Arisinfra Solutions
Book Building issueMainboardBSE₹500 Cr issue
-5.81%
Listing gain over issue price
Issue size
₹500 Cr
1 lot at cut-off
₹14,874
Lot size
67shares
Open
18 Jun 2025
Close
20 Jun 2025
Allotment
23 Jun 2025
Listing
25 Jun 2025
Listing performance
Issue price
₹222
Listed at
₹209.10
Listing-day close
₹174.38
Latest price
₹130.76
Close on 23 Oct 2026
Listing gain
-5.81%
Return since issue
-41.10%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 18 Jun 2025 – 20 Jun 2025
- Listing date
- 25 Jun 2025
- Face value
- ₹1 per share
- Issue price
- ₹222 per share
- Lot size
- 67 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹500 Cr
- Market cap at offer price
- ₹1,799 Cr
- Promoter holding
- 51.67% → 37.50% pre-issue → post-issue
- ISIN
- INE0H9P01028
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- Unit No.G-A-04 to 07, Ground Floor, A Wing, Art Guild House, Phoenix Marketcity, LBS Marg, Kurla (West), 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 | 1,01,26,946 | — | — |
Application size
Minimum 67 shares per lot, in multiples, at ₹222
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 67 | ₹14,874 |
| Retail (max) | 13 | 871 | ₹1,93,362 |
| S-HNI (min) | 14 | 938 | ₹2,08,236 |
| S-HNI (max) | 67 | 4,489 | ₹9,96,558 |
| B-HNI (min) | 68 | 4,556 | ₹10,11,432 |
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.
Shares allocated
1,01,26,946
Anchor portion
₹225 Cr
at ₹222 per share
Valuation and performance
Valuation at offer price
₹222 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | −5.30 | — |
| Price to book (×) | 8.61 | — |
| Market cap | — | ₹1,799 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
Latest reported period
- Return on net worth
- −13.14%
- Debt / equity
- 1.45
- NAV per share
- ₹25.78
- Price to book
- 8.61
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Arisinfra Solutions
Arisinfra Solutions Limited was originally incorporated as a private limited company on February 10, 2021, and converted to a public limited company on July 29, 2024. The company operates as a B2B technology-enabled platform that leverages a network of vendors to source construction materials and provide them to developers and contractors engaged in real estate and infrastructure projects. Between April 1, 2021 and December 31, 2024, the company delivered 14.10 million metric tonnes of construction materials including aggregates, ready-mix concrete (RMC), steel, cement, construction chemicals and walling solutions to 2,659 customers across 1,075 pin codes in various cities, utilizing 1,729 vendors. The company relies on a widely used messaging application integrated with its technology to disseminate quotations and procure bids efficiently. The company makes money by sourcing construction materials from vendors and selling them to customers, earning revenues from the sale of traded goods, services, and manufactured goods.
Company Analysis
from RHPArisinfra Solutions Limited is a B2B technology-enabled company that simplifies and digitalizes the procurement process for construction materials, sourcing aggregates, ready-mix concrete, steel, cement, construction chemicals and walling solutions from a network of vendors for developers and contractors.
Arisinfra Solutions Limited was originally incorporated as a private limited company on February 10, 2021, and converted to a public limited company on July 29, 2024. The company operates as a B2B technology-enabled platform that leverages a network of vendors to source construction materials and provide them to developers and contractors engaged in real estate and infrastructure projects. Between April 1, 2021 and December 31, 2024, the company delivered 14.10 million metric tonnes of construction materials including aggregates, ready-mix concrete (RMC), steel, cement, construction chemicals and walling solutions to 2,659 customers across 1,075 pin codes in various cities, utilizing 1,729 vendors. The company relies on a widely used messaging application integrated with its technology to disseminate quotations and procure bids efficiently. The company makes money by sourcing construction materials from vendors and selling them to customers, earning revenues from the sale of traded goods, services, and manufactured goods.
