Ganesh Infraworld
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 29 Nov 2024 – 03 Dec 2024
- Listing date
- 06 Dec 2024
- Face value
- ₹5 per share
- Issue price
- ₹83 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹98.58 Cr
- Market cap at offer price
- ₹355 Cr
- Promoter holding
- 81.84% → 59.09% pre-issue → post-issue
- ISIN
- INE0TVT01024
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Vivro Financial Services Pvt.Ltd.
- Registered office
- Godrej Genesis, 906, 9th Floor, Street No.18, Block-EP&GP, Sector-V, Salt Lake, Bidhan Nagar, CK Market, North 24 Parganas, Saltlak, West Bengal
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 | 32,03,200 | — | — |
| Market maker | 11,87,200 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹83
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,32,800 |
| S-HNI (min) | 2 | 3,200 | ₹2,65,600 |
| S-HNI (max) | 7 | 11,200 | ₹9,29,600 |
| B-HNI (min) | 8 | 12,800 | ₹10,62,400 |
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 (₹) | 5.04 | 8.64 |
| P/E (×) | 16.47 | 9.61 |
| Price to book (×) | 3.87 | — |
| Market cap | — | ₹355 Cr |
Key performance indicators
- Return on net worth
- 29.74%
- ROCE
- 35.17%
- Debt / equity
- 0.16
- PAT margin
- 7.24%
- NAV per share
- ₹21.45
- Price to book
- 3.87
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Ganesh Infraworld
Ganesh Infraworld Limited is a construction company that provides a comprehensive range of construction and allied services through three operational verticals: civil and electrical infrastructure projects, road and rail infrastructure development projects, and water infrastructure development projects. Originally formed as a partnership firm 'Ganesh International' on May 15, 2017, it was converted to a private limited company on February 13, 2024, and subsequently to a public limited company on June 1, 2024. The company specializes in integrated EPC services across the construction value chain, including planning, design, construction (mechanical, electrical, civil, and industrial), and supply of materials. As of August 31, 2024, the company maintained an order book of ₹57,485.53 lakhs across 41 ongoing projects, with significant geographical presence in West Bengal, Jharkhand, Uttar Pradesh, and other Indian states.
Company Analysis
from RHPGanesh Infraworld Limited is an engineering, procurement, and construction (EPC) company offering integrated construction and allied services across industrial civil, residential & commercial buildings, road, railway, power, and water infrastructure projects in India.
Ganesh Infraworld Limited is a construction company that provides a comprehensive range of construction and allied services through three operational verticals: civil and electrical infrastructure projects, road and rail infrastructure development projects, and water infrastructure development projects. Originally formed as a partnership firm 'Ganesh International' on May 15, 2017, it was converted to a private limited company on February 13, 2024, and subsequently to a public limited company on June 1, 2024. The company specializes in integrated EPC services across the construction value chain, including planning, design, construction (mechanical, electrical, civil, and industrial), and supply of materials. As of August 31, 2024, the company maintained an order book of ₹57,485.53 lakhs across 41 ongoing projects, with significant geographical presence in West Bengal, Jharkhand, Uttar Pradesh, and other Indian states.
Objects of the Issue
- To meet long-term working capital requirements ₹7,000.00 lakhs p.23
- General Corporate Purposes [●] p.23
- To meet long-term working capital requirements ₹7,000.00 lakhs p.95
- General Corporate Purposes p.95
- Financing working capital requirements p.129
- Repayment of borrowings
- Working capital requirement
- General corporate purposes
Issue Structure
- Total Issue
- Up to 1,18,76,800 Equity Shares of face value of ₹5/- each aggregating to ₹[●] lakhs
- Fresh Issue
- Up to 1,18,76,800 Equity Shares of face value of ₹5/- each aggregating to ₹[●] lakhs
- Offer for Sale
- Nil
- Price Band
- ₹[●] to ₹[●] per Equity Share (Floor Price to Cap Price)
- Lot Size
- [●] Equity Shares (minimum bid lot)
- Face Value
- ₹5/- per Equity Share
Business Model
Ganesh Infraworld operates as both a contractor and sub-contractor. The company sources projects through direct client nominations and long-standing relationships with major engineering and construction companies, undertaking sub-contracting assignments for infrastructure projects. The company earns revenue through EPC contracts where it provides integrated services from planning and design through construction execution. As of August 31, 2024, 81.81% of revenue was earned as a sub-contractor and 18.19% as a contractor. The business is working capital intensive, requiring significant upfront mobilization of resources including construction materials, labor, and equipment.
