Mason Infratech
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 24 Jun 2024 – 26 Jun 2024
- Listing date
- 01 Jul 2024
- Face value
- ₹10 per share
- Issue price
- ₹64 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹30.46 Cr
- Market cap at offer price
- ₹112 Cr
- Promoter holding
- 98.20% → 71.60% pre-issue → post-issue
- ISIN
- INE0SH001010
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Expert Global Consultants Pvt.Ltd.
- Registered office
- Flat No.103, Imperia, Mahavir Millenium, Vasant Vihar, Pokhran Road, No.2, 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 | 13,52,000 | — | — |
| Market maker | 2,40,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹64
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,28,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,56,000 |
| S-HNI (max) | 7 | 14,000 | ₹8,96,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,24,000 |
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 (₹) | 2.63 | 3.86 |
| P/E (×) | 24.33 | 16.58 |
| Price to book (×) | 10.05 | — |
| Market cap | — | ₹112 Cr |
Key performance indicators
- Return on net worth
- 43.47%
- ROCE
- 30.98%
- Debt / equity
- 0.94
- PAT margin
- 5.28%
- NAV per share
- ₹6.37
- Price to book
- 10.05
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Mason Infratech
Mason Infratech Limited was originally formed as a partnership firm 'M/s. Mason Infrastructure' on February 6, 2020, and was converted into a Private Limited company on April 24, 2023. The company was subsequently converted into a public limited company in November 2023. The company specializes in executing civil contracts for the construction industry, providing comprehensive services covering planning, designing, procurement, construction, and post-construction services. The company's business is manpower intensive and primarily focused on residential and commercial construction projects in the Mumbai Metropolitan Region. As of December 31, 2023, the company had ongoing projects with an aggregate developable area of 38.43 lakhs square feet. The company generates revenue from construction services and charges lock-and-key services as well as RCC (Reinforced Cement Concrete) services.
Company Analysis
from RHPMason Infratech Limited is a real estate construction company providing civil construction services for residential and commercial buildings, including new and redevelopment projects within the Mumbai Metropolitan Region.
Mason Infratech Limited was originally formed as a partnership firm 'M/s. Mason Infrastructure' on February 6, 2020, and was converted into a Private Limited company on April 24, 2023. The company was subsequently converted into a public limited company in November 2023. The company specializes in executing civil contracts for the construction industry, providing comprehensive services covering planning, designing, procurement, construction, and post-construction services. The company's business is manpower intensive and primarily focused on residential and commercial construction projects in the Mumbai Metropolitan Region. As of December 31, 2023, the company had ongoing projects with an aggregate developable area of 38.43 lakhs square feet. The company generates revenue from construction services and charges lock-and-key services as well as RCC (Reinforced Cement Concrete) services.
Objects of the Issue
- To meet the working capital requirements ₹ 1,900.00 Lakhs p.28
- General corporate purposes p.28
- To meet the working capital requirements ₹1,900.00 lakhs p.87
- General corporate purposes [●] p.87
- Not explicitly stated in this section of the document
Issue Structure
- Total Issue
- Up to ₹ [●] Lakhs
- Fresh Issue
- Up to 47,60,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹ [●] per Equity Share (Floor Price) to ₹ [●] per Equity Share (Cap Price)
- Lot Size
- 2,000 Equity Shares and in multiples of 2,000 Equity Shares thereafter
- Face Value
- ₹ 10/- each
Business Model
The company earns revenue from providing construction services for residential and commercial projects. It operates primarily on a project basis, bidding for civil construction contracts and executing them. The company provides services including planning, designing, procurement, construction, and post-construction services. Revenue is generated through the execution of construction contracts, and the company also supplies raw materials in certain projects and offers lock-and-key and RCC services.