Construction MaterialsReal EstateInfrastructure
Objects of the Issue
- Repayment / prepayment, in full or part, of certain outstanding borrowings availed by our Company ₹2,046.00 million p.26
- Funding the working capital requirements of our Company ₹1,770.00 million p.26
- Investment in our Subsidiary, Buildmex-Infra Private Limited, for funding its working capital requirements ₹480.00 million p.26
- General corporate purposes and unidentified inorganic acquisitions p.26
- Repayment/prepayment of all or a portion of certain outstanding borrowings availed by our Company p.69
- Funding the working capital requirements of our Company ₹1,770.00 million p.58
- Investment in our Subsidiary, Buildmex-Infra Private Limited, for funding its working capital requirements ₹480.00 million p.58
- General corporate purposes and unidentified inorganic acquisitions p.74
- Repayment or prepayment of all or part of certain outstanding borrowings ₹ 2,046.00 million p.185
- Funding the working capital requirements of the Company ₹ 1,770.00 million p.185
- Investment in Subsidiary Buildmex-Infra Private Limited for funding its working capital requirements ₹ 480.00 million p.185
- General corporate purposes and unidentified inorganic acquisitions ₹ 699.96 million p.185
- Repayment or prepayment of outstanding borrowings, payment of prepayment penalties and interest obligations in relation to certain loans availed by the Company ₹ 2,046.00 million p.187
- Funding the working capital requirements of the Company ₹ 1,770.00 million p.191
- Investment in subsidiary Buildmex-Infra Private Limited for funding its working capital requirements ₹ 480.00 million p.199
- General corporate purposes and unidentified inorganic acquisitions Not exceeding ₹ 600.00 million (with cumulative amount towards general corporate purposes and unidentified inorganic acquisitions not exceeding 25% of Gross Proceeds) p.202
Issue Structure
- Total Issue
- Up to ₹4,995.96 million (aggregating up to ₹ 4,995.96 million)
- Fresh Issue
- Up to [●] Equity Shares of face value ₹ 2 each aggregating up to ₹ 4,995.96 million
- Offer for Sale
- Not applicable
- Price Band
- [●] per Equity Share (Floor Price ₹ [●] per Equity Share to Cap Price ₹ [●] per Equity Share)
- Lot Size
- [●] Equity Shares
- Face Value
- ₹ 2 each
Business Model
The company generates revenue through the sale of construction materials (aggregates, RMC, steel, cement, construction chemicals, walling solutions) sourced from vendors and sold to developers and contractors. Revenue is derived from: (1) sale of traded goods - construction materials sourced from vendors and third-party manufactured construction materials; (2) sale of manufactured goods; and (3) sale of services. For the nine months ended December 31, 2024, traded products represented 94.14% of revenue from operations.
Business Segments
Supply of aggregates to developers and contractors
Supply of ready-mix concrete to developers and contractors
Supply of steel to developers and contractors
Supply of cement to developers and contractors
Supply of walling solutions to developers and contractors
Supply of construction chemicals to developers and contractors
Supply of tiles, shuttering plywood, electricals and plumbing materials
Sale of construction materials including aggregates, RMC, steel, cement, construction chemicals and walling solutions sourced from vendors to customers
Sale of construction materials manufactured by third-party manufacturers and procured by the company
Value-added services including advisory and consultancy services, along with marketing and sales support provided through subsidiary ArisUnitern Re Solutions Private Limited
B2B technology-enabled buying and selling of construction materials to real estate and infrastructure developers and contractors
The company aggregates construction material suppliers and buyers, digitizing the procurement process. Supplies core materials including Aggregates, Ready-Mix Concrete (RMC), Steel, Cement, Construction Chemicals, and Walling Solutions to real-estate developers, infrastructure contractors, and vendors.
Subsidiary ArisUnitern (formed through strategic partnership with Unitern Advisors Private Limited) offers advisory and consultancy expertise, along with marketing and sales support to real-estate developers, providing value-added services that complement the core construction materials business.
The company expanded into manufacturing of Aggregates, Ready-Mix Concrete (RMC), and aerated concrete blocks (walling solutions) through third-party manufacturers. Operates joint venture Buildmex-Infra Private Limited (76% stake) engaged in inter alia trading, procuring, supplying and distributing raw materials for infrastructure and construction, with operations focused in southern India.
