IPO Details

Bidding Dates

13 May '25 - 15 May '25

Minimum Investment

₹1,20,000/ 1 Lot (1,200 Shares)

Price Range

₹100

Maximum Investment

₹1,20,000/ 1 Lot (1,200 Shares)

Retail Discount

To be announced

Issue Size

₹12.00 Cr

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)  |  

Integrity Infrabuild Developers IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

May 13, 25

IPO Closing Date

May 15, 25

Basis of Allotment

May 16, 25

Initiation of Refunds

May 19, 25

IPO Listing Date

May 20, 25

About Integrity Infrabuild Developers IPO

Integrity Infrabuild Developers is launching its IPO with a fixed issue size of ₹12.00 crore. This offering includes a fresh issue of 12 lakh equity shares, priced at ₹100 per share. The IPO will open for public subscription on May 13, 2025, and will close on May 15, 2025. The allotment of shares is expected to be finalised on May 16, 2025. The shares are proposed to be listed on the NSE SME platform, with the tentative listing date set for May 20, 2025.

For retail investors, the minimum application requires a lot size of 1,200 shares, amounting to an investment of ₹1,20,000. High Net-Worth Individuals (HNIs) must apply for a minimum of 2 lots, which is 2,400 shares, requiring an investment of ₹2,40,000.

Aryaman Financial Services Limited is serving as the book-running lead manager for this IPO, while Aryaman Capital Markets Limited is acting as the market maker. This IPO offers an opportunity for investors looking to participate in the SME segment and gain exposure to the infrastructure development sector.

Industry Outlook

  1. The Interim Budget 2024-25 raised the capital investment outlay by 11.1% to ₹11.11 lakh crore (US$ 133.86 billion), forming 3.4% of India’s GDP. This increased spending is expected to accelerate construction activities across roads, railways, and urban infrastructure—areas where Integrity Infrabuild Developers operate.
  2. With 9,142 projects now under the National Infrastructure Pipeline (NIP) and nearly 3,906 in roads and bridges, the transport sector is seeing significant traction. This directly supports firms like Integrity Infrabuild Developers that specialise in civil construction and infrastructure contracts.
  3. India’s logistics market is projected to grow at a CAGR of 8.8%, reaching US$ 484.43 billion by 2029. Combined with metro rail expansion across 21 cities and 919 km under construction, the demand for high-quality infrastructure will remain strong—providing sustained business potential for companies like Integrity Infrabuild Developers.

Integrity Infrabuild Developers IPO Objectives 

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. The funds will be used to invest in new construction machinery and equipment that will support future infrastructure projects and boost operational efficiency.
  2. Additional funds will support day-to-day business expenses such as project execution costs, raw materials, and labour payments, helping maintain smooth operations.
  3. The remaining funds will be used for general corporate purposes.

About Integrity Infrabuild Developers Limited 

Integrity Infrabuild Developers Limited is a Class-A registered civil contracting company, certified by the Government of Gujarat since August 24, 2018, with a renewed certificate dated June 29, 2024. The company focuses on providing contracting and sub-contracting services for government infrastructure projects, including roads, buildings, and bridges.

In sub-contracting, a main contractor, after being awarded a project by a government agency, delegates certain parts of the work to skilled subcontractors. While subcontractors carry out the assigned tasks, the main contractor remains responsible for ensuring the quality, budget, and timely delivery of the overall project.

Integrity Infrabuild Developers Limited has a strong project record across Gujarat. Since January 4, 2017, the company, along with its earlier partnership firm, M/s. Integrity Infrabuild (formerly M/s. Deepak J Gandhi), has successfully executed numerous civil works. From FY 2021-22, a total of 111 projects have been completed, with a combined contract value of ₹21,336.63 lakh. These include 103 road construction projects and 8 building projects.

All 111 projects were directly contracted by Gujarat Government and Semi-Government bodies, with none being executed under sub-contract arrangements. This demonstrates the company’s direct engagement and trusted role in delivering public infrastructure developments in the state.

How To Check the Allotment Status of Integrity Infrabuild Developers IPO?

Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for the Integrity Infrabuild Developers IPO Online?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the Integrity Infrabuild Developers IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Integrity Infrabuild Developers IPO 

Registered office: Office No-02, Indiabulls, Mega Mall, Jetalpur Road, Akota, Vadodara, Gujarat 390020

Phone: +91 87340 92229

E-mail:info@integrityinfrabuild.com

Integrity Infrabuild Developers IPO Reservation

Investor Category

Shares Offered

QIB Shares

50% of the Net Issue

Other Shares

50% of the Net Issue

Integrity Infrabuild Developers IPO Lot Size

Application

Lots

Shares

Amount

Retail (Min)

1

1,200

₹1,20,000

Retail (Max)

1

1,200

₹1,20,000

HNI (Min)

2

2,400

₹2,40,000

Integrity Infrabuild Developers IPO Promoter Holding

The promoters of the company are Keyurkumar and Disha Keyurkumar Sheth, along with Rajendrakumar Sheth.

Share Holding Pre-Issue

99.99%

Share Holding Post Issue

72.09%

Note: Equity dilution will be determined by subtracting the Share Holding Post Issue from the Share Holding Pre Issue.

