Vigor Plast IPO...
29 Aug, 2025
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.
Objectives of Goel Construction IPO
- To fund working capital for ongoing and new projects, including procurement cycles and receivable bridges typical in EPC.
- For general corporate purposes to reinforce systems, site capabilities and organizational depth for multi-project execution.
- Offer for sale to provide partial liquidity to selling shareholders alongside the growth-oriented fresh issue.
Conclusion
Goel Construction IPO is set to raise around ₹99.77 crore at a price band of ₹250–₹262 offering a fresh issue with focus on growth alongside OFS and listing on BSE SME IPO in the first week of September. The firm’s long track record, EPC exposure and base in Jaipur allow it to capture industrial and civil projects while a listing could help lower working capital and enhance credibility in tender-based markets. Investors must look to the final prospectus and exchange notices for the accepted lot size and category allocations prior to placing any bids.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Goel Construction IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Goel Construction IPO Details
| Detail | Description |
|---|---|
| IPO Date | September 2, 2025 to September 4, 2025 |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price Band | ₹250 to ₹262 per share |
| Lot Size | 400 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 38,08,000 shares (aggregating up to ₹99.77 Cr) |
| Reserved for Market Maker | 1,90,400 shares (aggregating up to ₹4.99 Cr) Choice Equity Broking Pvt.Ltd. |
| Fresh Issue (Ex Market Maker) | 28,94,000 shares (aggregating up to ₹75.82 Cr) |
| Offer for Sale | 7,23,600 shares of ₹10 (aggregating up to ₹18.96 Cr) |
| Net Offered to Public | 36,17,600 shares (aggregating up to ₹94.78 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,13,65,200 shares |
| Share Holding Post Issue | 1,44,49,600 shares |
Goel Construction IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Tue, Sep 2, 2025 |
| IPO Close Date | Thu, Sep 4, 2025 |
| Tentative Allotment | Mon, Sep 8, 2025 |
| Initiation of Refunds | Tue, Sep 9, 2025 |
| Credit of Shares to Demat | Tue, Sep 9, 2025 |
| Tentative Listing Date | Wed, Sep 10, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 4, 2025 |
Goel Construction IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 800 | ₹2,09,600 |
| Individual investors (Retail) (Max) | 2 | 800 | ₹2,09,600 |
| S-HNI (Min) | 3 | 1,200 | ₹3,14,400 |
| S-HNI (Max) | 9 | 3,600 | ₹9,43,200 |
| B-HNI (Min) | 10 | 4,000 | ₹10,48,000 |
| Employee (Min) | 2 | 800 | ₹2,09,600 |
| Employee (Max) | 4 | 1,600 | ₹4,19,200 |
Goel Construction IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 97.70% |
| Promoter Holding Post Issue | - |
Competitive Strength:
- ● 20+ years of experience in industrial and civil construction with Jaipur headquarters supporting regional execution.
- ● EPC capability across planning, structural works and coordinated delivery, with documented processes and quality controls.
- ● Access to public markets via SME listing to strengthen working capital and support scale-up of order books.
Goel Construction IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 265.09 | 594.34 | 38.32 | 131.59 | 28.71 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 220 | 389 | 23 | 93 | 31 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 205.04 | 272.94 | 14.3 | 70.62 | 28.51 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROCE | 33.69% |
| Debt/Equity | 0.22 |
| RoNW | 34.09% |
| PAT Margin | 6.50% |
| EBITDA Margin | 9.81% |
| Price to Book Value | 2.26 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 33.72 | 27 |
| P/E (x) | 7.77 | 10 |
Objectives of Goel Construction IPO
- To fund working capital for ongoing and new projects, including procurement cycles and receivable bridges typical in EPC.
- For general corporate purposes to reinforce systems, site capabilities and organizational depth for multi-project execution.
- Offer for sale to provide partial liquidity to selling shareholders alongside the growth-oriented fresh issue.
Conclusion
Goel Construction IPO is set to raise around ₹99.77 crore at a price band of ₹250–₹262 offering a fresh issue with focus on growth alongside OFS and listing on BSE SME IPO in the first week of September. The firm’s long track record, EPC exposure and base in Jaipur allow it to capture industrial and civil projects while a listing could help lower working capital and enhance credibility in tender-based markets. Investors must look to the final prospectus and exchange notices for the accepted lot size and category allocations prior to placing any bids.
Conclusion
Goel Construction IPO is set to raise around ₹99.77 crore at a price band of ₹250–₹262 offering a fresh issue with focus on growth alongside OFS and listing on BSE SME IPO in the first week of September. The firm’s long track record, EPC exposure and base in Jaipur allow it to capture industrial and civil projects while a listing could help lower working capital and enhance credibility in tender-based markets. Investors must look to the final prospectus and exchange notices for the accepted lot size and category allocations prior to placing any bids.
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Frequently asked Questions (FAQs )
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● What is the IPO date for Goel Construction and what is the price range?
The IPO is set to begin on September 2, 2025, and conclude on September 4, 2025, featuring a price range of ₹250 to ₹262 for each equity share with a face value of ₹10.
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● What is the structure and size of the IPO
The aggregate size is of ₹99.77 crore, which includes a fresh issue of around ₹80.8–₹81.0 crore and OFS of about ₹18.96 crore.
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● What does Goel Construction company do?
The so-called EPC and unitrate projects (civil), including for industrial plants and infrastructure in areas such as site development, structures, and coordinated supply according to BOQs.
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● What will the Goel Construction IPO proceeds be used for?
The OFS serves liquidity to the selling shareholders for their working capital and other general corporate purposes to support multi-site execution.
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