India’s IPO market is holding strong, accounting for 22% of global IPO activity in Q1 2025, with 62 IPOs raising a total of USD 2.8 billion, according to EY’s Q1 2025 IPO Trends Report. Adding to this momentum, Integrity Infrabuild Developers, another IPO, is set to debut today, further expanding the lineup of public offerings this year. Let’s check how the IPO has fared in the GMP market so far and what the possible listing on Day 1 could be.
Integrity Infrabuild Developers IPO Details:
Issue Price | ₹100 per share |
Face Value | ₹10 per share |
Opening Date | 13th May 2025 |
Closing Date | 15th May 2025 |
Total Issue Size (in Shares) | 12,00,000 |
Total Issue Size (in ₹) | ₹12 Cr |
Lot Size | 1200 Shares |
Issue type | Fixed Price Issue IPO |
The Integrity Infrabuild Developers IPO is a fresh issue of 12 lakh shares that will tentatively be listed on the NSE Emerge platform on 20 May 2025. Of the total issue, 67,200 shares worth ₹67.20 lakh are reserved for the market maker, while the net issue consists of 11,32,800 shares valued at ₹1,132.80 lakh.
The purpose of the IPO is:
- Purchase of Machinery and Equipment: ₹5.03 crore from the net proceeds will be used to purchase machinery and equipment.
- Funding Working Capital Requirements: ₹3.64 crore will be allocated to meet the company’s working capital needs.
- General Corporate Purpose: ₹2.4 crore will be used for general corporate purposes.
These funds will be deployed in 2025-26 to support the company’s operational expansion.
For this IPO, the minimum lot regular or normal application is 1,200 shares; for HNI (High Net Worth Individual), it is 2,400. Aryaman Financial Services Limited is the book-running lead manager for the Integrity Infrabuild Developers IPO, while Link Intime India Private Ltd serves as the registrar.
Grey Market Premium
Investors often look at GMP to assess the market sentiment around an IPO. A positive GMP usually suggests that the shares may list at a higher price than the issue price. On the other hand, a flat or negative GMP generally indicates weak investor interest and suggests the shares may list at or below the issue price.
As of 13th May 2025, the grey market premium (GMP) for Integrity Infrabuild Developers IPO stands at ₹0, indicating that the shares are trading at their issue price of ₹100 without any premium or discount. Post-opening, the unlisted shares continued to trade flat at ₹100 in the grey market as of 11 AM.
Company Overview
Integrity Infrabuild Developers is an integrated civil contracting company registered as a Class-A contractor with the Government of Gujarat. Since its establishment on 24 August 2018, the company has specialized in contracting and subcontracting services for a variety of government projects, including road construction, building, and bridge projects.
a. Operational Overview:
Integrity Infrabuild Developers has completed 111 projects from FY 2021-22, with an aggregate contract value of ₹21,336.63 lakhs. It includes 103 roads and 8 buildings. As of March 31, 2025, the company has been awarded ongoing contracts worth ₹20,597.90 lakhs, with ₹4,291.09 lakhs of work already executed. The remaining ₹16,306.81 lakhs make up the company’s current order book. (source: RHP)
b. Financial Health:
Integrity Infrabuild Developers has demonstrated a strong growth trajectory in its revenue from operations. Over the last three years, the company’s revenue grew from ₹33.42 crore in FY 2022 to ₹64.47 crore in FY 2024, reflecting a compound annual growth rate (CAGR) of 38. For the nine months in FY 2025, ending December 2024, the company’s revenue stood at ₹68.97 crore.
In terms of profitability, the company’s EBITDA saw a significant increase, rising from ₹160.87 lakhs in FY 2022 to ₹357.10 lakhs in FY 2024, representing a CAGR of 48.99%. Profit After Tax (PAT) also grew substantially by 222% year-on-year, from ₹29.96 lakhs in FY 2022 to ₹94.85 lakhs in FY 2024, reflecting a CAGR of 77.94%.
c. Other KPIs:
As of the nine-month period ending December 2024, Integrity Infrabuild Developers reported a net worth of ₹455.66 lakh. At the same time, the company’s total borrowing increased to ₹1,285.88 lakh, up from ₹1,117.34 lakh in FY 2024.
Apart from these, the other KPI metrics are as follows:
KPI | Value |
Basic EPS | ₹2.52 |
ROE (Return on Equity) | 30.60% |
ROCE (Return on Capital Employed) | 13.14% |
Debt/Equity Ratio | 3.71 |
RoNW (Return on Net Worth) | 30.60% |
PAT Margin | 1.47% |
Price to Book Value | 10 |
SWOT Analysis:
Strengths | Weaknesses |
Strong brand presence and established track record Robust financial performance with significant growth in revenue, EBITDA, and PAT. Class-A contractor certification with the Government of Gujarat Specialization in infrastructure development and government contracts Expertise in road, building, and bridge construction | High debt levels (Debt/Equity ratio: 3.71) Limited geographic presence, primarily focused on Gujarat Heavy reliance on government contracts makes operations vulnerable to delays. Vulnerability to changes in government policies and delays in approvals Operational complexity in large-scale projects |
Opportunities | Threats |
Growing infrastructure development focus by the Indian government The government’s strong push for national highway construction Expansion potential in infrastructure projects across India Increased demand for civil contractors as India targets rapid infrastructure growth | Intense competition in the civil contracting sector Political and regulatory risks affecting project approvals Economic slowdowns are affecting infrastructure spending Operational challenges like cost overruns and project delays |
Bottomline:
The Integrity Infrabuild Developers IPO presents an opportunity to invest in a growing infrastructure company with strong financial performance and a solid order book. However, you should know the risks, including the company’s high debt and heavy reliance on government contracts. With the grey market premium at ₹0, indicating limited initial interest, monitoring its post-listing performance is important to get a complete picture of the upcoming stock.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
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I’m Archana R. Chettiar, an experienced content creator with
an affinity for writing on personal finance and other financial content. I
love to write on equity investing, retirement, managing money, and more.
- Archana Chettiarhttps://www.equentis.com/blog/author/archana/
- Archana Chettiarhttps://www.equentis.com/blog/author/archana/
- Archana Chettiarhttps://www.equentis.com/blog/author/archana/
- Archana Chettiarhttps://www.equentis.com/blog/author/archana/