Udayshivakumar Infra
Book Building issueMainboard₹66 Cr issue
0.00%
Listing gain over issue price
Issue size
₹66 Cr
1 lot at cut-off
₹14,980
Lot size
428shares
Open
20 Mar 2023
Close
23 Mar 2023
Allotment
28 Mar 2023
Listing
03 Apr 2023
Listing performance
Issue price
₹35
Listed at
₹35
Listing-day close
₹31.50
Latest price
₹17.66
Close on 23 Oct 2026
Listing gain
0.00%
Return since issue
-49.54%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 20 Mar 2023 – 23 Mar 2023
- Listing date
- 03 Apr 2023
- Face value
- ₹10 per share
- Issue price
- ₹35 per share
- Lot size
- 428 shares
- Issue type
- Book Building issue
- Total issue size
- ₹66 Cr
- Market cap at offer price
- ₹194 Cr
- Promoter holding
- 100.00% → 65.90% pre-issue → post-issue
- ISIN
- INE0N0Y01013
- Registrar
- MAS Services Ltd.
- Lead managers
- Saffron Capital Advisors Pvt.Ltd.
- Registered office
- 1924A/196, Banashankari Badavane, Near NH-4 Bypass, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
Application size
Minimum 428 shares per lot, in multiples, at ₹35
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 428 | ₹14,980 |
| Retail (max) | 13 | 5,564 | ₹1,94,740 |
| S-HNI (min) | 14 | 5,992 | ₹2,09,720 |
| S-HNI (max) | 66 | 28,248 | ₹9,88,680 |
| B-HNI (min) | 67 | 28,676 | ₹10,03,660 |
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
₹35 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.33 | — |
| P/E (×) | 10.51 | — |
| Market cap | — | ₹194 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 17.78%
- ROCE
- 20.71%
- Debt / equity
- 0.39
- PAT margin
- 6.54%
- EBITDA margin
- 13.41%
- NAV per share
- ₹18.72
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Udayshivakumar Infra
Udayshivakumar Infra Limited (formerly a sole proprietorship established August 22, 2002, converted to partnership in 2014, and incorporated as a private limited company in 2019, then converted to public limited company in September 2022) is engaged in civil construction services for infrastructure projects in Karnataka. The company constructs roads (including National Highways, State Highways, District Roads), bridges, railway over bridges, irrigation and canal projects, smart roads under PM Smart City Mission, and industrial areas. All projects are undertaken for Central Government, Karnataka State Government, and local authorities/municipal bodies in Karnataka. The company also operates ready-mix concrete manufacturing units established between 2018-2023 and has recently ventured into mining operations and toll collection.
Company Analysis
from RHPUdayshivakumar Infra Limited is a construction company specializing in roads, bridges, irrigation projects, and smart city infrastructure development in Karnataka.
Udayshivakumar Infra Limited (formerly a sole proprietorship established August 22, 2002, converted to partnership in 2014, and incorporated as a private limited company in 2019, then converted to public limited company in September 2022) is engaged in civil construction services for infrastructure projects in Karnataka. The company constructs roads (including National Highways, State Highways, District Roads), bridges, railway over bridges, irrigation and canal projects, smart roads under PM Smart City Mission, and industrial areas. All projects are undertaken for Central Government, Karnataka State Government, and local authorities/municipal bodies in Karnataka. The company also operates ready-mix concrete manufacturing units established between 2018-2023 and has recently ventured into mining operations and toll collection.
civil constructionroad constructionbridge constructionirrigation projectssmart city infrastructureready-mix concrete manufacturingtoll collectionmining
Objects of the Issue
- Funding incremental working capital requirements of our Company ₹4,500 lakhs p.24
- General corporate purposes p.24
- Funding incremental working capital requirements of our Company ₹4,500 lakhs p.96
- General corporate purposes p.96
- Not stated in this part of the document
Issue Structure
- Total Issue
- Up to ₹6,600 lakhs
- Fresh Issue
- Up to [●] Equity Shares aggregating up to ₹6,600 lakhs
- Offer for Sale
- Not Applicable
- Face Value
- ₹10 per Equity Share
Business Model
The company generates revenue from construction contracts awarded by government entities and entities funded by the Government of India or Karnataka State Government. Revenue is earned through execution of civil construction projects on BOQ (Bill of Quantities) and EPC (Engineering, Procurement and Construction) basis, with contracts typically including escalation clauses for cost increases. The company also generates revenue from ready-mix concrete manufacturing units and toll collection operations.
