Integrity Infrabuild Developers Limited has successfully listed its Initial Public Offering (IPO) on the NSE SME platform at a price of ₹100.8 per equity share, marking a premium of 0.80% over its issue price of ₹100. This milestone marks a significant achievement for the company and its investors, signaling market confidence in its business model and growth prospects.

IPO Details and Listing Performance

The Integrity Infrabuild Developers IPO was a fixed price issue, raising ₹12.00 Crores entirely through fresh issuance of 12.00 lakh equity shares. The IPO subscription opened on May 13, 2025, and closed on May 15, 2025. As of the last update on May 15, the IPO subscription stood at 2.11 times, reflecting strong investor interest. The IPO allotment was scheduled for May 16, 2025, with the shares listing on the NSE SME on or about May 20, 2025.

The IPO was managed by Aryaman Financial Services Limited as the Book Running Lead Manager, with MUFG Intime India Private Limited acting as the Registrar. Aryaman Capital Markets Limited also served as the Market Maker for the issue, ensuring liquidity and smooth trading post-listing.

Grey Market Premium (GMP) and Market Sentiment

The Grey Market Premium for the IPO remained at ₹0, indicating a balanced demand and supply outlook before listing. Grey Market Premium is an informal indicator often used to gauge pre-listing demand but does not necessarily predict listing gains or losses. The IPO's listing at a premium of 0.80% reflects positive investor sentiment backed by the company’s promising fundamentals.

Company Profile and Business Overview

Founded as a Class-A contractor in 2018 and registered with the Government of Gujarat, Integrity Infrabuild Developers specializes in civil contracting, focusing on government infrastructure projects. Their portfolio includes key infrastructure developments such as roads, bridges, state highways, and government buildings, primarily across Gujarat.

The company has a robust workforce of 53 full-time employees, including key managerial personnel and site staff, supported by HDFC Bank Limited as their banker. They execute both contracting and subcontracting roles, ensuring project compliance, quality, and timely delivery.

Industry Outlook: India’s Infrastructure Sector

India’s infrastructure sector is pivotal to the country's ambition to become a US$ 26 trillion economy. Government initiatives have boosted capital investments substantially, with infrastructure outlays exceeding ₹11 lakh crore (US$ 133 billion) in the recent budget cycle.

Key highlights include the expansion of the National Infrastructure Pipeline, substantial investments in roads, railways, and urban infrastructure, and growth in metro rail and airport projects. The logistics market is expected to grow at a CAGR of 8.8%, underscoring the sector’s robust demand and growth potential.

India's road network, the world’s second largest at approximately 6.7 million km, forms the backbone for goods and passenger transport, underpinning economic connectivity. Government focus on road and highway development, along with strategic projects like greenfield bypasses and hybrid annuity models, supports the long-term growth environment in which Integrity Infrabuild operates.

Financial Performance and Strengths

From FY 2022 to FY 2024, Integrity Infrabuild Developers demonstrated strong financial performance:

• Revenue CAGR: 38.89%

• EBITDA CAGR: 48.99%

• PAT CAGR: 77.94%

The company has completed 111 projects since FY 2021–22, with a total contract value of ₹21,336.63 lakhs, reflecting its execution capability and market presence. Their order book as of March 31, 2025, stood at ₹16,306.81 lakhs, indicating a solid pipeline of projects.

Operational strengths include robust project management, adherence to safety protocols, and advanced technical capabilities. A large fleet of machinery and vehicles enables simultaneous management of multiple projects, ensuring efficiency and timely completion.

Use of IPO Proceeds

The company plans to utilize the net proceeds from the IPO as follows:

• ₹503.00 lakhs for capital expenditure on machinery and equipment.

• ₹364.00 lakhs for funding working capital requirements.

• ₹240.00 lakhs for general corporate purposes.

These investments will strengthen operational capabilities and support sustainable growth.

Strategic Outlook and Growth Plans

Integrity Infrabuild Developers aims to maintain its focus on government and semi-government contracts, leveraging its strong execution track record and competitive bidding ability. The company intends to enhance financial health by prudent cost control, centralized procurement, and modernizing its equipment fleet.

Continued emphasis on client satisfaction, quality delivery, and adherence to regulatory standards will underpin future growth. The company’s alignment with India’s broader infrastructure development agenda positions it well to benefit from ongoing and upcoming projects across Gujarat and potentially beyond.

Integrity Infrabuild Developers IPO listing at a premium and robust subscription signals promising investor confidence. With a strong order book, proven project execution skills, and a booming infrastructure sector, the company is poised for steady growth in the coming years.

The Upcoming IPOs in this week and coming weeks are Blue Water Logistics, Unified Data - Tech Solutions, Dar Credit and Capital, Belrise Industries, Wagons Learning.

The Current active IPO are Victory Electric Vehicles International, Borana Weaves.

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