Shivalaya Construction IPO

Shivalaya Construction IPO Details

The Shivalaya Construction IPO is a 100% book-build issue comprising a fresh issue of ₹450 crore and an offer for sale (OFS) of 2.48 crore equity shares, with a face value of ₹2 per share. The company filed its DRHP with SEBI on Sep 5, 2025.

The price band and official dates of subscription and listing will be announced by the company later, but the shares are supposed to be listed on the BSE and the NSE platforms. The book-running lead managers of this issue are IIFL Capital Services Ltd., Axis Capital Ltd. and JM Financial Ltd., while the registrar to the issue is MUFG Intime India Ltd.

Shivalaya Construction IPO Date & Timeline

Shivalaya Construction Ltd. officially filed its Draft Red Herring Prospectus (DRHP) on Sep 5, 2025. However, the specific Shivalaya Construction IPO date and subscription timeline remain unannounced. Following regulatory approval, the company will finalise the price band and bidding dates. Once cleared, the schedule for anchor allotment, public bidding and the final listing on the exchange will be formally disclosed.

Shivalaya Construction IPO GMP (Grey Market Premium)

“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.

The Shivalaya Construction IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.

Company Background

Shivalaya Construction Ltd. was incorporated in December 1997 as a private limited company in New Delhi. Over nearly three decades (30+ years), the company has evolved from a private civil contractor into a large-scale infrastructure developer. It was converted into a public limited company in June 2025 to begin its preparation for listing on the reputable and main platform of the stock exchange, i.e., the NSE. Headquartered in Paschim Vihar, New Delhi, the firm has built a reputation for executing complex road and highway projects across diverse terrains in India.

Operations & Product Range

Shivalaya Construction Ltd. mainly consists of providing integrated EPC services for transportation as well as water sector projects. The product segment of the firm includes the construction and maintenance of national highways, elevated roads, flyovers, railway overbridges, etc. Apart from road works, the firm has also developed capabilities in tunnel construction as well as irrigation schemes. The firm undertakes projects on both EPC and HAM modes. The firm’s clients include prominent government organisations such as the National Highways Authority of India (NHAI).

Facilities & Capacity

Shivalaya Construction Ltd. derives its strength from its large fleet of owned construction equipment. Shivalaya Construction has a total of 2,516 machines, construction equipment and vehicles as of July 31, 2025. The company has been able to achieve greater speeds in the execution of its projects. In addition, the company has developed its own workshops for the maintenance of its equipment.

Brands & Market Presence

Shivalaya Construction Ltd. has established itself as a reliable partner for government infrastructure agencies. As of March 2024, a strong order book of ₹39,576.50 million is a testimony to their market presence. The company has been rewarded with several accolades, such as a certificate for outstanding services from NHIDCL in 2024, besides having ISO certifications, which are a reflection of its focus on environmental and occupational safety standards.

Revenue Streams & Business Model

Shivalaya Construction Ltd. primarily raises its revenue by executing infrastructure projects under EPC and HAM contracts. The business model of the company focuses on in-house execution to earn higher margins. In FY24, the company earned a total revenue from operations of ₹35,375.69 million. The company's revenue growth has been consistently upward, growing due to the successful bidding and execution of high-value national highway projects.

Management & Shareholding

Shivalaya Construction Ltd. is led by its promoters: Shripal Aggarwal, Pradeep Nandal, Sumitra Nandal, Sahil Aggarwal and Sumit Nandal. These individuals have decades of collective experience in the construction and infrastructure sectors. Before the IPO, the promoters and promoter group of the company collectively hold 100% of the company, but after the IPO, the promoters will see a dilution in their stakeholding as the existing promoters are diluting their shares, which will make the changes in shareholding and decision-making ownership.

Board & Key Management

The Board of Directors of Shivalaya Construction Ltd. provides strategic oversight and includes both promoter-directors and independent professionals to ensure balanced governance. Shripal Aggarwal serves as the Chairman, while Pradeep Nandal acts as the Whole-time director, overseeing day-to-day operations. The board is supported by key management personnel, including Vijay Gupta, who serves as the company secretary and compliance officer. The management team consists of seasoned engineers and financial experts who have been instrumental in scaling the company’s order book to its current levels.