Integrity Infrabuild Developers
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 13 May 2025 – 15 May 2025
- Listing date
- 20 May 2025
- Face value
- ₹10 per share
- Issue price
- ₹100 per share
- Lot size
- 1,200 shares
- Issue type
- Fixed Price issue
- Listing at
- NSE
- Total issue size
- ₹12 Cr
- Market cap at offer price
- ₹43 Cr
- Promoter holding
- 99.99% → 72.09% pre-issue → post-issue
- ISIN
- INE0YSH01017
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Aryaman Financial Services Ltd.
- Registered office
- Office No-02bulls, Mega Mall, Jetalpur Road, Akota, 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 | 67,200 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹100
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,20,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,40,000 |
| S-HNI (max) | 8 | 9,600 | ₹9,60,000 |
| B-HNI (min) | 9 | 10,800 | ₹10,80,000 |
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 (₹) | 3.06 | 6.02 |
| P/E (×) | 32.68 | 16.61 |
| Price to book (×) | 10.00 | — |
| Market cap | — | ₹43 Cr |
Key performance indicators
- Return on net worth
- 30.60%
- ROCE
- 13.14%
- Debt / equity
- 3.71
- PAT margin
- 1.47%
- NAV per share
- ₹10
- Price to book
- 10.00
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Integrity Infrabuild Developers
Integrity Infrabuild Developers Limited is an integrated civil contract company registered as a Class-A contractor with the Government of Gujarat since August 24, 2018 (certificate renewed June 29, 2024). Originally formed as a partnership firm in January 2017, it was converted to a public limited company on June 1, 2024. The company specializes in contracting and sub-contracting services for government infrastructure projects including road construction, building construction, and bridge construction. It generates revenue through direct contracts with government authorities and as a sub-contractor to primary contractors. As of December 31, 2024, the company had total revenues of ₹6,896.80 lakhs with profit after tax of ₹194.30 lakhs. The company owns substantial equipment and machinery for construction operations, funded through bank borrowings and internal resources.
Company Analysis
from RHPIntegrity Infrabuild Developers Limited is a Class-A contractor specializing in civil construction and infrastructure projects including roads, buildings, and bridges, operating exclusively in Gujarat.
Integrity Infrabuild Developers Limited is an integrated civil contract company registered as a Class-A contractor with the Government of Gujarat since August 24, 2018 (certificate renewed June 29, 2024). Originally formed as a partnership firm in January 2017, it was converted to a public limited company on June 1, 2024. The company specializes in contracting and sub-contracting services for government infrastructure projects including road construction, building construction, and bridge construction. It generates revenue through direct contracts with government authorities and as a sub-contractor to primary contractors. As of December 31, 2024, the company had total revenues of ₹6,896.80 lakhs with profit after tax of ₹194.30 lakhs. The company owns substantial equipment and machinery for construction operations, funded through bank borrowings and internal resources.
Objects of the Issue
- Purchase of machinery and equipment ₹503 lakhs p.23
- Funding Working capital requirements ₹364 lakhs p.23
- General Corporate Purpose ₹240 lakhs p.23
- Capital Expenditure toward purchase of Machinery and Equipments ₹503 lakhs p.68
- Funding Working capital requirements ₹364 lakhs p.73
- General Corporate Purpose ₹240 lakhs p.75
- Repayment of borrowings ₹400.00 lakhs
- Funding capex for acquisition of plant and machinery and equipment ₹500.00 lakhs
- General corporate purposes ₹300.00 lakhs p.32
Issue Structure
- Total Issue
- ₹1,200.00 lakhs (12,00,000 Equity Shares of face value ₹10 each)
- Fresh Issue
- 12,00,000 Equity Shares of face value of ₹10 each aggregating to ₹1,200.00 lakhs
- Offer for Sale
- NIL
- Price Band
- ₹100 per Equity Share
- Lot Size
- 1,200 Equity Shares and in multiples of 1,200 thereafter; subject to a minimum allotment of 1,200 Equity Shares
- Face Value
- ₹10 each
Business Model
The company earns revenue from construction and infrastructure development contracts undertaken on a direct contracting basis with government authorities and on a sub-contracting basis with primary contractors. Contracts are awarded through competitive bidding processes based on pre-qualification criteria and price quotation. The company is engaged in project execution for government departments including road construction, building construction, and bridge construction projects, generating revenue from government entities in Gujarat.
