Shivalaya Construction Submits Draft Papers With SEBI for ₹450 Crore IPO

Shivalaya Construction has submitted draft papers to the Securities and Exchange Board of India (SEBI) for an initial public offering(IPO). The issue includes a fresh share sale of ₹450 crore and an offer-for-sale (OFS) of 2.48 crore shares by existing promoters, according to the Draft Red Herring Prospectus (DRHP).

The company has also proposed a possible pre-IPO placement of up to ₹90 crore. If completed, the size of the fresh issue will be reduced accordingly.

Fund Allocation

Of the fresh proceeds, ₹340 crore will be used to repay borrowings, while the remaining portion will go towards general corporate purposes. As of March 2025, the company’s total debt was reported at ₹3,048 crore.

Business Operations

Shivalaya Construction, based in New Delhi, was incorporated in 1997. It is engaged in infrastructure engineering, procurement and construction, focusing on roads, highways, and bridges. As of July 31, 2025, the company had executed 41 projects across 19 states and union territories. These included 31 road EPC projects, 4 hybrid annuity model projects, and 6 other EPC projects.

The company has delivered more than 2,700 lane kilometres of completed roads and highways. It also has over 1,500 lane kilometres currently under execution, with projects ranging from 14 to 210 lane kilometres.

Read more: Upcoming IPOs This Week: 3 Mainboard IPO and 7 SME IPO Set to Occupy D-Street!

Shivalaya Construction Order Book and Financials

The company’s order book stood at ₹3,627 crore as of July 31, 2025, consisting of 14 projects. About 56.82% of this book involved contracts with the Nodal Authority.

For the year ended March 2025, Shivalaya Construction reported consolidated revenue from operations of ₹3,124.5 crore. Net profit for the same period was ₹343.8 crore, showing a decline of 41.6% year-on-year, while revenue dropped 11.7%.

IIFL Capital, Axis Capital and JM Financial have been appointed as the book-running lead managers for the issue.

Conclusion

The IPO will help Shivalaya Construction reduce its debt load and support corporate funding needs, while also allowing promoters to offload part of their stake.

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