Ravi Infrabuild Projects IPO

The Ravi Infrabuild Projects IPO is a book-built issue comprising a fresh issue of equity shares worth up to ₹1,100 crore. The company filed its DRHP with SEBI on May 8, 2025. The price band and official dates of subscription and listing will be announced by the company later. The equity shares are proposed to be listed on the BSE and the NSE platforms. This issue will be managed by Motilal Oswal Investment Advisors Ltd. and Axis Capital Ltd. as the book-running lead managers (BRLMs), while MUFG Intime India Private Ltd. will serve as the registrar to the offer.

Company Background

Ravi Infrabuild Projects Ltd. was incorporated in 1994 and started as a proprietorship firm in Udaipur, Rajasthan. It was later converted into a private limited company on February 26, 2009. The firm has transformed itself over the years into a public limited company to facilitate further growth. The firm has transformed itself from a small contractor to a well-established infrastructure developer. The business of the firm is based on engineering, procurement and construction of infrastructure development projects, particularly with a focus on the transport sector.

Operations & Product Range

Ravi Infrabuild Projects Ltd. is engaged in the construction of roads and highways. The company provides a comprehensive service of road and highway construction, including design and procurement of materials and the actual construction. The company works with some of the largest government organizations, like a large part of the order book of Ravi Infrabuild is held by the National Highways Authority of India (NHAI) and the Ministry of Road Transport and Highways (MoRTH). The company has also diversified into other civil construction works, including bridges and railway infrastructure.

Facilities & Capacity

Ravi Infrabuild Projects Ltd. has a corporate office in Gurgaon, Haryana, to oversee the increasing geographical presence of the company. As of FY24, the total revenue for all of the plant and machinery was approximately ₹226.04 crore. This in-house facility helps the company to mobilize itself quickly for any large project, thus enabling it to have a greater degree of control over the construction schedules of the company.

Brands & Market Presence

Ravi Infrabuild Projects Ltd. is referred to by the simplified form "RIPL" for corporate purposes. The market presence of Ravi Infrabuild can be defined by its successful delivery history within the contracting industry for the government and its presence within the country, with a deep-rooted presence within Rajasthan and North India. Ravi Infrabuild has achieved certifications within the industry for quality and safety, which are vital for winning large-value contracts with the government.

Revenue Streams & Business Model

The primary source of revenue for Ravi Infrabuild Projects Ltd. comes from the execution of EPC contracts. In FY24, the revenue generated from the operations of the business was at ₹1,390.99 crore, with an EBITDA of ₹240.29 crore and a PAT of ₹124.72 crore. The business model for the company includes bidding for government contracts and then executing them with efficiency.

Management & Shareholding

Ravi Infrabuild Projects Ltd. is promoted by Narayan Singh Rao, Dilip Singh Rao and Ravi Singh Rao. Before the IPO, the promoters/promoter group held the majority of the equity in the company, but after the IPO, the ownership percentage holding will see a qualitative reduction due to the dilution from the fresh issue of shares, although the existing promoters will remain the controlling shareholders.

Board & Key Management

Ravi Infrabuild Projects Ltd. is promoted by Narayan Singh Rao, Dilip Singh Rao and Ravi Singh Rao. Before the IPO, the majority equity shares were with the promoters/promoter group; however, after the IPO, the percentage holding with the promoters would show a qualitative change due to the dilution effect, though the existing promoters would continue to be the controlling shareholders.