Integrity Infrabuild Developers IPO opens for subscription at ₹100 per share and has started gaining investor attention, especially within the SME segment of the market. As one of the emerging players in the Indian construction and infrastructure sector, Integrity Infrabuild Developers Limited has announced its initial public offering (IPO) which opened for public subscription on May 13, 2025, and will close on May 15, 2025.

The company has fixed the IPO price at ₹100 per equity share, and this offering is a Fixed Price Issue entirely comprising a Fresh Issue of 12 lakh equity shares, aggregating a total fundraise of ₹12.00 crores. The company aims to list its shares on the NSE SME platform with a tentative listing date set for May 20, 2025.

With its operational focus in Gujarat, the company is known for handling important infrastructure development assignments including state highways, government buildings, and bridges. The company has been positioning itself as a vital contributor to nation-building projects.

IPO Details and Investment Highlights

The lot size for this IPO is 1,200 equity shares, which means the minimum investment amount for retail investors is ₹1,20,000. For High-Net-Worth Individuals (HNIs), the minimum investment requires at least 2 lots (2,400 shares) or ₹2,40,000.

Aryaman Financial Services Limited is acting as the Book Running Lead Manager (BRLM) for this IPO, while MUFG Intime India Private Limited is the appointed Registrar. Additionally, Aryaman Capital Markets Limited is designated as the Market Maker.

Grey Market Premium and Listing Expectation

As of the latest data, the Grey Market Premium (GMP) for Integrity Infrabuild Developers Limited IPO is ₹0, indicating a neutral sentiment in the grey market. This means that currently there is no premium or discount expected upon listing, and the expected listing price remains the same at ₹100 per share.

It is important to note that GMP is not an officially regulated indicator and often varies based on demand and supply in the unregulated market. Hence, relying solely on GMP trends for investment decisions is not recommended.

Live Subscription Status

As of 12:20 PM on May 14, 2025, the IPO has been subscribed 0.79 times, suggesting a lukewarm investor response so far. While the retail and HNI segments are yet to fully participate, the subscription trend may improve closer to the closing date of May 15.

Financial Performance and Company Overview

Integrity Infrabuild Developers Ltd. has established a robust presence in the Indian infrastructure development space with notable contributions in Gujarat. The company has executed significant projects that are of strategic national interest.

The promoters include Keyurkumar Sheth, with over a decade of experience in the construction sector; Rajendrakumar Sheth, who brings more than 30 years of cross-sectoral expertise; and Disha Keyurkumar Sheth, with five years of industry experience. This leadership team reflects a solid foundation of operational and strategic insight.

Here’s a snapshot of the company’s financial performance:

• Revenue from Operations:

  • ₹6,896.80 Lakh (9M FY2025)

  • ₹6,463.39 Lakh (FY2024)

  • ₹4,523.33 Lakh (FY2023)

  • ₹3,348.19 Lakh (FY2022)

• EBITDA:

  • ₹571.64 Lakh (9M FY2025)

  • ₹371.36 Lakh (FY2024)

  • ₹273.87 Lakh (FY2023)

  • ₹174.34 Lakh (FY2022)

• Profit After Tax (PAT):

  • ₹194.30 Lakh (9M FY2025)

  • ₹94.85 Lakh (FY2024)

  • ₹29.44 Lakh (FY2023)

  • ₹29.96 Lakh (FY2022)

These figures indicate consistent and steady growth in revenue and profitability. The company’s ability to scale operations and maintain earnings momentum reflects a competent management and sustainable business model.

Valuation and Return Metrics

At the issue price of ₹100:

• Market Capitalisation: ₹43.00 Crores

• Pre-Issue EPS: ₹3.06

• Post-Issue EPS: ₹2.21

• Pre-Issue P/E: 32.68x

• Post-Issue P/E: 45.33x

• Industry P/E: 37x

Return on Capital Employed (ROCE): 13.14%
Return on Equity (ROE): 30.60%
Return on Net Worth (RoNW): 30.60%
Annualised EPS (based on latest financials): ₹8.36
Valuation based PE Ratio: 11.96x

While these figures suggest a fair valuation, the post-issue P/E is slightly higher than the industry average, raising some caution flags for short-term listing gains.

Objectives of the Issue

The company proposes to utilise the net proceeds from the IPO as follows:

1. ₹503.00 Lakh for purchase of machinery and equipment – to enhance execution capabilities

2. ₹364.00 Lakh for working capital requirements – to meet operational needs

3. ₹240.00 Lakh for general corporate purposes – for miscellaneous business uses

These objectives are consistent with the company’s focus on scaling operations and optimizing efficiency in ongoing projects.

Allotment and Listing Timeline

• IPO Opens: May 13, 2025

• IPO Closes: May 15, 2025

• Basis of Allotment: May 16, 2025

• Listing Date: Tentatively May 20, 2025

How to check IPO allotment status:
Investors can visit the Registrar’s website and follow these steps:

• Select “Integrity Infrabuild Developers Limited IPO”

• Enter either your Application Number, PAN, or DP Client ID

• Submit the details to check allotment status

Final Verdict – Should You Subscribe?

The company has shown solid growth in revenues and profitability over the past few years. However, the post-issue valuation appears slightly high when compared to peers. Furthermore, the lack of interest in the Grey Market Premium and a subdued subscription trend signal a cautious investor approach.

Analysts suggest that while Integrity Infrabuild Developers may have long-term growth potential given its focus in infrastructure development and presence in Gujarat, it may not be the best bet for listing gains.

Thus, based on current data, investors are advised to avoid the IPO for short-term gains, but may revisit it later for long-term investment once it stabilizes on the exchange.

In conclusion, the IPO of Integrity Infrabuild Developers Limited opens an opportunity in the SME space with considerable growth history, but short-term investors should exercise caution due to valuation concerns and absence of premium in the grey market.

The Upcoming IPOs in this week and coming weeks are Victory Electric Vehicles International, Borana Weaves, Dar Credit and Capital,Belrise Industries, Wagons Learning.

The Current active IPO are Accretion Pharmaceuticals, Integrity Infrabuild Developers.

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