Active Infrastructure
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 21 Mar 2025 – 25 Mar 2025
- Listing date
- 28 Mar 2025
- Face value
- ₹5 per share
- Issue price
- ₹181 per share
- Lot size
- 600 shares
- Total issue size
- ₹77.83 Cr
- Market cap at offer price
- ₹272 Cr
- Promoter holding
- 99.99% → 71.36% pre-issue → post-issue
- ISIN
- INE0KLO01025
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Kreo Capital Pvt.Ltd.
- Registered office
- Riaan Tower 10th Floor, Mangalwari Road, Sadar, Sadar Bazar, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 2,44,800 | — | — |
| Market maker | 2,16,000 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹181
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,08,600 |
| S-HNI (min) | 2 | 1,200 | ₹2,17,200 |
| S-HNI (max) | 9 | 5,400 | ₹9,77,400 |
| B-HNI (min) | 10 | 6,000 | ₹10,86,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.75 | 7.40 |
| P/E (×) | 18.56 | 24.46 |
| Price to book (×) | 6.73 | — |
| Market cap | — | ₹272 Cr |
Key performance indicators
- Return on net worth
- 36.22%
- ROCE
- 14.90%
- Debt / equity
- 2.25
- PAT margin
- 10.75%
- NAV per share
- ₹26.91
- Price to book
- 6.73
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Active Infrastructure
Active Infrastructures Limited, incorporated in 2007 and converted to a public limited company in 2024, operates through two primary segments: Infrastructure and Construction of Commercial Projects. In Infrastructure, the company builds roads including bridges, flyovers, water supply systems, irrigation projects, and related infrastructure. In Commercial Projects, it develops office complexes, retail centers, exhibition halls, and educational institutions. The company has completed projects like RIAAN Tower in Nagpur and is executing ongoing projects including a highway project with NHAI and water supply systems in Madhya Pradesh. Operating pan-India with a track record of quality delivery, the company combines engineering expertise with project management capabilities to deliver construction solutions.
Company Analysis
from RHPActive Infrastructures Limited constructs infrastructure projects (roads, bridges, water systems) and commercial spaces across Maharashtra, Madhya Pradesh, Uttar Pradesh, and Tripura.
Active Infrastructures Limited, incorporated in 2007 and converted to a public limited company in 2024, operates through two primary segments: Infrastructure and Construction of Commercial Projects. In Infrastructure, the company builds roads including bridges, flyovers, water supply systems, irrigation projects, and related infrastructure. In Commercial Projects, it develops office complexes, retail centers, exhibition halls, and educational institutions. The company has completed projects like RIAAN Tower in Nagpur and is executing ongoing projects including a highway project with NHAI and water supply systems in Madhya Pradesh. Operating pan-India with a track record of quality delivery, the company combines engineering expertise with project management capabilities to deliver construction solutions.
Objects of the Issue
- Funding Working Capital Requirements of our Company 3898.04 lakhs p.86
- Repayment/Prepayment of Certain Borrowings availed by our Company and Margin Money for obtaining Bank Guarantee 1672.34 lakhs p.92
- Capital Expenditure towards Purchase of Construction Equipments 704.80 lakhs p.94
- General Corporate Purpose Not to exceed 25% of gross proceeds p.99
- To meet issue expenses [●] (to be determined) p.84
Issue Structure
- Total Issue
- 43,00,200 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- 43,00,200 Equity Shares of face value of ₹5/- each
- Offer for Sale
- NA (Not applicable - entire issue constitutes fresh issue)
- Price Band
- Floor Price: ₹178 per Equity Share; Cap Price: ₹181 per Equity Share
- Lot Size
- Bid Lot: 600 Equity Shares and in multiples of 600 Equity Shares thereafter
- Face Value
- ₹5/- per Equity Share
Business Model
The company earns revenue through competitive bidding for government infrastructure projects and private commercial construction contracts. For infrastructure projects, revenue comes from contracts with government bodies and public sector undertakings (NHAI, MP Jal Nigam, MP Urban Development). For commercial projects, revenue is generated through construction and sale of completed commercial spaces. The company also operates as a subcontractor for larger project consortiums. Revenue recognition occurs upon completion of construction milestones and project handover.
Business Segments
SWOT Analysis
- • Experienced management team with deep construction expertise(p.125)
- • Strong quality assurance standards and material selection processes(p.125)
- • Diversified geographic presence across multiple states(p.123)
- • Visible growth trajectory with increasing order book(p.126)
- • Improving profitability metrics with strong margins(p.124)
- • Entire revenue stream concentrated in three geographic regions(p.35)
- • High dependence on government and government-owned customers(p.36)
- • Significant customer concentration with top three clients providing 95.79% of revenue(p.142)
- • Reliance on a few large suppliers for raw materials(p.142)
- • Promoter litigation outstanding with material civil litigations(p.31)
- • Outstanding GST filing delays indicating compliance weaknesses(p.49)
- • Expanding infrastructure investment by government with National Infrastructure Pipeline(p.121)
- • Growing water supply infrastructure demand in India(p.121)
- • Strategic expansion into emerging smart city and renewable energy projects(p.120)
- • Opportunities in commercial real estate and township development(p.132)
- • Growth in private sector construction projects alongside government projects(p.142)
- • Changes in government policies and budgetary allocations for infrastructure(p.36)
- • Significant volatility in cement and steel prices affecting project costs(p.37)
- • High competition from organized and unorganized sector players(p.142)
- • Risk of economic slowdown affecting construction demand(p.45)
- • Regulatory changes and compliance requirements affecting margins(p.44)
- • Labor availability and cost inflation in construction industry(p.42)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Shradha Infraprojects Limited | Corporate Promoter/Holding Company | 99.99% | 71.36% |
| Mr. Sunil Gyanchand Raisoni | Individual Promoter | — | — |
| Mr. Shreyas Sunil Raisoni | Individual Promoter | — | — |
| Riaan Diagnostic Private Limited | Corporate Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.