Key Performance Indicators for Integrity Infrabuild Developers IPO

KPI

Value

RoE (%)

30.60

RoCE (%)

13.14

Price to Book Value

10.00

PAT Margin

1.47

Debt/Equity

3.71

Particulars

Pre IPO

Post IPO

EPS (₹)

3.06

6.02

P/E (x)

32.68

16.6

Note: The Pre-IPO EPS is based on the pre-issue shareholding as per the RHP and the latest FY earnings as of March 31, 2024. The Post-Issue EPS is calculated using the post-issue shareholding and annualised FY earnings as of September 30, 2024, as stated in the RHP.

Integrity Infrabuild Developers IPO Prospectus

Integrity Infrabuild Developers IPO Registrar and Lead Managers

Integrity Infrabuild Developers IPO Lead Managers

  • Aryaman Financial Services Limited

Registrar for Integrity Infrabuild Developers IPO

MUFG Intime India Private Limited

Integrity Infrabuild Developers IPO Registrar

Financial Performance of Integrity Infrabuild Developers Limited

Particulars Year ending on March 31, 2024 Year ending on March 31, 2023 Year ending on March 31, 2022
Revenue from Operation (in ₹ lakh) 6,447.02 4,518.95 3,342.23
Profit After Tax (PAT) (in ₹ lakh) 94.85 29.44 29.96
Return on Equity (%) 30.60 16.51 11.74
Total Borrowings (in ₹ lakh) 1,117.34 521.74 650.70
Return on Capital Employed (%) 13.14 12.80 8.04
Net Debt / EBITDA Ratio 2.74 1.20 3.26
EBITDA (in ₹ lakh) 357.10 262.88 160.87

Know before investing

Strengths

8

  1. Completed 111 projects worth ₹21,336.63 lakh since FY 2021-22.

  2. Holds a strong ongoing order book worth ₹16,306.81 lakh.

  3. Revenue grew from ₹3,342.23 lakh to ₹6,447.02 lakh in 2 years.

  4. PAT surged from ₹29.96 lakh to ₹94.85 lakh, a 77.94% CAGR.

  5. Owns modern machinery to manage multiple projects simultaneously.

  6. Entire project portfolio focused on Government and Semi-Government clients.

  7. Implements safety drills and training for better worksite execution.

  8. Targets business expansion through cost control and quality focus.

Risks

8

  1. Entire revenue depends on government contracts in Gujarat alone.

  2. Top 10 clients contributed over 98% of total revenue.

  3. Delays or cancellations of projects could harm business operations.

  4. Outstanding debt of ₹1,285.88 lakh impacts financial flexibility heavily.

  5. Lack of long-term raw material supply agreements increases cost risks.

  6. Delays in statutory tax payments could attract penalties and fines.

  7. Revocation of Class-A contractor status could hurt contract opportunities.

  8. Failure of project partners could impose additional operational burdens.

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Integrity Infrabuild Developers IPO Peer Comparison

Company Name EPS (Basic) NAV (per share) (₹) P/E (x) RoNW (%)
Integrity Infrabuild Developers Limited 3.06 10.00 32.68 30.60
Udayshivakumar Infra Limited 5.54 31.60 6.82 17.22
V R Infraspace Limited 3.58 51.71 67.04 7.66

Integrity Infrabuild Developers IPO FAQs

What is the Integrity Infrabuild Developers IPO?

Integrity Infrabuild Developers IPO is a fixed-price issue IPO. It runs from May 13, 2025, to May 15, 2025.

When will the Integrity Infrabuild Developers IPO be allotted?

The Basis of Allotment will happen on Friday, May 16, 2025.

When will the Integrity Infrabuild Developers IPO open for subscription?

The IPO subscription window will open on  May 13, 2025.

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 1,200 shares.

When will Integrity Infrabuild Developers IPO list on exchanges?

The listing date for Integrity Infrabuild Developers IPO is Tuesday, May 20, 2025.

What is the issue size of the Integrity Infrabuild Developers IPO?

The issue size of the Integrity Infrabuild Developers IPO is up to ₹12.00 crore.

What are the open and close dates of the Integrity Infrabuild Developers IPO?

The open and close dates for Integrity Infrabuild Developers IPO are from May 13, 2025, to May 15, 2025.

What would be the listing gains on the Integrity Infrabuild Developers IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

When will I know if my Integrity Infrabuild Developers IPO order is placed?

You will receive a notification once your order is successfully placed with the exchange after the bidding starts.

Who is the registrar of Integrity Infrabuild Developers IPO?

MUFG Intime India Private Limited is the registrar responsible for managing the IPO allotment process and handling investor queries.

Where is the Integrity Infrabuild Developers IPO getting listed?

Integrity Infrabuild Developers IPO is proposed to be listed on the SME platform of the National Stock Exchange (NSE).

How to increase your chances of getting an Integrity Infrabuild Developers IPO allotment?

  1. Multiple Submissions: Use different Demat accounts to make multiple applications.
  2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
  3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.

How do I approve the UPI mandate request for Integrity Infrabuild Developers IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate. 

Can I submit more than one application for the public issue of Integrity Infrabuild Developers IPO using one PAN?

You can submit only one application using your PAN card. 

How to read Integrity Infrabuild Developers Limited's financial statements?

To read Integrity Infrabuild Developers Limited’s financial statements, download the IPO’s  RHP document. 

What is 'pre-apply' for the Integrity Infrabuild Developers IPO?

Pre-apply allows investors to apply for the  Integrity Infrabuild Developers IPO two days before the subscription period opens, ensuring an early submission of your application. 

If I pre-apply for the Integrity Infrabuild Developers IPO, when will my order get placed?

Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.