Business Segments
Construction of roads including National Highways, State Highways, District Roads, Smart Roads, bridges, railway over bridges, irrigation and canal projects, industrial areas
Construction of National Highways, State Highways, District Roads, Smart Roads under PM's Smart City Mission projects, Smart Roads under Municipal Corporations, BBMP and Local Area Roads
Construction of Bridges across Major and Minor Rivers, Railway Over Bridges (ROB)
Construction of Major and Minor Irrigation and canal projects
Construction of Industrial Areas development
Sale of ready-mix concrete (RMC), Jelly, M-sand, iron and steel, and other construction materials after captive consumption
Percentage rate tender contracts where bidders quote a single percentage rate (higher or lower) against the client's estimated cost for executing construction work
Item-rate tender contracts where contractor receives payment based on the rate quoted for every item of work; client provides estimated quantities and cost
Engineering, Procurement and Construction contracts where the company provides detailed engineering design, procures equipment and materials, and constructs to deliver a functioning facility; price cannot change except for scope changes
Fee collection agent operations for toll plazas on national highways
Production and supply of ready mix concrete from 7 RMC plants located across Karnataka (Davangere, Shimogga, Chitradurga, Vijayapura, Belgaum, and two in Haveri District)
Construction of roads, bridges, irrigation projects and sale of construction materials including ready mix concrete products and services
Fee collection agent for toll plazas under NHAI concession agreements
Design, engineering, and execution of civil infrastructure projects including roads, bridges, and irrigation works
Manufacturing and selling ready-mix concrete used in projects and sold to third parties
Operation of toll fee plazas for toll collection
SWOT Analysis
Strengths
- • Established business since 2002 with long operating history(p.32)
- • Significant order book of ₹1,29,038.73 lakhs as of December 31, 2022(p.33)
- • Pre-qualified to bid for large construction contracts independently(p.35)
- • Profitable track record with PAT of ₹1,214.81 lakhs in FY2022(p.46)
- • Ready-mix concrete manufacturing capacity with 7 plants across Karnataka(p.48)
- • Focused business model on high-growth infrastructure segments(p.102)
- • Strong and growing order book with government backing(p.102)
- • Proven execution track record with 30 completed projects(p.136)
- • Established fleet of modern construction equipment and in-house RMC plants(p.137)
- • In-house design and engineering capabilities reducing dependence on third parties(p.145)
- • Experienced promoter with 25+ years in infrastructure sector(p.145)
- • Large modern construction equipment fleet with 215 total assets enabling efficient project execution(p.157)
- • In-house repair and maintenance team reducing equipment rental costs and execution delays(p.157)
- • Qualified in-house engineering and design team for EPC projects reducing dependency on external consultants(p.156)
- • Centralized bulk procurement enabling economies of scale and vendor relationship development(p.157)
- • Pre-qualification to bid on large-value government contracts up to ₹95,629.98 lakhs for BOQ contracts(p.155)
- • Multi-tiered project monitoring and senior management hands-on oversight enabling cost and time control(p.156)
- • ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications ensuring quality and safety compliance(p.172)
- • Established track record in civil construction with diverse project portfolio(p.267)
- • Strong financial performance with profitable operations across multiple years(p.281)
- • Positive operating cash flow generation capability(p.285)
- • Multiple business segments providing revenue diversification(p.276)
Weaknesses
- • Heavy dependence on Promoter for business continuity(p.32)
- • Significant revenue concentration from top 5 customers (64.39% in H1 FY2023)(p.33)
- • Limited experience in recently entered business verticals of mining and toll collection(p.48)
- • Ready-mix concrete manufacturing units have limited operating history (2018-2023)(p.48)
- • Declined revenue in FY2022 due to execution challenges in smart city projects(p.46)