Sourcing and supply of construction materials from external vendors to real estate and infrastructure developers and contractors
Supply of construction materials manufactured through third-party manufacturers including aggregates, ready-mix concrete, and aerate concrete blocks (walling solutions)
Advisory and consultancy services, marketing and sales support provided through subsidiary ArisUnitern Re Solutions Private Limited to real estate developers
Procuring, supplying, and distributing all kinds of raw materials necessary for infrastructure, buildings, construction and other related businesses
Creating an online cloud-based platform to streamline buying, selling, and delivering construction materials using modern technologies and artificial intelligence
Trading and distribution of construction materials including aggregates, ready-mix concrete, steel, cement, construction chemicals and walling solutions
Project management services and related commission income
SWOT Analysis
Strengths
- • Growing network of customers and vendors with strong repeat rates(p.54)
- • Strong repeat customer engagement and transactional continuity(p.55)
- • Improved EBITDA and profitability trajectory(p.53)
- • Tech-enabled B2B platform for construction materials(p.186)
- • Experienced founding promoter with 13+ years in construction materials(p.184)
- • Rapid revenue growth achieving ₹4.5B in first year(p.184)
- • Established customer base with 431 customers at end of FY2022(p.184)
- • Strong financial support with early-stage valuations of ₹2.3B and ₹6.3B(p.184)
- • Access to unsecured funding from Promoter Group entity early in operations(p.187)
- • Tech-enabled B2B platform streamlining construction material procurement(p.191)
- • Expansion into third-party manufacturing and backward integration(p.194)
- • Joint venture with strategic partner for geographic expansion(p.194)
- • Lean inventory model reducing working capital requirements(p.193)
- • Technology-enabled platform with AI/ML capabilities for streamlined procurement(p.255)
- • Scalable operating model enabling expansion with lower incremental costs(p.258)
- • Strong network effects with 2,659 customers and 1,729 vendors as of December 31, 2024(p.251)
- • High repeat customer retention at 78.52% of active customers(p.254)
- • Proprietary document digitization using AI/ML with handwritten document recognition(p.256)
- • Experienced management team with deep industry expertise(p.253)
- • Rapid growth in delivery volumes from 2.32 MT in FY2022 to 4.02 MT in FY2024(p.251)
- • Established Board governance with independent directors(p.304)
- • Robust audit and risk management committee structure(p.304)
- • Experienced senior management team with strong industry backgrounds(p.315)
- • CFO with extensive finance sector experience(p.315)
- • Strong CTO with product development expertise(p.315)
Weaknesses
- • High customer concentration with top 10 customers contributing nearly 50% of revenue(p.52)
- • History of operating losses and negative cash flows(p.58)
- • Significant outstanding trade receivables and extended payment cycles(p.55)
- • High financial leverage with net debt to equity ratio of 1.64x(p.69)
- • Delays in statutory dues payments and compliance lapses(p.67)
- • Limited operating history and unproven scalability(p.52)
- • High employee attrition rate of 40.81%(p.81)
- • High current borrowing of ₹3.4B requiring debt repayment(p.186)
- • Operating losses in prior fiscal years(p.100)
- • Negative cash generation historically despite revenue growth(p.102)
- • High working capital utilization indicating tight liquidity(p.191)
- • Elevated net debt-to-total equity ratio(p.188)
- • Historically negative earnings per share and profitability(p.208)
- • Dependence on unsecured loan from Promoter Group entity for working capital(p.189)
- • Subsidiary (Buildmex) with very high loan utilization at near-total capacity(p.194)
- • High employee attrition rate of 40.81% in nine months ended December 31, 2024(p.268)
- • Significant working capital requirement with net working capital days of 116(p.254)
- • High leverage with net debt-to-total equity of 1.64x as of December 31, 2024(p.254)
- • Reliance on leased premises with no owned property ownership(p.269)
- • Declining active customer count from 1,278 in FY2024 to 1,080 in nine months ended December 31, 2024(p.254)
- • Accumulated losses with negative retained earnings(p.360)
- • High leverage with significant borrowings relative to equity(p.337)
- • Concentration of revenue in limited customers (principal vs agent assessment required)(p.346)
- • Limited cash reserves relative to current liabilities(p.337)
