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Sattva Engineering Construction IPO
The size of the Sattva Engineering Construction IPO is estimated to be around ₹33.02-₹35.38 crore with a 100% fresh issue with no offer-for-sale. The IPO is planned on the NSE Emerge SME Platform through the book-building process. Bids can be made for a minimum of 1600 equity shares and in multiples of 1600 shares thereafter. The initial public offering is scheduled to open on 26 August 2025 and will close on 29 August 2025. The shares are proposed to be listed at BSE and NSE on or around 3 September 2025 and the price band for the offer has been fixed at ₹70 to ₹75 per share. Vivro Financial Services is the book-running lead manager to the issue, while the registrar is MUFG Intime India and the market maker is Rikhav Securities.
Company Background
Sattva Engineering Construction Ltd is based in Chennai and is an EPC contractor for water resource and waste water infrastructure including water supply pipelines, rising mains, UGSS/sewer networks, overhead/underground tanks, pumping stations and WTP/STP constructions apart from some industrial and commercial builds like factories, warehouses and power-related facilities and commercial complexes and also a few residential works like apartments and bungalows. The company holds ISO certifications (ISO 9001:2015, ISO 14001:2015, ISO 45001:2018) and Class I registrations with state and municipal bodies, which enable it to bid at higher levels in public tenders in its core markets, specifically in South India.
Operations & Product Range
Facility & Production
SECL executes end-to-end EPC scopes—survey, design, procurement, civil works, electro-mechanical installation, testing and commissioning of water distribution pipelines, rising mains, sewer/UGSS networks, OH/UG tanks, pumping stations, w/s & s/treatment plants and also delivers FACTs, warehouses, power associated utilities, commercial complex and selective residential builds under ISO-aligned quality, environment & safety processes.
Brands & Market Presence
The company serves Procore under its SECL corporate brand with a prominent public-sector presence in South India, including participation in state / municipal tender ecosystems via Class I registrations with PWDs, water boards and urban local bodies.
Revenue Channels
- The company's primary revenue source is EPC contracts for water supply schemes, wastewater/sewerage networks, WTP/STP construction, storage tanks and pumping stations.
- Additional revenue comes from industrial and commercial build-to-suit contracts (factories, warehouses, power-linked facilities) and selective residential projects.
Management & Shareholding
Promoters & Shareholding
Promoters of the latter are Santhanam Seshadri R. Sekar and Jagachchandarr Sekar Uthra and since there is no OFS and only a pure fresh issue, dilution happens only by offering of new equity to the public.
Board Members
The board also includes whole-time directors S. Seshadri and R. Sekar, independent director V. Sankar and whole-time director & CFO G. Sujatha, each of whom possesses decades of experience in EPC execution, finance and budgeting, manufacturing operations and quality systems.
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.
Sattva Engineering 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.**
Sattva Engineering Construction IPO Details
| Detail | Description |
|---|---|
| IPO Date | August 26, 2025 to August 29, 2025 |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price Band | ₹70 to ₹75 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 47,16,800 shares (aggregating up to ₹35.38 Cr) |
| Reserved for Market Maker | 2,40,000 shares (aggregating up to ₹1.80 Cr) Rikhav Securities Ltd. |
| Net Offered to Public | 44,76,800 shares (aggregating up to ₹33.58 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,27,51,816 shares |
| Share Holding Post Issue | 1,74,68,616 shares |
Sattva Engineering Construction IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Tue, Aug 26, 2025 |
| IPO Close Date | Fri, Aug 29, 2025 |
| Tentative Allotment | Mon, Sep 1, 2025 |
| Initiation of Refunds | Tue, Sep 2, 2025 |
| Credit of Shares to Demat | Tue, Sep 2, 2025 |
| Tentative Listing Date | Wed, Sep 3, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 29, 2025 |
Sattva Engineering Construction IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,40,000 |
| Individual investors (Retail) (Max) | 2 | 3,200 | ₹2,40,000 |
| S-HNI (Min) | 3 | 4,800 | ₹3,60,000 |
| S-HNI (Max) | 8 | 12,800 | ₹9,60,000 |
| B-HNI (Min) | 9 | 14,400 | ₹10,80,000 |
Sattva Engineering Construction IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Share Holding Pre Issue | 86.18% |
| Share Holding Post Issue | - |
Competitive Strength:
- ● EPC specialist offering an integrated full chain on a water/wastewater end-to-end basis.
- ● ISO certified systems for quality, environment and occupational safety supporting standardized delivery.
- ● Class I registrations enable steady participation in public sector tenders across core regions.
- ● Mixed presence beyond utilities into industrial/commercial builds and some selective residential projects.
- ● Public-sector client orientation enabling tender visibility and repeat opportunities in South India.
Sattva Engineering Construction IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 114.82 | 94.85 | 9.14 | 43.42 | 36.17 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 87 | 77 | 5 | 24 | 32.2 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 83.38 | 83.93 | 1.04 | 19.47 | 32.24 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| 32.24 | 27.10% |
| ROCE | 28.58% |
| Debt/Equity | 0.83 |
| RoNW | 27.10% |
| PAT Margin | 9.64% |
| EBITDA Margin | 19.82% |
| Price to Book Value | 2.2 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 7.17 | 5 |
| P/E (x) | 10.46 | 14 |
IPO Objectives
- To fund working capital needs for current & upcoming EPC Projects.
- General corporate purposes for the support of operations and scalability as required to meet the project pipeline.
Conclusion
SECL provides exposure to India’s water and wastewater infrastructure push via an SME IPO approach to funding working capital and corporate purposes, underpinned by ISO-led practices, public sector tender exposure via Class I registrations and a diversified execution footprint across utilities, industrial/commercial assets and selective residential. Investors may consider the visibility from government-led projects and the company’s domain specialization while weighing competitive tender dynamics and the working-capital intensity typical to EPC businesses in the SME segment.
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Frequently asked Questions (FAQs )
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1. How big is the IPO and what is its structure?
The offer size is estimated to be around ₹33.02–₹35.38 crore and is a 100% fresh issuance without any OFS on NSE Emerge through book building.
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2. What are the IPO dates and expected listing?
The subscription window is 26–29 August 2025 with an expected listing around 3 September 2025.
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3. What does the company do?
SECL is an EPC contractor specializing in water supply and wastewater infrastructure (pipelines, UGSS/sewer networks, tanks, pumping stations, WTPs/STPs) and also undertakes industrial/commercial builds and selective residential projects.
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4. Who are the promoters and how does the IPO affect shareholding?
The promoters are Santhanam Seshadri, R. Sekar & Jagachchandarr Sekar Uthra and the fresh-issue-only structure implies dilution occurs via new shares allotted to the public.
