Integrity Infrabuild Developers Limited IPO detailed analysis and investment guide

Integrity Infrabuild Developers Ltd. has rapidly established itself as a prominent construction and engineering company in India. The company undertakes critical infrastructure projects, primarily across Gujarat, including state highways, bridges, and government buildings, contributing significantly to regional development. Their expertise and execution capacity have positioned them as a trusted player in the Indian construction sector.

IPO Overview and Key Dates

The Integrity Infrabuild Developers IPO is a fixed price issue raising ₹12.00 crore through the fresh issue of 12 lakh equity shares. The IPO subscription period opens on May 13, 2025, and closes on May 15, 2025. The allotment is expected to be finalized on or about May 16, 2025, with shares listing on the NSE SME platform around May 20, 2025.

The IPO price is fixed at ₹100 per equity share. At this price, the company’s market capitalization will be ₹43.00 crore. The lot size is 1,200 shares, requiring a minimum investment of ₹1,20,000 for retail investors. High Net Worth Individuals (HNIs) must apply for at least 2 lots (2,400 shares), totaling ₹2,40,000.

ARYAMAN FINANCIAL SERVICES LIMITED acts as the book running lead manager, while MUFG INTIME INDIA PRIVATE LIMITED is the registrar. Aryaman Capital Markets Limited is the market maker for the issue.

Financial Performance and Growth

Integrity Infrabuild Developers has exhibited steady growth over recent years:

• Revenue from operations grew from ₹3,348.19 lakh in FY22 to ₹6,896.80 lakh in the period ended December 31, 2024.

• EBITDA increased from ₹174.34 lakh in FY22 to ₹571.64 lakh in FY24.

• Profit after tax grew from ₹29.96 lakh in FY22 to ₹194.30 lakh in FY24.

Key financial ratios include:

• Pre-issue EPS of ₹3.06 and post-issue EPS of ₹2.21 for FY24

• Pre-issue P/E ratio of 32.68x and post-issue P/E ratio of 45.33x, compared to the industry P/E of 37x

• Return on Capital Employed (ROCE) of 13.14%

• Return on Equity (ROE) and Return on Net Worth (RoNW) of 30.60% each

The annualized EPS based on the latest data is ₹8.36 with a P/E ratio of 11.96x, indicating reasonable valuation but a relatively high post-issue P/E.

IPO Objectives and Use of Proceeds

The net proceeds from the IPO will be utilized as follows:

• ₹503 lakh for capital expenditure towards machinery and equipment purchase

• ₹364 lakh to fund working capital requirements

• ₹240 lakh for general corporate purposes

This allocation underscores the company’s focus on expanding operational capacity and ensuring adequate working capital.

Grey Market Premium and Listing Outlook

The Grey Market Premium (GMP) for the Integrity Infrabuild Developers IPO is currently ₹0, indicating no expected listing gains. Since GMP reflects informal demand and supply, this suggests limited enthusiasm for listing profits based on current financials and market sentiment.

How to Check IPO Allotment Status

Investors can verify their IPO allotment status online after May 16, 2025:

• Visit the IPO allotment status page on the registrar’s website

• Select Integrity Infrabuild Developers Limited IPO from the dropdown

• Enter application number, PAN, or DP Client ID

• Submit to view allotment results

Promoters and Leadership

Integrity Infrabuild Developers is led by experienced promoters:

• Keyurkumar Sheth with over 10 years in construction

• Rajendrakumar Sheth with over 30 years in multiple sectors including construction

• Disha Keyurkumar Sheth with over 5 years in the construction industry

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