Business Segments
SWOT Analysis
- • Class-A contractor registration with Gujarat government(p.30)
- • Integrated civil contracting capability across government projects(p.23)
- • Modern equipment fleet supporting project execution(p.31)
- • Revenue growth trajectory(p.24)
- • Class-A contractor registration with Government of Gujarat since 2018(p.102)
- • Extensive track record of 111 completed projects worth ₹21,336.63 lakhs(p.102)
- • 100% government and semi-government client base with no sub-contractor exposure(p.102)
- • Strong revenue growth with CAGR of 38.89% over three years(p.103)
- • Robust order book of ₹20,597.90 lakhs as of March 31, 2025(p.103)
- • Profitable since inception with PAT CAGR of 77.94%(p.103)
- • Large fleet of modern construction equipment and machinery(p.103)
- • Established order book with ₹20,597.90 lakhs in ongoing projects(p.123)
- • Government contracts provide revenue stability with 96% from direct Gujarat Government contracts(p.123)
- • Significant equipment base of 78 owned machineries enabling rapid project mobilization(p.129)
- • Strong regional presence and reputation in Gujarat construction sector(p.131)
- • A-Class registration from Gujarat Government and approved contractor status(p.145)
- • Class-A contractor registration with Government of Gujarat(p.195)
- • Established track record of 111 completed projects with aggregate value of Rs 21,336.63 lakhs(p.195)
- • Revenue growth of 42.67% year-over-year(p.204)
- • Strong profitability with net profit after tax of Rs 194.30 lakhs for 9-month period(p.204)
- • ISO certifications for quality, safety and environmental management(p.218)
- • Entire business concentrated in Gujarat state(p.27)
- • Heavy dependence on few major clients(p.28)
- • Substantial debt burden(p.29)
- • No formal lease agreement for registered office(p.37)
- • High dependence on few suppliers for raw materials(p.29)
- • No non-compete agreement with group companies(p.31)
- • Personal guarantees from promoters securing borrowings(p.32)
- • Geographic concentration in Gujarat state only(p.72)
- • High debt-to-EBITDA ratio of 2.74 as of March 31, 2024(p.79)
- • Limited project diversification with 91.4% revenue from roads(p.118)
- • Company incorporated only on June 1, 2024, with limited corporate track record(p.63)
- • Registered office not owned by the company(p.104)
- • Low EBITDA margin of 5.54% in FY 2023-24(p.79)
- • High customer concentration with top 5 customers representing 95.66% of revenue(p.130)
- • Promoter litigation with trademark opposition pending since July 2024(p.132)
- • Small workforce of 53 employees limits operational scale(p.131)
- • Limited financial resources with accumulated reserves of only ₹145.66 lakhs as of December 31, 2024(p.171)
- • Geographic concentration with business primarily in Gujarat state(p.131)
- • High debt-to-equity ratio of 2.82 as of December 31, 2024(p.189)
- • Significant dependence on limited customer base with 95.66% of revenue from top 5 customers(p.208)
- • Low current ratio of 0.60 indicating working capital constraints(p.189)
- • High concentration of purchases from top suppliers with 45.18% from top 5 suppliers(p.208)
- • Debt service coverage ratio of 0.89 indicating limited ability to service debt(p.189)
- • Expansion through capital equipment acquisition(p.30)
- • Working capital funding for new project pursuits(p.23)
- • Growth through direct government contracting(p.31)
- • Government allocated ₹2,87,333.3 crore to Ministry of Road Transport and Highways for FY 2025-26(p.99)
- • National Highway construction increased at 9.3% CAGR between FY16-FY24(p.99)
- • Approximately 12,349 km of National Highways constructed in FY24(p.99)