Business Segments
SWOT Analysis
- • Strong order book providing future revenue visibility(p.97)
- • Experienced promoter with 8+ years in construction industry(p.50)
- • High and improving return on equity(p.104)
- • Strong profitability and EBITDA margin improvement trajectory(p.104)
- • Geographic and project diversification across multiple states(p.96)
- • Strong order book with repeat customers providing revenue visibility(p.127)
- • End-to-end project management and execution capabilities with in-house engineering expertise(p.128)
- • Diversified project portfolio across multiple infrastructure segments(p.128)
- • Experienced management with track record of consistent financial growth(p.128)
- • Strong financial performance with growing profitability metrics(p.126)
- • Experienced promoters with long track record in EPC/construction sector since 2017(p.171)
- • Significant capacity expansion with increased banking facilities and financial backing(p.211)
- • Strong order book growth with 214% increase in contract value YoY(p.211)
- • Improving profitability margins despite scale-up challenges(p.212)
- • Established operational presence across multiple states(p.207)
- • Strong working capital management and improved current ratio(p.203)
- • High dependence on single promoter for business operations(p.50)
- • Directors lack listed company experience(p.50)
- • Elevated leverage relative to peers(p.107)
- • Subject to defects liability and performance warranty obligations(p.49)
- • Potential exposure to liquidated damages from project delays(p.49)
- • Licenses and approvals require transfer to new company name(p.51)
- • Dependence on large contractor relationships for majority of projects(p.131)
- • Significant reliance on sub-contracting model limiting control(p.132)
- • Limited independent project portfolio as primary contractor(p.132)
- • Geographic concentration risk with significant order book in specific states(p.137)
- • Relatively young company with limited long-term operational history(p.125)
- • Heavy reliance on limited customer base for revenue generation(p.217)
- • Elevated short-term borrowing levels relative to current assets(p.184)
- • High construction cost dependency with limited price protection(p.208)
- • Significant working capital requirement from project-to-project billing cycles(p.207)
- • Recent company incorporation with limited corporate governance history(p.206)
- • Expansion into new geographies and larger project contracts(p.98)
- • Increased working capital to capture growing infrastructure demand(p.97)
- • Enhanced visibility and market position through public listing(p.95)
- • Expanding relationship with existing customers by leveraging execution capabilities(p.128)
- • Pursuing direct government agency projects to increase profitability(p.129)
- • Geographical expansion into new regions across India(p.129)
- • Significant government infrastructure investment creating market demand(p.122)
- • Growing Jal Jeevan Mission providing water infrastructure opportunities(p.120)
- • Significant government push for infrastructure development driving market demand(p.208)
- • Planned expansion into public sector contracts from current private sector focus(p.207)
- • Growth strategy to expand geographic footprint beyond current concentration(p.207)
- • Margin accretion opportunity through design-build service expansion(p.207)
- • Rising market demand for EPC services across multiple infrastructure segments(p.206)
- • Intense price competition in EPC sector affecting margins(p.49)
- • Competitors with greater financial resources and scale advantages(p.49)
- • Rising wage and operating costs in India eroding competitive advantage(p.51)
- • Project delays and cost overruns from labor and material shortages(p.49)
- • Environmental and health-safety regulatory compliance requirements(p.52)
- • Indian economic slowdown and political uncertainty affecting demand(p.54)
- • Dependence on regulatory approvals and licenses(p.51)
- • Highly competitive construction industry with low entry barriers(p.142)
- • Insurance coverage may be inadequate for all material hazards(p.142)
- • Project execution risks including time and cost overruns(p.154)
- • Dependence on availability of skilled labor and manpower(p.144)
- • Regulatory and environmental compliance requirements(p.146)
- • Intense competition from larger established and smaller local entities(p.208)
- • Vulnerability to raw material price escalations and supply disruptions(p.208)
- • Monsoon and adverse weather conditions impacting project execution and revenues(p.207)
- • Project implementation risks including delays, cost overruns and disputes(p.208)
- • Cyclicality and macroeconomic sensitivity of construction industry(p.208)
- • Concentration risk in West Bengal limiting geographic diversification(p.207)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vibhoar Agrawal | Promoter | 44.49% | — |
| Rachita Agrawal | Promoter | 37.36% | — |
| Vibhoar Agrawal | Promoter | 44.49% | — |
| Rachita Agrawal | Promoter | 37.36% | — |
| Vibhoar Agrawal | Promoter | 44.49% | — |
| Rachita Agrawal | Promoter | 37.36% | — |
| Vibhoar Agrawal | Promoter | 44.49% | — |
| Rachita Agrawal | Promoter | 37.36% | — |
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.