Goel Construction IPO

Goel Construction Company Ltd is coming out with a BSE SME book-running IPO opening on September 2, 2025 and closing on September 4, 2025, with a price band of ₹250-₹262 per equity share of the face value of ₹10 each. The total size of the issue is approximately ₹99.77 crore with a fresh issue of around ₹80.8-81.0 crore and an offer for sale of about ₹18.96 crore and listing is expected on September 10, 2025. The lead manager of the issue is Srujan Alpha Capital Advisors LLP and the registrar is MUFG Intime India Private Limited.

Company Background

Incorporated in 1997 and headquartered in Jaipur, Rajasthan, Goel Construction Company is the provider of construction services to India's growing infrastructure, with a presence in macro and micro infrastructure projects, industrial construction, factory constructions and plant constructions in Rajasthan and Delhi. In 2024, in preparation for its SME listing, the company converted from a private limited company to a public limited company.

Operations & Product Range

Goel Construction Company IPO specializes in EPC and other service offerings for industrial projects, utilities & civil infrastructure, including project planning, site development, structural work and MEP coordination as per client scope. Engagements may involve preparation & tendering, BOQ & subcontractor management, quality assurance, project schedules and statutory requirements. The Jaipur hub facilitates deployment in North and West India, utilising regional supplier and contractor networks for implementation.

Facility & Production

Goel Construction, as a project contractor, operates through project sites rather than a single manufacturing plant, supplying plant, equipment, shuttering/formwork, batching plants & site offices on a contract basis. Engineering, procurement and project controls are centralized while the execution, safety and client coordination are handled by site teams on a day-to-day basis to meet milestones and quality standards.

Brands & Market Presence

Goel Construction IPO operates in the B2B tender-driven market and is built on visibility through pre-qualification, client references and execution track record rather than consumer branding. SME listing is aimed at boosting credibility and assisting in getting bigger or multiple contracts and getting access to working capital and strengthening the balance sheet, to scale up their projects. Presence in Jaipur also strategically places the company close to public and private industrial belts, facilitating site mobilisation and monitoring.

Revenue Channels

• EPC contracts and unit-rate civil works for industrial plants, warehouses and utilities as per client BOQs.
• Turnkey packages including site development, structures, finishing and limited MEP coordination within defined scopes.
• Variation and change-order revenues arising from scope additions approved during project execution.

Management & Shareholding

Goel Construction is promoter-driven, with professionally set up project management, engineering, procurement, finance and compliance as per the listed company norms. Fresh issue and OFS combined realign promoter and selling shareholder stakes to the final PDA (post-deal allocation).

Promoters & Shareholding

The promoters and promoter group of Goel Construction IPO will continue to control the company pre-issue; post-issue shareholding will get diluted due to the fresh issue and also due to the offer for sale (OFS) by the selling shareholders.

Board Members

Goel Construction IPO Board is a majority of executive and non-executive directors as per SME listing governance rules. It includes profiles of the board and senior management who have experience in construction execution, finance and controls required to deliver multi-site type projects.