- • High contingent liabilities of ₹6,477.11 lakhs as of September 30, 2022(p.45)
- • Lack of long-term maintenance contracts for equipment and vehicles(p.50)
- • Dependence on equipment and vehicle supplier performance without formal contractual obligations(p.50)
- • High construction expenses as percentage of total expenses(p.51)
- • Promoter's interest in competing business entity without non-compete agreement(p.56)
- • Joint venture partner non-performance risk and joint and several liability(p.51)
- • Non-filing of certain statutory forms with RoC(p.54)
- • Leased premises with renewal and termination risks(p.56)
- • Limited insurance coverage relative to total assets and equipment(p.53)
- • Promoter and Promoter Group personal guarantees on loan facilities(p.58)
- • Vehicle loans not transferred to company name, still in sole proprietorship/partnership names(p.59)
- • Outstanding indebtedness of ₹4,988.71 lakhs with restrictive covenants(p.58)
- • Recallable unsecured loans from Promoter(p.64)
- • Trademark applications pending registration with formalities failures(p.57)
- • Historical instance of worker death at worksite(p.57)
- • Significant dependence on few government and quasi-government clients(p.136)
- • Geographic concentration of operations limited to Karnataka state(p.136)
- • Limited track record on large-value national highway projects(p.145)
- • Heavy reliance on joint ventures for larger projects due to pre-qualification requirements(p.154)
- • Relatively small company size compared to industry peers(p.103)
- • Heavy dependence on promoter Udayshivakumar with 98.97% shareholding and key operational role(p.196)
- • Small staff base with only 52 full-time employees limiting execution capacity(p.161)
- • Availed moratorium benefits on vehicle loans indicating past financial stress during COVID-19(p.172)
- • Pending trademark registrations limiting brand protection(p.161)
- • High dependence on government contracts in a single state(p.288)
- • Significant outstanding litigation involving the promoter with potential liability exposure(p.296)
- • Substantial debt burden relative to equity base(p.286)
- • Compliance gaps with certain vehicle loans not registered with RoC(p.290)
- • Multiple outstanding tax demands and contingent liabilities(p.287)
- • Pending environmental and operational approvals for several RMC facilities(p.301)
Opportunities
- • Infrastructure sector growth priority with increasing government investment(p.24)
- • Roads to remain critical investment driver from FY2023-27(p.24)
- • Expansion into metro rail, water supply and sanitation, and railway projects(p.24)
- • Geographic diversification beyond Karnataka to national market(p.31)
- • Awards in new segments like mining and toll collection business(p.48)
- • Growth in infrastructure sector through BOQ and EPC contract execution(p.50)
- • Expansion into new geographic markets and services(p.51)
- • Listing benefits and enhanced market visibility(p.97)
- • Strengthening working capital through IPO proceeds(p.97)
- • Significant government capex push in road infrastructure through NIP and national highway projects(p.115)
- • Growth in smart city and urban infrastructure projects across Karnataka(p.135)
- • Expansion of state road networks and irrigation penetration(p.128)
- • Geographic expansion within India into other states beyond Karnataka(p.146)
- • New diversification opportunities in toll plaza operations(p.146)
- • Partnership opportunities through joint ventures for larger projects(p.137)
- • Mineral extraction business opportunity through mining lease awarded(p.146)
- • Expansion of national highway infrastructure through National Highways Development Project with government funding(p.165)
- • Private sector participation in highway projects through BOT and annuity models(p.165)
- • Tax incentives for private entities including 100% exemption for consecutive 10 years out of first 20 years(p.165)
- • Opportunity to expand RMC plant network with 7 operational plants across Karnataka(p.160)
- • Mining lease received from Karnataka government for stone extraction with 24.04 hectare area(p.172)
- • Expansion into mining segment with awarded project from state government(p.302)