- • Significant credit impairment on trade receivables(p.369)
- • High proportion of unsecured trade receivables(p.369)
- • Substantial net debt position(p.382)
- • Negative retained earnings(p.377)
- • High leverage with rising borrowings(p.381)
- • Significant outstanding customer defaults across multiple parties(p.490)
- • Multiple customer receivables disputes requiring legal enforcement(p.491)
- • Subsidiary facing multiple cheque dishonor cases(p.494)
- • Significant tax disputes with GST authorities regarding excess input credit(p.496)
- • Material outstanding dues to creditors with overdues(p.497)
- • CEO involved in criminal proceedings alleging misappropriation(p.495)
- • Promoter facing income tax scrutiny for substantial property purchases(p.496)
- • Corporate insolvency petition filed against company by supplier(p.492)
- • Concentrated shareholder control with family veto rights(p.603)
- • Promoter lock-in restrictions limiting liquidity(p.607)
- • Severe penalties for promoter default including forced share sale at 75% discount(p.619)
- • Investor veto power over key business decisions including board composition and major contracts(p.617)
- • Mandatory share conversion to equity upon IPO with investor priority sale rights(p.625)
Opportunities
- • Large and growing construction materials TAM with 5-8% CAGR(p.64)
- • Government infrastructure spending commitment supporting market growth(p.64)
- • Expansion of third-party manufactured materials portfolio(p.58)
- • Value-added services growth through ArisUnitern subsidiary(p.66)
- • Strategic partnerships and inorganic growth opportunities(p.74)
- • Expansion of working capital funding to support growth(p.185)
- • Subsidiary growth via Buildmex investment in working capital(p.185)
- • Inorganic growth through M&A opportunities up to ₹600M(p.185)
- • Growing construction materials market segment(p.186)
- • Massive addressable market in construction materials with <1% digitization(p.230)
- • Government infrastructure spending creating strong demand for construction materials(p.224)
- • Growing urbanization and real estate development driving construction demand(p.227)
- • Rapid growth in commercial real estate sector post-COVID(p.227)
- • Government digital infrastructure initiatives supporting B2B marketplace adoption(p.231)
- • Significant profit margin pool in fragmented construction materials supply chain(p.239)
- • Large underpenetrated market with infrastructure and real estate construction growth at 10-12% CAGR projected to USD 175-200 billion by 2029(p.258)
- • Highly unorganized and fragmented construction materials market with significant room for tech-led disruption(p.258)
- • Low digitization adoption (less than 1%) in B2B segment presents expansion opportunity(p.258)
- • Strategic expansion into third-party manufactured materials generating 34.81% of revenue(p.253)
- • Government infrastructure initiatives (NIP, PMAY, Bharatmala) driving demand growth(p.249)
- • Expansion into new geographies with footprint growth from 253 pin codes in FY2022 to 1,075 by December 31, 2024(p.258)
- • Expansion of digital platform and technology infrastructure(p.350)
- • Growth in infrastructure and construction supply market segment(p.344)
- • Leverage listing benefits for market credibility and capital raising(p.344)
- • Employee stock option plan to attract and retain talent(p.357)
- • Platform to modernize construction materials procurement(p.367)
- • Significant intangible asset under development(p.366)
- • Pre-emptive rights for all shareholders in future capital raises(p.605)
- • Planned IPO within 5 years with potential 2-year extension(p.615)
- • Large ESOP pool of 60 lakh options for employee retention and incentivization(p.642)
- • Broad-based weighted average anti-dilution protection for investors(p.605)
Threats
- • Dependence on third-party vendors with concentration risk in top 10 suppliers(p.63)
- • Vulnerability to construction industry downturn and cyclicality(p.64)
- • Reliance on third-party transportation providers without long-term agreements(p.65)
- • Exposure to monsoon seasonality and weather-related demand fluctuations(p.79)
- • Low barriers to entry attracting new competitors and pricing pressure(p.64)
- • Technology dependency and integration risks(p.60)
- • Regulatory and policy uncertainty affecting foreign investment and compliance(p.85)
- • GST and tax regulatory changes impacting margins(p.87)
- • Inflation impacting input costs and potentially reducing margins(p.88)
- • Large working capital requirement dependent on timely customer collections(p.186)
- • IPO completion uncertainty and market conditions(p.185)
