Indifra
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 21 Dec 2023 – 26 Dec 2023
- Listing date
- 29 Dec 2023
- Face value
- ₹10 per share
- Issue price
- ₹65 per share
- Lot size
- 2,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹14.04 Cr
- Market cap at offer price
- ₹47.39 Cr
- Promoter holding
- 96.00% → 67.55% pre-issue → post-issue
- ISIN
- INE0PS301014
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- 9, Krishna Villa, Nr.Aamrakunj Society, Karamsad, V.V.Nagar Road, Karamsad, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 1,08,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹65
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,30,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,60,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,10,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,40,000 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.79 | — |
| P/E (×) | 11.23 | — |
| Market cap | — | ₹47.39 Cr |
Key performance indicators
- Return on net worth
- 82.45%
- ROCE
- 86.21%
- PAT margin
- 9.90%
- NAV per share
- ₹9.92
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Indifra
Indifra Limited was originally incorporated on May 20, 2009 as 'Starleads Consultants Private Limited', renamed 'Airan Infrastructure Private Limited' in January 2012, renamed 'Indifra Private Limited' in December 2022, and converted to a public limited company ('Indifra Limited') in May 2023; its current promoters, Mr. Abhishek Sandeepkumar Agrawal and Sandeepkumar Vishwanath Agrawal HUF, acquired control in FY 2023 and FY 2024 respectively. The company operates a 'two-edged' business model spanning (1) Pipeline and Infrastructure Management Contracting Services — managing gas distribution pipelines for gas distribution companies (currently Charotar Gas Sahakari Mandali Limited (CGSML), described as the world's first co-operative Natural Gas Provider, and previously Adani Gas Limited) in the Charotar region of Gujarat, and executing turnkey infrastructure projects (e.g., construction of Sanjopin Industries Pvt. Ltd.'s factory for a total cost of Rs. 89.95 Crores) — and (2) Distribution of electrical appliances, under which it has been a key/master state distributor for V-Guard in Gujarat since FY 2017, selling voltage stabilizers, induction cooktops, inverters, batteries, ceiling fans, domestic switch gears and distribution boards, air coolers, water heaters, modular switches, solar water heaters, air source heat pump water heaters, energy-saving fans and room heaters. Revenue from operations was ₹ 1,001.05 Lakhs in FY2023 (₹ 1,091.29 Lakhs in FY2022; ₹ 301.61 Lakhs in FY2021) with Profit After Tax of ₹ 99.08 Lakhs in FY2023; the pipeline and infrastructure management vertical contributed 82.16% and appliance distribution 17.84% of FY2023 revenue. The company makes money through service contracts/work orders from gas distribution companies and industrial clients, and through trading margins on distribution of V-Guard appliances.
Company Analysis
from RHPIndifra Limited is a Gujarat-based company that provides gas pipeline and infrastructure management contracting services to gas distribution companies while also running a trading vertical that distributes V-Guard electrical appliances.
Indifra Limited was originally incorporated on May 20, 2009 as 'Starleads Consultants Private Limited', renamed 'Airan Infrastructure Private Limited' in January 2012, renamed 'Indifra Private Limited' in December 2022, and converted to a public limited company ('Indifra Limited') in May 2023; its current promoters, Mr. Abhishek Sandeepkumar Agrawal and Sandeepkumar Vishwanath Agrawal HUF, acquired control in FY 2023 and FY 2024 respectively. The company operates a 'two-edged' business model spanning (1) Pipeline and Infrastructure Management Contracting Services — managing gas distribution pipelines for gas distribution companies (currently Charotar Gas Sahakari Mandali Limited (CGSML), described as the world's first co-operative Natural Gas Provider, and previously Adani Gas Limited) in the Charotar region of Gujarat, and executing turnkey infrastructure projects (e.g., construction of Sanjopin Industries Pvt. Ltd.'s factory for a total cost of Rs. 89.95 Crores) — and (2) Distribution of electrical appliances, under which it has been a key/master state distributor for V-Guard in Gujarat since FY 2017, selling voltage stabilizers, induction cooktops, inverters, batteries, ceiling fans, domestic switch gears and distribution boards, air coolers, water heaters, modular switches, solar water heaters, air source heat pump water heaters, energy-saving fans and room heaters. Revenue from operations was ₹ 1,001.05 Lakhs in FY2023 (₹ 1,091.29 Lakhs in FY2022; ₹ 301.61 Lakhs in FY2021) with Profit After Tax of ₹ 99.08 Lakhs in FY2023; the pipeline and infrastructure management vertical contributed 82.16% and appliance distribution 17.84% of FY2023 revenue. The company makes money through service contracts/work orders from gas distribution companies and industrial clients, and through trading margins on distribution of V-Guard appliances.
Objects of the Issue
- To Meet Working Capital Requirements ₹ 800.00 Lakhs p.64
- General Corporate Purpose & Funding investments for acquisitions ₹ 438.43 Lakhs p.66
- Public Issue Expenses ₹ 165.57 Lakhs p.67
Issue Structure
- Total Issue
- 2160000 Equity Shares aggregating to ₹ 1404.00 Lakhs
- Fresh Issue
- 2160000 Equity Shares aggregating to ₹ 1404.00 Lakhs (entire issue constitutes fresh issue)
- Offer for Sale
- Nil
- Price Band
- Fixed Price Issue at ₹ 65 per Equity Share (including share premium of ₹ 55 per Equity Share); Issue Price is 6.50 times the face value
- Lot Size
- 2000 Equity Shares and in multiples of 2000 Equity Shares thereafter
- Face Value
- ₹ 10/- each
Business Model
Revenue comes from two verticals: (1) contract income from gas pipeline management and infrastructure management services executed on a work-order basis for gas distribution companies (currently CGSML; previously Adani Gas Limited) and industrial clients, and (2) trading/distribution margins earned as a master state distributor of V-Guard branded electrical appliances in Gujarat.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Abhishek Sandeepkumar Agrawal | Promoter; Chairman and Managing Director | 77.97% | 54.87% |
| Sandeepkumar Vishwanath Agrawal HUF | Promoter | 17.00% | 11.96% |
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.