IPO Details
RHP/DRHPIssue Date
13 May - 15 May'25
Investment/lot
₹ 120000
Price Range
100
Lot Size
1200
IPO Size
₹ 12.00 Cr
IPO Listing Details
Listing On
20 May'25
Issue Price
--
Listed Price
₹ 100.8
Retail Gain/Listing Gain
▲0.80%
Schedule of Integrity Infrabuild Developers IPO
Start date
13/05/2025
End date
15/05/2025
Allotment of bids
16/05/2025
Refund Initiation
19/05/2025
Listing on exchange
20/05/2025
About Integrity Infrabuild Developers Ltd IPO
The IPO of Integrity Infrabuild Developers Ltd comprises a fresh issue of 12,00,000 equity shares of face value of ₹10 each. There is no offer for sale in this IPO, which is a fixed price issue.
Objectives of Integrity Infrabuild Developers Ltd IPO
- Capital expenditure toward purchase of machinery and equipment
- Funding working capital requirements
- General corporate purpose
Integrity Infrabuild Developers Ltd IPO Valuation
Integrity Infrabuild Developers Ltd IPO Share Offer and Subscription Details
Industry Outlook
Infrastructure is a key enabler in helping India become a US$ 26 trillion economy. Investments in building and upgrading physical infrastructure, especially in synergy with the ease of doing business initiatives, remain pivotal to increase efficiency and costs.
India's infrastructure sector is set for robust growth, with planned investments of US$ 1.4 trillion by 2025. The government's National Infrastructure Pipeline (NIP) program aims to channel significant capital into key areas such as energy, roads, railways, and urban development. With a 37% increase in the current fiscal year, capital expenditures (CAPEX) are on the rise, which bolsters ongoing infrastructure development and fits with 2027 goals for India's economic growth to become a US$ 5 trillion economy.
Company Information
Integrity Infrabuild Developers Ltd specialises in contracting and sub-contracting services for various government projects, including road construction, building, and bridge construction.
Since January 4, 2017, the company along with the erstwhile partnership firm, M/s. Integrity Infrabuild (Formerly also known as M/s. Deepak J Gandhi), have executed various projects in the State of Gujarat. From FY 2021-22, they have completed 111 projects having an aggregate contract value of ₹213.3663 crores, which includes 103 roads and 8 buildings.
Integrity Infrabuild Developers Strengths
Focused on Roads, Buildings and Bridge Construction
Since FY 2021-22, the company has successfully completed 111 projects with a total contract value of ₹213.3663 crores. Its objective is to utilise its project management skills to ensure quality in construction. It has implemented industry best practices, including regular mock drills and safety orientation programs, to foster a safe working environment. Its fleet of construction equipment and vehicles allows it to handle multiple projects at once.
Strong Project Management Capabilities with Industry Experience
The company’s extensive fleet of modern construction equipment and motor vehicles enables it to execute multiple projects simultaneously. Its expertise in project execution, technical capabilities, timely performance, reputation for quality, financial strength, and competitive pricing have empowered it to successfully bid and secure projects.
Visible Growth Through a Robust Order Book
By diversifying its skill set and order book across different business and geographical regions, the company is able to pursue a broader range of project tenders and therefore maximise its business volume and contract profit margins.
As on March 31, 2025, it has been awarded contracts which are ongoing to the aggregate of ₹205.9790 crores of which ₹42.9109 crores worth works have been executed and the remaining ₹163.0681 crores are part of its order book.
Risks of Integrity Infrabuild Developers Ltd
- Geographical Concentration
The entire business of Integrity Infrabuild Developers Ltd is concentrated in the state of Gujarat. It’s primarily dependent on the projects undertaken or awarded in the state of Gujarat by the Gujarat State Government, the local authorities in the state of Gujarat and other entities funded by the Gujarat State Government. Therefore, it derives its entire revenues from contracts with government entities and is exposed to risks emanating from economic, regulatory and other changes in the state of Gujarat.
- Dependence on Few Clients
Substantial portion of its revenues has been dependent upon a few clients. The loss of any one or more of its major clients would have a material adverse effect on its business operations and profitability. The company cannot assure that it can maintain the historical levels of business from these clients or that it will be able to replace these clients in case it loses any of them.
- Implementation Risks
Projects included in its on-going and its future projects are exposed to various implementation risks and uncertainties and may be delayed, modified or cancelled for reasons beyond their control which may materially and adversely affect its business, prospects, reputation, profitability, financial condition and results of operation.