- • Highly fragmented and unorganized construction materials market with entrenched intermediaries(p.240)
- • Volatility in raw material prices limiting supplier profitability(p.240)
- • Project delays and cost overruns affecting demand visibility(p.239)
- • Low adoption of digital solutions in traditional construction industry(p.243)
- • Traditional construction market operates on extended credit terms straining cash flow(p.241)
- • Economic downturns and recessions reducing construction material demand(p.249)
- • Geopolitical tensions creating supply chain disruptions and cost pressures(p.249)
- • Regulatory changes in inter-state material movement policies(p.249)
- • Government focus on sustainable practices impacting raw material usage(p.249)
- • Increasing competition from traditional and digital procurement players(p.249)
- • Reliance on limited number of suppliers creating vulnerabilities(p.249)
- • Operating losses and unprofitability trend(p.338)
- • High financial leverage and debt servicing burden(p.338)
- • Significant fair value losses on derivative instruments(p.338)
- • Uncertainty in recognition of deferred tax assets(p.359)
- • Dependence on related party transactions(p.323)
- • Customer concentration risk(p.425)
- • Aged receivables past due over 365 days(p.369)
- • Dependence on related party financing(p.400)
- • Intangible assets under development not yet capitalized(p.367)
- • Customer credit quality and payment defaults affecting receivables(p.490)
- • Regulatory tax challenges and compliance risks(p.495)
- • Requirement for material licenses and approvals for ongoing operations(p.498)
- • Regulatory risk: compliance with SEBI and stock exchange requirements for listing(p.611)
- • Risk of shareholder disputes requiring arbitration and potential litigation costs(p.621)
- • Dependence on higher investor majority consent for all material business decisions(p.617)
- • Potential drag-along provision allowing 2/3 investors to force sale of all shareholders' securities(p.609)
- • Four-year restriction on transfer of securities to competitors affecting exit options(p.610)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ronak Kishor Morbia | Promoter | 11.01% | — |
| Bhavik Jayesh Khara | Promoter | 7.56% | — |
| Siddharth Bhaskar Shah | Promoter | 1.30% | — |
| Jasmine Bhaskar Shah | Promoter | 1.56% | — |
| Priyanka Bhaskar Shah | Promoter | 0.38% | — |
| Bhaskar Shah | Promoter | 0% | — |
| Aspire Family Trust | Promoter Trust | 11.99% | — |
| Priyanka Shah Family Trust | Promoter Trust | 7.30% | — |
| Ronak Kishor Morbia | Promoter | 11.01% | — |
| Bhavik Jayesh Khara | Promoter | 7.56% | — |
| Priyanka Bhaskar Shah | Promoter | 0.38% | — |
| Jasmine Bhaskar Shah | Promoter | 1.56% | — |
| Priyanka Shah Family Trust | Promoter Group | 7.30% | — |
| Aspire Family Trust | Promoter Group | 11.99% | — |
| Siddharth Bhaskar Shah | Promoter | 1.30% | — |
| Ronak Kishor Morbia | Promoter | 11.01% | [●] |
| Bhavik Jayesh Khara | Promoter | 7.56% | [●] |
| Aspire Family Trust | Promoter | 11.99% | [●] |
| Priyanka Shah Family Trust | Promoter | 7.30% | [●] |
| Jasmine Bhaskar Shah | Promoter | 1.56% | [●] |
| Siddharth Bhaskar Shah | Promoter | 1.30% | [●] |
| Priyanka Bhaskar Shah | Promoter | 0.38% | [●] |
| Vanaja Sundar Iyer | Promoter | — | — |
| Mukul Mahavir Agrawal | Promoter | — | — |
| Rishabh Bharatbhai Bagadia | Promoter | — | — |
| Ronak Kishor Morbia | Promoter | 11.01% | — |
| Bhavik Jayesh Khara | Promoter | 7.56% | — |
| Ronak Kishor Morbia | Promoter | — | — |
| Bhavik Jayesh Khara | Promoter | — | — |
| Siddharth Bhaskar Shah | Promoter | — | — |
| Jasmine Bhaskar Shah | Promoter | — | — |
| Priyanka Bhaskar Shah | Promoter | — | — |
| Bhaskar Shah | Promoter | — | — |
| Aspire Family Trust | Promoter | — | — |
| Priyanka Shah Family Trust | Promoter | — | — |
| Ronak Kishor Morbia | Promoter | 14.15% | — |
| Siddhant Partners | Promoter Group | — | — |
| Think Investments PCC | Promoter Group | — | — |
Leadership
Ronak Kishor Morbia · Chairman and Managing Director
Srinivasan Gopalan · Chief Executive Officer
Amit Manhar Gala · Chief Financial Officer
Jitender Sharan · Chief Technology Officer
Latesh Shailesh Shah · Company Secretary and Compliance Officer
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.
Arisinfra Solutions IPO FAQs
What is the lot size of Arisinfra Solutions IPO?
The minimum lot size of Arisinfra Solutions IPO is 67 shares. One lot costs ₹14,874 at the cut-off price.
When does Arisinfra Solutions IPO open and close?
Arisinfra Solutions IPO opened for subscription on 18 Jun 2025 and closed on 20 Jun 2025.
What is the listing date of Arisinfra Solutions IPO?
Arisinfra Solutions IPO listed on 25 Jun 2025.