Aggcon Equipments International IPO is a book-built issue aggregating up to ₹3,320.37 crore. The IPO comprises a combination of a fresh issue and an offer for sale. The fresh issue consists of equity shares aggregating up to ₹3,320.37 crore, while the offer for sale includes up to 94 lakh equity shares offered by the promoters.
The IPO will be listed on both BSE and NSE, with the designated stock exchange yet to be confirmed. The price band, minimum bid lot, and subscription dates will be announced at least two working days prior to the bid/offer opening date, in widely circulated national newspapers.
Retail investors will be required to apply for a minimum number of shares as per the finalised lot size, with investment amounts determined by the upper end of the price band. Anchor investors may participate one working day prior to the opening date, subject to SEBI regulations.
Motilal Oswal Investment Advisors Limited is the book-running lead manager to the issue, and MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the registrar. For comprehensive details on financials, business operations, and associated risks, investors are advised to refer to the Aggcon Equipments International IPO DRHP.
Industry Outlook
- India’s construction equipment rental industry is undergoing a period of robust expansion, driven by sustained infrastructure investment and evolving project execution models. The sector has grown from ₹237.6 billion in FY19 to ₹398.2 billion in FY25 and is projected to reach ₹643.8 billion by FY30, reflecting a compound annual growth rate (CAGR) of 10.1%.
- This growth is underpinned by government-led initiatives such as the National Infrastructure Pipeline (NIP), PM Gati Shakti, and Smart Cities Mission, which are catalysing demand for flexible, cost-effective equipment solutions. As of January 2025, over 55,000 active construction projects were underway across transport, energy, and urban sectors, indicating strong momentum for rental services.
- The rental model is increasingly favoured over outright ownership due to its operational flexibility, reduced capital burden, and alignment with project-specific timelines. Contractors and developers are opting for rentals to optimise resource utilisation and manage financial risk more effectively.
- Despite its promising trajectory, the industry faces challenges including fragmented service delivery, uneven asset utilisation, and logistical constraints in equipment mobility. The market is highly competitive, with both organised and regional players vying for share. Pricing remains a key differentiator, alongside service quality, fleet availability, and technical expertise.
Aggcon Equipments International IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
- A significant portion of the proceeds, amounting to ₹1,680.03 million, will be directed towards repaying or prepaying, in full or in part, certain borrowings availed by the company. This is intended to strengthen the company’s balance sheet, reduce interest obligations, and improve financial flexibility.
- An estimated ₹840.35 million will be allocated towards the purchase of infrastructure equipment. This investment will support the expansion of the company’s rental fleet, enabling it to meet growing demand across sectors such as roads, metro, industrial, irrigation, and power.
- A portion of the net proceeds will be earmarked for general corporate purposes, including administrative expenses, strategic initiatives, and working capital requirements. This allocation shall not exceed 25% of the gross proceeds, in accordance with SEBI regulations.
- The company may, at its discretion and in consultation with the Book Running Lead Manager, undertake a pre-IPO placement of specified securities aggregating up to ₹664.00 million. If completed, the amount raised through this placement will be deducted from the fresh issue size
About Aggcon Equipments International Limited
Aggcon Equipments International Limited was originally incorporated as Aggcon Equipments International Private Limited on 7 March 2003 under the Companies Act, 1956. The company was subsequently converted into a public limited company and renamed Aggcon Equipments International Limited on 7 January 2025.
The company is one of India’s leading and fastest-growing infrastructure equipment rental providers, with over 22 years of operational experience. It offers a comprehensive fleet of 337 units as of 31 March 2025, including earthmoving, road construction, foundation, concrete, material handling, and aerial workspace equipment. These assets are leased to EPC contractors and infrastructure developers across sectors such as roads, metro, industrial, irrigation, and power.