- • Capacity to expand into building and bridge construction beyond roads(p.102)
- • Plan to augment fleet with ₹503 lakhs capex deployment(p.71)
- • Expansion into new geographic regions and customer segments beyond Gujarat(p.103)
- • Expansion into commercial construction and infrastructure in other Indian states(p.131)
- • Increase bidding activity and presence in direct contracting projects(p.123)
- • Growth of rural road infrastructure through government schemes(p.123)
- • Diversification into urban infrastructure and commercial projects(p.123)
- • Indian national highway construction growing at 9.3% CAGR between FY16-FY24(p.195)
- • Government allocation of Rs 2.72 lakh crore for roads and highways in Union Budget 2024-25(p.195)
- • India's road network second largest globally with 146,195 km of National Highways as of December 2024(p.195)
- • Global road and highway infrastructure market projected to grow to USD 1,333.67 billion by 2030(p.195)
- • Company pursuing diversification into services and operations in additional states(p.184)
- • Dependence on government budget allocations and policy changes(p.27)
- • Regional economic slowdown in Gujarat(p.27)
- • Commodity price volatility affecting input costs(p.28)
- • Intense competition from large domestic infrastructure companies(p.39)
- • Regulatory changes in taxation and compliance(p.44)
- • Natural disasters and weather-related disruptions(p.35)
- • Labour shortage and wage inflation(p.34)
- • Pandemic and epidemic risks(p.45)
- • Revenue dependent solely on government and semi-government project awards(p.104)
- • Concentration risk with single state (Gujarat) and single sector (roads at 91.4%)(p.102)
- • Commodity price volatility affecting construction costs(p.68)
- • Government budget constraints and delays in project awards(p.91)
- • Dependence on skilled labor and equipment availability(p.103)
- • Working capital intensive business model with long project gestation periods(p.72)
- • Highly fragmented and competitive civil construction industry with large domestic developers(p.131)
- • Competition from small contractors to whom company subcontracts work(p.131)
- • Dependence on government tender processes and eligibility criteria(p.123)
- • Regulatory compliance requirements across multiple states(p.139)
- • Liquidity-dependent project execution with retention money withheld by clients(p.128)
- • High volatility in raw material prices impacting profitability(p.195)
- • Dependence on labor availability and susceptibility to labor strikes(p.196)
- • Contingent liabilities of Rs 1,008.27 lakhs as of December 31, 2024(p.209)
- • Competition from domestic and international construction players(p.208)
- • Dependence on government project awards and tender processes(p.204)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Keyurkumar Sheth | Promoter | 65.38% | 47.13% |
| Rajendrakumar Sheth | Promoter | 25.59% | 18.45% |
| Disha Keyurkumar Sheth | Promoter | 9.03% | 6.51% |
| Keyurkumar Sheth | Promoter and Director | 65.38% | 47.13% |
| Rajendrakumar Sheth | Promoter and Director | 25.59% | 18.45% |
| Disha Keyurkumar Sheth | Promoter and Director | 9.02% | 6.51% |
| Aaditya Maheshkumar Desai | Promoter Group | Negligible% | Negligible% |
| Deep Rajendrakumar Sheth | Promoter Group | Negligible% | Negligible% |
| Keyurkumar Sheth | Promoter | 65.38% | 47.14% |
| Rajendrakumar Sheth | Promoter | 25.59% | 18.45% |
| Disha Keyurkumar Sheth | Promoter | 9.03% | 6.51% |
| Keyurkumar Sheth | Promoter | 20.26% | 14.88% |
| Disha Keyurkumar Sheth | Promoter | 6.15% | 4.51% |
| Rajendrakumar Sheth | Promoter | 18.45% | 13.51% |
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.