Business Segments
SWOT Analysis
- • Recent incorporation and conversion to public company with fresh capital structure(p.3)
- • Growing real estate market with strong historical growth(p.27)
- • Strong revenue growth and profitability trajectory(p.29)
- • Experienced promoters with access to skilled workforce(p.121)
- • Strong revenue growth trajectory(p.115)
- • Significant order book and work pipeline(p.115)
- • Modern specialized equipment and formwork technology(p.115)
- • High profitability margins showing operational efficiency(p.115)
- • Ownership of diverse modern formwork systems and core construction assets enabling project efficiency(p.122)
- • Advanced construction technologies reducing project timelines(p.122)
- • Significant experience in high-rise and skyscraper construction(p.122)
- • Established presence in high-rise projects with substantial ongoing portfolio(p.122)
- • Focus on personalized client relationships and quality delivery(p.122)
- • Commitment to sustainable practices including electric concrete pumps(p.124)
- • Strong revenue growth trajectory(p.192)
- • Exceptional net profit growth(p.192)
- • Improving operational efficiency and margins(p.197)
- • Capability in multiple construction types(p.192)
- • End-to-end project lifecycle management(p.192)
- • Positive cash generation from operations(p.199)
- • Heavy dependence on top customers for revenue concentration(p.35)
- • Lack of long-term supply contracts exposing to price volatility(p.37)
- • High dependence on contractual labor with inherent risks(p.36)
- • Significant reliance on unsecured and secured loans(p.39)
- • High working capital requirements with negative working capital history(p.40)
- • History of delayed statutory filings and regulatory non-compliance(p.44)
- • Negative cash flows in prior periods(p.47)
- • Concentration of top 10 suppliers for raw materials(p.37)
- • High leverage with debt to equity ratio of 0.94(p.115)
- • Significant increase in short-term borrowings(p.59)
- • Rising trade payables indicating extended payment cycles(p.88)
- • Outstanding litigation with developer affecting project completion(p.117)
- • Very young company with limited operating history(p.114)
- • Dependency on concentrated customer base for significant portion of revenues(p.128)
- • High concentration of supplier relationships in top suppliers(p.128)
- • Reliance on client referrals and informal networks for business acquisition(p.126)
- • Limited scale with only 161 employees as of December 31, 2023(p.124)
- • Significant financial indebtedness with high debt-to-equity ratios(p.191)
- • Promoter group companies engaged in similar construction business creating potential conflicts(p.156)
- • Significant dependence on key clients(p.201)
- • High financial indebtedness(p.202)
- • Personal guarantees from promoters(p.203)
- • Pending litigation for payment delays(p.205)
- • Outstanding dues to creditors(p.208)
- • Massive market expansion potential in Indian real estate(p.27)
- • Strong residential market growth with significant unit volumes(p.27)
- • Expansion opportunities in high-growth cities(p.42)
- • Benefits from Real Estate (Regulation and Development) Act implementation(p.42)
- • Substantial growth in Indian residential real estate sector(p.110)
- • Real estate sector projected to reach US$ 1 trillion by 2030(p.110)
- • Strong infrastructure development focus and government support(p.112)
- • Growing demand for construction and finishing works in complex projects(p.90)
- • Expansion potential in untapped commercial real estate segment(p.115)
- • Geographic expansion into new markets with growth potential(p.123)
- • Entry into redevelopment and institutional construction projects(p.123)
- • Strategic partnerships and alliances with key stakeholders and technology providers(p.123)
- • Growing demand for high-rise and skyscraper construction(p.122)
- • Opportunity to enhance procurement processes and resource optimization(p.122)
- • Residential and commercial construction market expansion(p.192)
- • Scale-up through increased project execution(p.194)
- • Capital deployment from IPO proceeds(p.216)
- • Migration to main board and broader market access(p.234)
- • Geographic concentration risk with primary focus on Mumbai Metropolitan Region(p.38)
- • High exposure to monsoon season and adverse weather conditions(p.39)
- • Regulatory and policy changes affecting operations(p.38)
- • Project execution delays and cost overruns from external factors(p.36)
- • Intense competition from regional and pan-India competitors(p.48)
- • Raw material price volatility and supply chain risks(p.47)
- • Global financial instability impacting Indian markets(p.53)
- • Natural disasters and man-made hazards affecting operations(p.54)
- • Hazards inherent in construction operations(p.39)
- • Interest rate and economic volatility risks(p.40)
- • Significant concentration in Mumbai Metropolitan Region operations(p.114)
- • Dependency on small number of clients and projects(p.91)
- • Rising material and labor costs in construction industry(p.89)
- • Extended construction timelines and payment cycles creating cash flow pressure(p.93)
- • Regulatory and compliance risks in real estate and construction sector(p.116)
- • Vulnerability to monsoon and weather conditions affecting project execution(p.109)
- • Intense competition in construction industry with competitors having greater resources(p.124)
- • Geographic expansion risk due to regional competition in new markets(p.124)
- • Competitive overbuilding impact on market operations(p.124)
- • Competition based on quality, cost and time delivery factors(p.124)
- • Exposure to regulatory compliance and environmental regulations(p.124)
- • Dependency on key clients for project awards(p.193)
- • Lack of long-term supplier agreements(p.193)
- • Project execution and timely completion risks(p.193)
- • Labour shortage and regulatory changes(p.193)
- • Macroeconomic and regulatory uncertainties(p.193)
- • Loan repayment defaults and covenant breaches(p.193)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Asit Thakkar Dattani | Promoter | 16.06% | 11.71% |
| Ashutosh Juthani | Promoter | 36.14% | 26.35% |
| Smeet Thakkar Dattani | Promoter | 31.81% | 23.20% |
| Asit Thakkar Dattani | Promoter | 16.06% | 11.71% |
| Ashutosh Juthani | Promoter | 36.14% | 26.35% |
| Smeet Thakkar Dattani | Promoter | 31.81% | 23.20% |
| Asit Thakkar Dattani | Promoter/Managing Director | 16.06% | 11.71% |
| Ashutosh Juthani | Promoter/Executive Director | 36.14% | 26.35% |
| Smeet Thakkar Dattani | Promoter/Chief Financial Officer | 32.61% | — |
| Asit Thakkar Dattani | Promoter | — | — |
| Smeet Thakkar Dattani | Promoter | — | — |
| Ashutosh Juthani | 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.