- • Growth through joint venture for national highway projects(p.302)
- • Increased order book reflecting improved business pipeline(p.279)
- • Expansion of ready-mix concrete operations to multiple new locations(p.300)
Threats
- • Complete business concentration in Karnataka state economy(p.30)
- • Heavy dependence on government entities for contract awards(p.31)
- • Vulnerability to adverse government policy changes(p.30)
- • Competitive bidding process and pre-qualification challenges(p.35)
- • Project execution risks including delays, cost overruns and force majeure(p.40)
- • Client payment delays impacting cash flow as experienced during COVID-19(p.34)
- • GST reimbursement uncertainty from Karnataka state government(p.38)
- • Income tax search and ongoing assessment proceedings(p.36)
- • Highly competitive and fragmented infrastructure industry with aggressive bidding(p.50)
- • Rising and fluctuating construction material, fuel, and labour costs(p.51)
- • Government client contract termination rights and onerous provisions(p.52)
- • Difficulty in enforcing escalation clauses in government contracts(p.52)
- • Stringent labour legislation and wage revision risks(p.52)
- • Obsolescence and equipment breakdown risks with limited repair availability(p.53)
- • Dependence on sub-contractors with performance and compliance risks(p.53)
- • Changing regulations and compliance requirements impacting costs(p.57)
- • Accidents, fatalities and operational risks at work sites(p.59)
- • Global financial instability affecting Indian market and credit availability(p.65)
- • India's credit rating downgrades affecting borrowing costs(p.66)
- • Natural disasters, terrorism and geopolitical tensions affecting operations(p.70)
- • Tax law changes and increased corporate tax burden(p.68)
- • Project execution delays due to land acquisition challenges(p.121)
- • Bank funding constraints for infrastructure projects(p.121)
- • Economic slowdown and reduced infrastructure capex allocation(p.110)
- • Construction cost volatility from rising commodity and labour prices(p.121)
- • Competition from larger established infrastructure companies(p.103)
- • Weather and climate-related delays in project execution(p.113)
- • Government policy changes affecting project economics and profitability(p.101)
- • Infrastructure industry highly competitive with price often being the deciding factor in tender awards(p.160)
- • Exposure to time and cost overrun risks in construction projects with implementation uncertainties(p.172)
- • Regulatory requirements for environmental compliance from Pollution Control Boards(p.166)
- • Dependence on material supplies subject to price volatility and availability(p.157)
- • Government policy changes affecting toll collection and fee determination for highway projects(p.164)
- • Concentration risk from dependency on limited number of government entities(p.289)
- • Exposure to government policy changes affecting contract awards(p.288)
- • Interest rate risk from floating rate borrowings(p.288)
- • Exposure to inflation and cost pressures(p.288)
- • Competitive intensity in the industry(p.289)
- • Regulatory action risk from pending compliance issues with vehicle loans(p.302)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Udayshivakumar | Promoter | 98.97% | — |
| Udayshivakumar | Promoter | 98.97% | — |
| Amrutha | Promoter Group | 1.00% | — |
| Udayshivakumar | Promoter | — | — |
| Amrutha | Promoter | — | — |
| Udayshivakumar | Promoter | 98.97% | — |
| Shri Udayshivakumar | Promoter | 98.98% | — |
| Smt. Amrutha | Promoter | 1.00% | — |
| Udayshivakumar | Promoter | — | — |
Leadership
Udayshivakumar · Chairman and Managing Director
Manjushree Shivakumar · Executive Director
Kodachawad Sheetalkumar M. · Chief Financial Officer
Sanjeevani Shivaji Redekar · 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.
Udayshivakumar Infra IPO FAQs
What is the lot size of Udayshivakumar Infra IPO?
The minimum lot size of Udayshivakumar Infra IPO is 428 shares. One lot costs ₹14,980 at the cut-off price.
When does Udayshivakumar Infra IPO open and close?
Udayshivakumar Infra IPO opened for subscription on 20 Mar 2023 and closed on 23 Mar 2023.
What is the listing date of Udayshivakumar Infra IPO?
Udayshivakumar Infra IPO listed on 03 Apr 2023.