Tiger Global & Accel-backed Infra.Market picks 8 i-bankers for mega $500 mn plus IPO

Infra.Market, a leading construction materials solutions company backed by Tiger Global, Accel, and Nexus Ventures, has selected eight investment banks for its massive $500 million-plus initial public offering (IPO). According to five sources who spoke to sources anonymously, the chosen banks include Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies, ICICI Securities, HSBC Securities, Motilal Oswal Financial Services, and Nuvama Wealth Management. The IPO, which could raise between $500 million and $700 million or more depending on market conditions, will feature a mix of fresh issue and secondary sales, offering an exit opportunity for the company’s top venture capital investors.

Additionally, Infra.Market’s subsidiary RDC Concrete, which sold a 10% stake worth approximately $20 million to Ashish Kacholia and other investors in 2023, plans to go public in January 2025, with a valuation expected between ₹3,500 crore and ₹4,000 crore, according to its Managing Director and CEO, Anil Banchhor.

Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market offers a wide range of construction materials, including ready-mix concrete, aggregates, steel, and more, alongside private label products such as electrical items, tiles, sanitaryware, and modular kitchens. The company has rapidly expanded, acquiring RDC Concrete in September 2021 from private equity firm True North for ₹730 crore. In January 2022, Infra.Market also acquired a 24% stake in Shalimar Paints by investing ₹270 crore.

Infra.Market, which initiated discussions with investment banks for its proposed listing as reported by sources on August 1, received a $50 million investment from MARS Unicorn Fund in May 2023, valuing the startup at $2.5 billion. Souvik Sengupta, Infra.Market’s co-founder and CEO, emphasized the company’s goal of becoming India’s largest multi-product construction materials brand and expanding its global footprint. He noted that the company is capitalizing on growth opportunities by expanding its product portfolio, entering new markets, and launching new verticals to create a world-class construction materials company from India.

The company did not respond to email queries regarding the IPO, and the involved investment banks also declined to comment.

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