.74 |
Ahluwalia Contracts (India) Ltd | 30.08 | 11.19 | 268.71 |
Anchor Investor Bidding Date
Bidding for anchor investors will take place on September 1, 2025.
IPO Registrar and Book Running Lead Manager
- IPO Registrar: MUFG Intime India Pvt Ltd
- Book Running Lead Manager: Srujan Alpha Capital Advisors LLP
Business Model
Goel Construction Company Ltd is a construction contractor having experience in construction of industrial plants and infrastructure projects. The company’s construction work can be majorly classified in the following customer segments:
-
Cement Plant: The services include civil construction of Clinekerization and Grinding unit, which includes pre-heaters, cement mill, packing plant, silos, and other allied structures for both greenfield and brownfield projects.
-
Power Plant: The company undertakes civil structural and architectural works of Balance of Plant (BOP) including Coal handling plant, water treatment system, ash handling plant, silos, chimney, cooling tower & water systems and other related works.
-
Dairy Plant: It undertakes the construction of dairy and allied product facilities, including Cattle Feed Plants (CFP), with end-to-end procurement and construction services, ensuring compliance with food-grade standards.
-
Other industrial plants: It includes civil construction services offered to steel and other industrial projects.
Company Growth Trajectory
The revenue from operations of Goel Construction Company Ltd grew from ₹270.7321 crores in FY 23 to ₹589.9845 crores in FY 25. EBITDA margin grew from 8.65% in FY 23 to 9.81% in FY 25, while net profit margin grew from 5.28% in FY 23 to 6.50% in FY25. Long standing relationships with customers coupled with a strong order book has helped the company grow over the years.
Market Position
In 1997, Goel Construction Company Ltd initiated business operations in Rajasthan, with an initial focus on institutional and infrastructure projects. In 2001, it broadened its scope by including construction of industrial plants. During the early stages, it primarily undertook smaller-scale projects or participated as sub-contractors in larger, more complex projects.
The company has successfully expanded its geographical footprint, with a presence in the states of Rajasthan, Andhra Pradesh, Haryana, Gujarat, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Punjab, Maharashtra, Karnataka and Uttar Pradesh.
Goel Construction Company IPO Profit and Loss
| Parameter | FY 25 | FY 24 | FY 23 |
|---|---|---|---|
Total Income (in ₹ crores) | 594.3435 | 388.7939 | 272.9396 |
Profit Before Tax (in ₹ crores) | 51.4484 | 30.3262 | 18.8779 |
Profit After Tax (in ₹ crores) | 38.3225 | 22.6433 | 14.2981 |
EBITDA (in ₹ crores) | 57.9050 | 36.2943 | 23.4092 |
EPS in ₹ | 33.72 | 19.92 | 12.58 |
Goel Construction Company IPO Balance Sheet
| Parameter | FY25 | FY24 | FY23 |
|---|---|---|---|
Profit Before Tax (in ₹ crores) | 51.4484 | 30.3262 | 18.8779 |
Net Cash Flow from Operating Activities (in ₹crores) | 38.4372 | 48.2481 | 24.1984 |
Net Cash Used in Investing Activities (in ₹crores) | (33.2028) | (36.0931) | (37.4681) |
Net Cash Used in Financing Activities (in ₹crores) | (5.0308) | (0.8379) | 6.7570 |
Cash & Cash Equivalents as at End of Year (in ₹crores) | 13.2663 | 13.0628 | 1.7457 |
How to Check Allotment Status of Goel Construction Company IPO?
1. Visit the Registrar’s Website
- Visit the website of MUFG Intime India Pvt Ltd
- Choose ‘Public Issues’ from Investor Services dropdown
- Choose the name of the company from ‘Select Company’ dropdown
- Enter any of these - PAN Number, Application Number, DP/Client ID, Account Number / IFSC
- Click on Submit to check the status
2. Check on the Bombay Stock Exchange Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investor Services' tab. Under 'Investors Services', click on 'Status of Issue Application'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:
- Choose the Issue Type
- Select the Issue Name from dropdown
- Put in either your application number or PAN number
- Check the box ‘I’m not a robot’
- Click on ‘Search’ to know allotment status
How to Apply for the Goel Construction Company IPO?
- Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Specify IPO details - Enter the number of lots and the price you wish to apply for.
- Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
- Mandate Notification - Your UPI app will receive a mandate notification to block funds.
- Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Goel Construction Company IPO FAQs
When is Goel Construction Company IPO allotment?
Goel Construction Company IPO will be allotted on 2025-09-08.
When is Goel Construction Company IPO listing date?
Goel Construction Company will list on 2025-09-10.
What is the issue size of Goel Construction Company IPO?
100.15 is the issue size of Goel Construction Company IPO.
What is the minimum lot size required for Goel Construction Company IPO?
The minimum lot size is 400 shares and the investment required is ₹105200.
What is the price band of the Goel Construction Company IPO?
The price band of Goel Construction Company IPO is ₹250 to ₹263.
Where can I read more about Goel Construction Company business?
You can read more about Goel Construction Company and its IPO from the company’s red herring prospectus (RHP) here.
What is the Goel Construction Company Ltd IPO?
The Goel Construction Company Ltd IPO comprises a fresh issue of up to 30,84,400 equity shares. It also has an offer for sale of up to 7,23,600 equity shares.
When will the IPO of Goel Construction Company Ltd go live?
The IPO will open on September 2, 2025 and will close on September 4, 2025.
From where can I get more information about the IPO of Goel Construction Company Ltd?
To get more information about the IPO of Goel Construction Company Ltd, click on the company’s red herring prospectus here.