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13 May, 2025
Integrity Infrabuild Developers Limited IPO
Integrity Infrabuild Developers Limited (IIDL) is set to launch its SME Fixed‑Price IPO on the NSE EMERGE platform, offering 12 lakh equity shares of ₹10 face value each. The issue constitutes 27.91% of the post‑issue paid‑up capital and is entirely a fresh issue, with 67,200 shares reserved for the market maker and the balance 11,32,800 shares available to investors. Proceeds will fund machinery acquisition, working‑capital needs, and general corporate purposes. The company, headquartered in Vadodara, Gujarat, specializes in civil contracting for government infrastructure projects and reconstituted as a public limited company on June 1, 2024.
Company Overview
History & Business Model
Integrity Infrabuild began as the partnership “M/s. Dipak J. Gandhi” on January 4, 2017, was renamed “M/s. Integrity Infrabuild” on November 11, 2023, and converted into Integrity Infrabuild Developers Limited on June 1, 2024. It is a Class‑A registered civil contractor with the Government of Gujarat, executing road, building, and bridge construction projects directly and through subcontracting.
Management & Promoters
Promoters held 99.99% pre‑issue and will hold 0% post‑issue, indicating a complete dilution of promoter holding in favor of fresh capital infusion. Aryaman Financial Services Limited is the book‑running lead manager, and Link Intime India Private Limited is the registrar.
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.
Integrity Infrabuild Developers Limited 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.**
Integrity Infrabuild Developers Limited IPO Details
| Detail | Description |
|---|---|
| IPO Date | May 13, 2025 to May 15, 2025 |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price | ₹100 per share |
| Lot Size | 1,200 Shares |
| Total Issue Size | 12,00,000 shares (aggregating up to ₹12.00 Cr) |
| Fresh Issue | 12,00,000 shares (aggregating up to ₹12.00 Cr) |
| Issue Type | Fixed Price IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 31,00,000 shares |
| Share Holding Post Issue | 43,00,000 shares |
Integrity Infrabuild Developers Limited IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Tue, May 13, 2025 |
| IPO Close Date | Thu, May 15, 2025 |
| Tentative Allotment | Fri, May 16, 2025 |
| Initiation of Refunds | Mon, May 19, 2025 |
| Credit of Shares to Demat | Mon, May 19, 2025 |
| Tentative Listing Date | Tue, May 20, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on May 15, 2025 |
Integrity Infrabuild Developers Limited IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1200 | ₹1,20,000 |
| Retail (Max) | 1 | 1200 | ₹1,20,000 |
| HNI (Min) | 2 | 2400 | ₹2,40,000 |
Integrity Infrabuild Developers Limited IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| 99.99% | 72.09% |
Competitive Strength:
- 1.Class A Government Contractor
- 2.Localized Expertise
- 3.Proven Track Record
- 4.Healthy Financial Metrics
- 5.Strong Return Ratios
- 6.Zero Promoter Dilution
- 7.SME Platform Benefits
Integrity Infrabuild Developers Limited IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2024 | 33.35 | 68.97 | 1.94 | 4.56 | 12.86 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 20.68 | 64.63 | 0.95 | 3.10 | 11.17 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 15.25 | 45.23 | 0.29 | 1.78 | 5.22 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2022 | 13.06 | 33.48 | 0.30 | 2.55 | 6.51 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 30.60% |
| ROCE | 13.14% |
| Debt/Equity | 3.71 |
| RoNW | 30.60% |
| PAT Margin | 1.47 |
| Price to Book Value | 10.00 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 3.06 | 6.02 |
| P/E (x) | 32.68 | 16.6 |
IPO Objectives
Funds raised through the SME Fixed‑Price IPO will be deployed in three primary areas:
- Capital Expenditure for Machinery
– Acquisition of specialized construction equipment (e.g., pavers, concrete mixers) to scale up project capacity and reduce reliance on rentals. - Working‑Capital Requirements
– Financing day‑to‑day project expenses such as raw materials, labour, and subcontractor payments, thereby smoothing cash flows across project cycles. - General Corporate Purposes
– Meeting pre‑operative expenses, regulatory compliances, and creating a buffer for unforeseen contingencies, which collectively strengthen the balance sheet.
Conclusion
Integrity Infrabuild Developers Limited leverages its Class‑A contracting status, regional expertise in Gujarat, and a track record of executing government‑sponsored infrastructure projects to position itself for growth. The fresh‑issue IPO structure preserves promoter skin‑in‑the‑game while infusing capital to modernize equipment, shore up working capital, and address corporate needs. Given healthy financial ratios, strong return metrics, and the visibility afforded by an NSE EMERGE listing, the IPO offers a compelling entry point for investors seeking targeted exposure to the SME infrastructure segment. Prospective applicants should monitor subscription levels and grey‑market premiums, but the company’s fundamentals suggest solid medium‑term listing gains and sustainable performance in Gujarat’s burgeoning civil‑works market.
RHP:
DRHP:
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Frequently asked Questions (FAQs )
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1. What is the size of the Integrity Infrabuild Developers IPO?
The IPO comprises 12 lakh equity shares of face value ₹10 each, aggregating to ₹12.00 Crores.
-
2. What is the price band and face value per share?
Each share has a face value of ₹10 and is being offered at a fixed price of ₹100 per share.
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3. When will the IPO open and close?
The issue opens on May 13, 2025 and closes on May 15, 2025.
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4. What is the lot size and minimum application amount?
The minimum market lot is 1,200 shares, requiring a minimum application amount of ₹1,20,000.
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5. On which exchange will the shares be listed?
The shares will list on the NSE EMERGE SME platform.
