Mahendra Realtors IPO

Mahendra Realtors IPO is a book-built issue worth ₹49.45 crore. The offer comprises a fresh issue of 47 lakh equity shares aggregating to ₹40.17 crore and an offer for sale of 11 lakh equity shares aggregating to ₹9.28 crore. The IPO opens for subscription on August 12, 2025, and closes on August 14, 2025. The allotment is expected to be finalised on August 18, 2025, with tentative listing on NSE SME scheduled for August 20, 2025.

The IPO is priced in a band of ₹75 – ₹85 per share. Retail investors must apply for a minimum of 2 lots comprising 3,200 shares, requiring an investment of ₹2,72,000 at the cutoff price. HNI investors must apply for a minimum of 3 lots (4,800 shares), amounting to ₹4,08,000.

Fast Track Finsec Pvt. Ltd. is the book-running lead manager to the issue, and MUFG Intime India Pvt. Ltd. is the registrar. Rikhav Securities Ltd. is acting as the market maker.

For detailed information on company financials, business operations, and associated risks, investors are advised to refer to the Mahendra Realtors IPO RHP.

Industry Outlook

1. India’s infrastructure sector is undergoing a significant transformation, underpinned by robust government initiatives and a growing emphasis on urban renewal and sustainable development. The construction and civil engineering industry, in particular, is witnessing a resurgence, driven by increased public sector investment, regulatory reforms, and a renewed focus on modernising ageing infrastructure.
2. Flagship programmes such as the Smart Cities Mission, the Pradhan Mantri Awas Yojana (PMAY), and the National Infrastructure Pipeline (NIP) are catalysing demand for structural rehabilitation, retrofitting, and urban redevelopment. These initiatives aim to enhance the quality of urban living, improve resilience of public assets, and promote inclusive growth through infrastructure-led development.
3. The structural repair and retrofitting segment is gaining prominence as municipalities and public sector undertakings prioritise the restoration of critical assets such as railway stations, hospitals, and government buildings. Techniques such as polymer-modified mortar, micro-concreting, and fibre wrapping are becoming standard practice, reflecting a shift towards technologically advanced and durable solutions.
4. The competitive landscape is evolving, with a mix of established EPC contractors and specialised mid-sized firms vying for government contracts. Cost efficiency, timely execution, and technical expertise are key differentiators in a market where project awards are largely tender-driven. The sector also benefits from the government’s push for transparency and digitalisation in procurement through platforms like GEM and e-tendering.

Mahendra Realtors IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

1. Augment working capital resources to support the company’s expanding portfolio of structural repair, retrofitting, and infrastructure restoration projects. This includes funding for procurement of construction materials, deployment of skilled labour, and execution of government and public sector contracts across Maharashtra and other regions.
2. Support general corporate purposes, encompassing administrative overheads, operational enhancements, and strategic initiatives aimed at improving organisational efficiency, brand positioning, and long-term competitiveness in the infrastructure services sector.
3. Strengthen financial flexibility by improving liquidity and balance sheet resilience, enabling the company to respond swiftly to new project opportunities, manage project cycles more efficiently, and maintain a robust execution track record.
4. Enhance corporate governance and market visibility through listing on NSE Emerge, thereby fostering investor confidence, improving access to capital markets, and laying the groundwork for future growth through strategic collaborations and public sector partnerships.

About Mahendra Realtors Limited

Mahendra Realtors & Infrastructure Limited was originally incorporated as Mahendra Realtors & Infrastructure Private Limited on 8 June 2007 under the Companies Act, 1956. The company was subsequently converted into a public limited entity and renamed Mahendra Realtors & Infrastructure Limited on 15 July 2024, following shareholder approval at an Extraordinary General Meeting held on 3 April 2024.

The company is engaged in providing a diverse range of infrastructure services, including structural repairs, rehabilitation, retrofitting, waterproofing, corporate interiors, Build-Operate-Transfer (BOT) projects, and general construction and maintenance. Its clientele primarily comprises government departments, public sector undertakings, and institutional bodies, with a strong emphasis on quality, safety, and timely execution.

Mahendra Realtors has successfully completed over 200 projects for more than 50 clients, including notable works at Vashi and Belapur railway stations, Syndicate Bank (Ghatkopar), and SBI Harbour Heights. The company has also delivered high-profile interior projects for IIT Bombay, the Airport Authority of India, and SVP Hospital (Ahmedabad Municipal Corporation), among others.

Operations are predominantly concentrated in Maharashtra, which accounted for over 96% of revenue in the financial year ending March 2025. The company’s growth strategy is anchored in its technical expertise, proven execution capabilities, and commitment to innovation in civil engineering practices.

How To Check the Allotment Status of the Mahendra Realtors 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 Mahendra Realtors 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 Mahendra Realtors 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 Mahendra Realtors IPO

Registered Office: 603, Quantum Tower, Ram Baug, Opp. Dal Mill, Off S.V. Road, Malad (West), Mumbai – 400064, Maharashtra, India.

Phone: +91 90828 50343
E-mail: info@mripl.net

Know before investing

Strengths

1. Over 200 successfully completed infrastructure projects across government and institutional sectors.

2. Active project pipeline valued at ₹18,069.11 lakhs as of June 30, 2025, indicating strong future revenue visibility.

3. Long-standing relationships with public sector bodies such as IIT Bombay, SBI, and Airport Authority of India.

4. Specialisation in structural repairs, retrofitting, and restoration using advanced techniques like polymer-modified mortar and fibre wrapping.

5. Strong operational presence in Maharashtra, contributing over 96% of revenue in FY 2024–25.

6. High rate of on-time project completion, enhancing credibility and repeat business potential.

7. Strategic use of funds to bolster working capital and support expansion in public infrastructure projects.

8. NSE Emerge listing to improve corporate governance, investor confidence, and access to capital markets.

Risks

1. Over 80% of revenue comes from the top 10 clients, increasing dependency risk.

2. Heavy reliance on Maharashtra for both revenue and raw material procurement may limit diversification.

3. Ongoing tax and civil disputes, including service tax show cause notices exceeding ₹1 crore.

4. Operating cash flow was negative in FY25, indicating potential liquidity challenges.

5. Promoter salaries exceed net profit, which may strain financial resources.

6. Issuer flagged as “Not Cooperating” by Acuité Ratings, reflecting information risk.

7. Business is manpower-intensive and reliant on contract labour, posing operational risks.

8. Historical delays in statutory filings and procedural lapses may attract penalties.