Integrity Infrabuild Developers Limited, a prominent player in the Indian construction sector, is offering its Initial Public Offering (IPO) with a fixed price issue amounting to ₹ 12.00 Crores. The offer consists of a fresh issue of 12.00 Lakh shares priced at ₹ 100 per share. The subscription period for this IPO opened on May 13, 2025, and will close on May 15, 2025. The allotment is expected to be finalized by May 16, 2025, and the shares will be listed on the NSE SME with a tentative listing date of May 20, 2025.

Key Details of the Integrity Infrabuild Developers IPO:

• Issue Size: ₹ 12.00 Crores with a fresh issue of 12.00 Lakh shares.

• Share Price: ₹ 100 per equity share.

• Market Capitalization: ₹ 43.00 Crores at the issue price.

• Lot Size: 1,200 shares, requiring a minimum investment of ₹ 1,20,000 for retail investors.

• Investment for HNIs: A minimum of 2 lots (₹ 2,40,000).

The IPO is managed by ARYAMAN FINANCIAL SERVICES LIMITED as the book running lead manager and MUFG INTIME INDIA PRIVATE LIMITED as the registrar. The market maker for the issue is Aryaman Capital Markets Limited.

Integrity Infrabuild Developers Financials:
The company has shown consistent growth in its financial performance. For the period ending December 31, 2024, the revenue stood at ₹ 6,896.80 Lakh, marking a significant increase from ₹ 3,348.19 Lakh in FY 2022. The EBITDA for FY 2024 was ₹ 571.64 Lakh, up from ₹ 174.34 Lakh in FY 2022. The profit after tax (PAT) for FY 2024 was ₹ 194.30 Lakh, reflecting steady profitability.

For FY 2024, the pre-issue Earnings Per Share (EPS) is ₹ 3.06, and the post-issue EPS is ₹ 2.21. The company's pre-issue Price-to-Earnings (P/E) ratio stands at 32.68x, while the post-issue P/E ratio is 45.33x. This is higher than the industry P/E ratio of 37x, suggesting that the IPO is priced at a premium relative to the industry.

Grey Market Premium (GMP):
The Grey Market Premium (GMP) for Integrity Infrabuild Developers IPO is currently ₹ 0, indicating no expected listing gains in the grey market. However, it is important to note that trading in the grey market is unregulated, and any price discovery in this market should not be considered as an accurate reflection of the IPO's potential listing performance. The GMP is provided purely for informational purposes.

Live Subscription Status:
As of May 14, 2025, at 12:20 PM, the Integrity Infrabuild Developers IPO is subscribed 0.79 times on its second day of the subscription period. Investors are advised to monitor the live subscription status for any updates.

Objectives of the IPO:
The net proceeds from the IPO will be utilized for various purposes, including:

1. ₹ 503 Lakh for capital expenditure toward the purchase of machinery and equipment.

2. ₹ 364 Lakh for funding working capital requirements.

3. ₹ 240 Lakh for general corporate purposes.

IPO Review:
Integrity Infrabuild Developers has shown a steady growth trajectory in its financial performance, with significant improvements in both revenue and profitability. The company's leadership, including experienced promoters with over a decade of experience in the construction industry, positions it as a strong player in the infrastructure sector.

Despite the positive financial outlook, the IPO’s valuation appears high, with the post-issue P/E ratio surpassing the industry average. Given the Grey Market Premium of ₹ 0 and the IPO’s pricing at a relatively higher P/E multiple, we suggest that investors approach the IPO with caution. The lack of significant listing gains in the grey market further indicates that the IPO may not provide immediate returns upon listing.

In conclusion, we recommend avoiding the Integrity Infrabuild Developers Limited IPO for listing gains, considering the high pricing and the flat GMP. Investors looking for long-term exposure to India’s infrastructure growth may still consider the company, but they should carefully evaluate its future prospects.

The Upcoming IPOs in this week and coming weeks are Integrity Borana Weaves, Belrise Industries, Accretion Pharmaceuticals, Wagons Learning.

The Current active IPO are Accretion Pharmaceuticals, Integrity Infrabuild Developers and Virtual Galaxy Infotech.

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