All Financial Information about Integrity Infrabuild Developers
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Comparison with peers
| Company | Revenue from Operations (in ₹ crores) | EBITDA Margin (in %) | Return on Equity (in %) |
|---|---|---|---|
Integrity Infrabuild Developers Ltd | 64.4702 | 5.54 | 30.60 |
Udayshivakumar Infra Ltd | 577.1478 | 9.06 | 17.22 |
V R Infraspace Ltd | 19.0038 | 20.03 | 7.66 |
Anchor Investor Bidding Date NA
IPO Registrar and Book Running Lead Manager
- IPO Registrar: MUFG Intime India Pvt Ltd
- Book Running Lead Manager: Aryaman Financial Services Ltd
Business Model
An integrated civil contract company, Integrity Infrabuild Developers Ltd is into contracting and sub-contracting services. Its civil contract operations are broadly categorised into roads, bridges and building construction.
Company Growth Trajectory
Integrity Infrabuild Developers Ltd along with its track record as partnership firm is more than 7 years old and it has been profitable since inception. In the last three years, it has been able to achieve strong financial performance. Its revenue from operations has increased from ₹33.4223 crores in fiscal 2022 to ₹64.4702 crores in Fiscal 2024 representing a CAGR of 38.89%.
The company’s EBITDA has increased from ₹1.6087 crores in Fiscal 2022 to ₹3.5710 crores in Fiscal 2024 representing a CAGR of 48.99%. Its profit after tax (PAT) has increased from ₹0.2996 crores in Fiscal 2022 to ₹0.9485 crores in Fiscal 2024 representing a CAGR of 77.94%.
Market Position
From FY 2021-22, the company has completed 111 projects having an aggregate contract value of ₹ 213.3663 crores, which includes 103 roads and 8 buildings. Out of these 111 completed projects, 100% were under direct contract with the Gujarat Government & Semi Government authorities and none of them were under sub-contract with the main contractor.
Integrity Infrabuild Developers Ltd Profit and Loss
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Income (in ₹ crores) | 64.6339 | 45.2333 | 33.4819 |
Profit/(Loss) Before Tax (in ₹ crores) | 1.4848 | 0.4280 | 0.4354 |
Profit After Tax (in ₹ crores) | 0.9485 | 0.2944 | 0.2996 |
EPS in ₹ | 3.06 | 0.95 | 0.97 |
Integrity Infrabuild Developers Ltd Balance Sheet
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Profit/(Loss) Before Tax (in ₹ crores) | 1.4848 | 0.4280 | 0.4354 |
Net Cash from Operating Activities (in ₹ crores) | 0.8013 | 4.6317 | (0.4733) |
Net Cash from Investing Activities (in ₹ crores) | (7.2476) | (0.9082) | (2.7767) |
Net Cash Flow from Financing Activities (in ₹ crores) | 5.7909 | (2.9313) | 4.3201 |
Closing Balance - Cash & Cash Equivalent (in ₹ crores) | 1.4011 | 2.0566 | 1.2644 |
How to Check Allotment Status of Integrity Infrabuild Developers Ltd?
1. Visit the Registrar’s Website
- Visit the official website of MUFG Intime India Pvt Ltd
- Click on ‘Rights Issues’ under ‘Investor Services’
- Click on ‘Check Allotment Status’
- Choose Company Name and enter either your Demat account no, CAF or Folio No
- Click on Submit to know the status
2. Check on the National Stock Exchange Website
The National Stock Exchange (NSE) has an IPO Bid Verification module. You can use it to check the status of Integrity Infrabuild Developers Ltd IPO. Go to www.nseindia.com and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'. On the NSE IPO Bid Verification page, enter:
- Company name from dropdown
- Application number
- PAN
Then click 'Submit' to know the allotment status.
How to Apply for Integrity Infrabuild Developers Ltd 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.
Integrity Infrabuild Developers IPO FAQs
When is Integrity Infrabuild Developers IPO listing date?
Integrity Infrabuild Developers IPO will list on 2025-05-20.
What is the issue size of Integrity Infrabuild Developers IPO?
12.00 is the issue size of Integrity Infrabuild Developers IPO.
What is the minimum lot size required for Integrity Infrabuild Developers IPO?
The minimum lot size is 1200 shares and the investment required is ₹120000.
What is the price band of the Integrity Infrabuild Developers IPO?
The price band of Integrity Infrabuild Developers IPO is ₹100 to ₹0.
Where can I read more about Integrity Infrabuild Developers business?
You can read more about Integrity Infrabuild Developers and its IPO from the company’s red herring prospectus (RHP) here.
What is Integrity Infrabuild Developers Ltd IPO?
The IPO of Integrity Infrabuild Developers Ltd consists of a fresh issue of 12,00,000 equity shares. The IPO size is ₹12 crores.
What is the lot size of Integrity Infrabuild Developers Ltd IPO?
The lot size is 1200 equity shares and in multiples thereof.
From where can I read more about the IPO of Integrity Infrabuild Developers Ltd?
You can read more about the IPO of Integrity Infrabuild Developers Ltd from the company’s red herring prospectus here.
