About 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.
Ravi Infrabuild Projects IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 10 per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Issue |
| Total Issue Size | Up to ₹ 1,100 Cr (aggregating up to ₹ 11,000 million) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | Up to ₹ 1,100 Cr (aggregating up to ₹ 11,000 million) |
| Offer for Sale | - |
| Net Offered to Public | - |
| Issue Type | 100 % Book Built Issue |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 2,50,00,000 Equity Shares |
| Share Holding Post Issue | - |
Ravi Infrabuild Projects IPO Financial Information
Latest Revenue
1,086.07
₹ Crore
Profit After Tax
81.88
₹ Crore
Net Worth
526.15
₹ Crore
Total Borrowing
1,158.36
₹ Crore
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2024 | 2,054.15 | 1,086.07 | 81.88 | 526.15 | 501.15 | 1,158.36 | |||
| 31 Mar 2024 | 1,519.07 | 1,407 | 124.72 | 443.91 | 418.91 | 815.34 | |||
| 31 Mar 2023 | 927.87 | 1,026.16 | 104.07 | 318.47 | 293.47 | 261.2 | |||
| 31 Mar 2022 | 656.35 | 1,109.36 | 55.88 | 214.04 | 209.04 | 203.07 | |||
| Amount in ₹ Crore | |||||||||
Ravi Infrabuild Projects Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 17.87% |
| ROCE | - |
| Debt/Equity | 1.84x |
| RoNW | 28.10% |
| PAT Margin | 8.97% |
| EBITDA Margin | - |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 16.63 | - |
| P/E (x) | - | - |
IPO Objectives
The company has clearly defined how it intends to utilize the Ravi Infrabuild Projects IPO proceeds for specific purposes:
- • Repayment of debt (in part or in full)
- • Funding the long-term working capital requirements
- • General corporate purposes
Conclusion
The Ravi Infrabuild Projects IPO offers an opportunity for investors to invest in a company that aims to improve its capital position for bigger infrastructure projects of governments and the private sector. It has also maintained a consistent track record in the construction of roads and a business model with the advantage of internal machinery ownership. This issue offers the ability to manage its increasing order book while maintaining operational efficiency.
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Competitive Strengths
An established track record of executing complex road and highway projects within stipulated timelines.
A strong in-house fleet of construction equipment reduces dependence on third-party vendors and improves operational margins.
Strong relationship with government clients like NHAI, supported by a healthy and diversified order book.
Experienced management team with over 3 decades in the infrastructure sector, providing deep domain expertise and strategic direction.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 21/08/2025 | - |
| 2 | Filed with SEBI/Exchange | 14/05/2025 | View DRHP |
Ravi Infrabuild Projects IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | — | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |