Mahendra Realtors & Infrastructure Limited (formerly Mahendra Realtors & Infrastructure Private Limited) is a prominent construction and real estate development company based in Mumbai, established in 2007. The company has delivered over 500 high-quality projects across India, specializing in turnkey projects, contracting, redevelopment, and BOT (Build-Operate-Transfer) projects. Known for timely project delivery, modern construction technologies, and superior craftsmanship, the company has built a strong reputation in the infrastructure sector.

The IPO of Mahendra Realtors & Infrastructure is a Book Built Issue raising ₹49.45 Crores, comprising a Fresh Issue of 47.26 Lakh shares worth ₹40.17 Crores and an Offer for Sale of 10.91 Lakh shares totaling ₹9.27 Crores. The IPO subscription period ran from August 12 to August 14, 2025, with allotment expected on August 18, 2025, and tentative listing on NSE SME on August 20, 2025.

IPO Pricing and Investment Details:

• Price Band: ₹75 to ₹85 per share

• Market Capitalization at Upper Band: ₹187.88 Crores

• Lot Size: 1,600 shares (minimum 2 lots or 3,200 shares, ₹2,72,000 for retail investors)

• Book Running Lead Manager: FAST TRACK FINSEC PRIVATE LIMITED

• Registrar: MUFG Intime India Private Limited

• Market Maker: Rikhav Securities Limited

Grey Market Premium and Subscription Status:
The Grey Market Premium (GMP) for the IPO is reported at ₹9, suggesting listing gains of 10.78%. As of 11:00 AM on August 14, 2025, the IPO was subscribed 3.97 times, demonstrating strong investor confidence.

Company Overview and Promoter Experience:
The company is promoted by Hemanshu Shah with 18 years of experience in infrastructure, civil construction, and redevelopment projects, including government projects and BOT assignments. Other key promoters include Bhavesh Mahendrakumar Shah with 17 years of experience in BOT and redevelopment projects, along with Hetal Bhavesh Shah, Chandrika Mahendra Shah, and Varsha Hemanshu Shah, contributing to the company’s strategic direction and operational excellence.

Financial Performance:
The company has shown consistent growth in revenue and profitability:

• Revenue from Operations: ₹12,869.25 Lakh (FY25), ₹10,510.96 Lakh (FY24), ₹6,606.63 Lakh (FY23)

• EBITDA: ₹2,189.89 Lakh (FY25), ₹1,699.67 Lakh (FY24), ₹903.59 Lakh (FY23)

• Profit After Tax (PAT): ₹1,486.63 Lakh (FY25), ₹1,157.83 Lakh (FY24), ₹404.12 Lakh (FY23)

Key Financial Metrics:

• Pre-issue EPS (FY24): ₹8.55

• Post-issue EPS (FY24): ₹6.73

• Pre-issue P/E: 9.94x

• Post-issue P/E: 12.64x (Industry P/E: 38x)

• ROCE FY24: 30.56%

• ROE FY24: 23.43%

• RoNW FY24: 23.43%

These metrics suggest that the IPO is reasonably priced, offering potential listing gains for investors while remaining well below the industry P/E, indicating value.

Objectives of IPO Proceeds:

1. ₹3,040 Lakh for meeting working capital requirements

2. Funds for general corporate purposes

3. Payment of issue-related expenses

Investment Outlook:
With experienced promoters, a proven track record in turnkey and BOT projects, a strong financial performance trajectory, and favorable Grey Market Premium indicating listing gains, Mahendra Realtors & Infrastructure Limited IPO presents a potential opportunity for risk-tolerant investors. The IPO offers exposure to India’s growing infrastructure and real estate sector, with expected strong listing performance on NSE SME.

Conclusion:
The Mahendra Realtors & Infrastructure IPO demonstrates robust market interest, strong subscription levels, and a promising Grey Market Premium. Its experienced management team, extensive project execution experience, and consistent financial growth make it an attractive option for investors seeking listing gains and exposure to the high-growth construction and infrastructure segment in India.

The Upcoming IPOs in this week and coming weeks are Mangal Electrical Industries, LGT Business Connextions, Vikram Solar, Gem Aromatics, Studio LSD, Shreeji Shipping Global, Patel Retail.

The Current active IPO are Regaal Resources, Mahendra Realtors and Infrastructure.

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