Aggcon operates across 27 states and 5 union territories, maintaining an average fleet age of 2.91 years. Its business model is primarily business-to-business, with short to medium-term rental contracts. The company reported a revenue from operations of ₹1,640.22 million in FY25, growing at a CAGR of 21.56% from FY23 to FY25, and achieved an EBITDA margin of 61.32% in FY25.
Aggcon’s equipment has supported landmark infrastructure projects such as the Mumbai Trans Harbour Link (MTHL), INS Varsha submarine bunker, Kudankulam Nuclear Power Plant, and the Dhubri–Phulbari bridge. The company has served major clients, including Afcons Infrastructure, Tata Projects, Monte Carlo, Rahee Infratech, and G.R. Infraprojects.
How To Check the Allotment Status of the Aggcon Equipments International IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Aggcon Equipments International IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Aggcon Equipments International IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Aggcon Equipments International IPO
Registered Office: Unit No. E-009, Ground Floor, World Trade Center, Nauroji Nagar, Safdarjung Enclave, New Delhi – 110029, Delhi, India.
Phone: +91 129 4135155
E-mail: cs@aggconequipments.in
Key Performance Indicators for Aggcon Equipments International IPO
| KPI | Value |
| EBITDA Margin (%) | 61.32 |
| Profit Margin (%) | 18.60 |
| Return on Equity (%) | 24.73 |
| Return on Capital Employed (%) | 15.05 |
Aggcon Equipments International IPO Prospectus
Aggcon Equipments International IPO Registrar and Lead Managers
Aggcon Equipments International IPO Lead Managers
- Motilal Oswal Investment Advisors Limited
Registrar for Aggcon Equipments International IPO
MUFG Intime India Private Limited (formerly known as Link Intime India Private Limited)
- Contact Number: +91 810 811 4949
- Email Address: ipo@in.mpms.mufg.com
Aggcon Equipments International IPO Registrar
Financial Performance of Aggcon Equipments International Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
| Revenue from Operations (₹ million) | 1,640.22 | 1,372.86 | 1,110.06 |
| PAT (₹ million) | 307.15 | 226.44 | 279.24 |
| Net Worth (₹ million) | 1,396.16 | 1,087.99 | 861.08 |
| EBITDA (₹ million) | 1,005.75 | 811.86 | 670.7 |
| EBITDA Margin (%) | 61.32 | 59.14 | 60.42 |
| EBIT (₹ million) | 674.23 | 524.89 | 469.98 |
| EBIT Margin (%) | 41.11 | 38.23 | 42.34 |
| PAT Margin (%) | 18.60 | 16.36 | 24.96 |
| Return on Equity (%) | 24.73 | 23.24 | 38.73 |
| Return on Capital Employed (%) | 15.05 | 16.58 | 20.55 |
| Net Debt (₹ million) | 3,807.06 | 2,648.96 | 1,717.37 |
| Net Debt / Equity (times) | 2.73 | 2.43 | 1.99 |
| Net Debt / EBITDA (times) | 3.79 | 3.26 | 2.56 |
Strengths and Opportunities of Aggcon Equipments International IPO
- Operations span 27 states and 5 union territories, offering strong geographic diversification.
- Fleet expanded from 166 to 337 units over three years, with an average age of just 2.91 years, ensuring modern and efficient equipment.
- Consistently strong EBITDA margin of ~60%, reflecting operational efficiency and pricing discipline.
- Positioned to benefit from India’s infrastructure push, with the equipment rental market expected to grow at a CAGR of 10.1% till FY30.
Risks and Threats of Aggcon Equipments International IPO
- The business requires substantial capital expenditure and working capital; any funding constraints may impact growth and operations.
- A significant portion of revenue is derived from top clients; loss or reduced business from key customers could materially affect financial performance.
- Heavy reliance on government infrastructure projects makes the company vulnerable to policy changes, delays, or cancellations.
- Failure to upgrade equipment in line with evolving environmental and safety standards may lead to reduced competitiveness and higher costs.
