{"id":56236,"date":"2025-05-13T13:20:27","date_gmt":"2025-05-13T07:50:27","guid":{"rendered":"https:\/\/www.equentis.com\/blog\/?p=56236"},"modified":"2025-07-24T15:50:07","modified_gmt":"2025-07-24T10:20:07","slug":"all-about-integrity-infrabuild-developers-ipo-price-gmp-and-more","status":"publish","type":"post","link":"https:\/\/www.equentis.com\/blog\/all-about-integrity-infrabuild-developers-ipo-price-gmp-and-more\/","title":{"rendered":"All About Integrity Infrabuild Developers IPO: Price, GMP, and More"},"content":{"rendered":"
<\/div>\n

India\u2019s IPO market is holding strong, accounting for 22% of global<\/a> IPO activity in Q1 2025, with 62 IPOs raising a total of USD 2.8 billion, according to EY\u2019s 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\u2019s check how the IPO has fared in the GMP market so far and what the possible listing on Day 1 could be.<\/p>\n\n\n\n

Integrity Infrabuild Developers IPO Details:<\/h2>\n\n\n\n
Issue Price<\/td>\u20b9100 per share<\/td><\/tr>
Face Value<\/td>\u20b910 per share<\/td><\/tr>
Opening Date<\/td>13th May 2025<\/td><\/tr>
Closing Date<\/td>15th May 2025<\/td><\/tr>
Total Issue Size (in Shares)<\/td>12,00,000<\/td><\/tr>
Total Issue Size (in \u20b9)<\/td>\u20b912 Cr<\/td><\/tr>
Lot Size<\/td>1200 Shares<\/td><\/tr>
Issue type<\/td>Fixed Price Issue IPO<\/td><\/tr><\/tbody><\/table>
(source: RHP<\/a>)<\/figcaption><\/figure>\n\n\n\n

<\/p>\n\n\n\n

The Integrity Infrabuild Developers IPO is a fresh issue of 12 lakh shares that will tentatively be listed on the NSE<\/a> Emerge platform on 20 May 2025. Of the total issue, 67,200 shares worth \u20b967.20 lakh are reserved for the market maker, while the net issue consists of 11,32,800 shares valued at \u20b91,132.80 lakh.<\/p>\n\n\n\n

The purpose of the IPO is:<\/p>\n\n\n\n

    \n
  1. Purchase of Machinery and Equipment<\/strong>: \u20b95.03 crore from the net proceeds will be used to purchase machinery and equipment.<\/li>\n\n\n\n
  2. Funding Working Capital Requirements<\/strong>: \u20b93.64 crore will be allocated to meet the company\u2019s working capital needs.<\/li>\n\n\n\n
  3. General Corporate Purpose<\/strong>: \u20b92.4 crore will be used for general corporate purposes.<\/li>\n<\/ol>\n\n\n\n

    These funds will be deployed in 2025-26 to support the company\u2019s operational expansion.<\/p>\n\n\n\n

    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<\/a> Limited is the book-running lead manager for the Integrity Infrabuild Developers IPO, while Link Intime India Private Ltd serves as the registrar.<\/p>\n\n\n\n

    Grey Market Premium<\/h2>\n\n\n\n

    Investors often look at GMP to assess the market sentiment<\/a> 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.<\/p>\n\n\n\n

    As of 13th May 2025, the grey market premium (GMP) for Integrity Infrabuild Developers IPO stands at \u20b90, indicating that the shares are trading at their issue price of \u20b9100 without any premium or discount. Post-opening, the unlisted shares continued to trade flat at \u20b9100 in the grey market as of 11 AM.<\/p>\n\n\n\n

    Company Overview<\/h2>\n\n\n\n

    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.<\/p>\n\n\n\n

    a. Operational Overview:<\/h3>\n\n\n\n

    Integrity Infrabuild Developers has completed 111 projects from FY 2021-22, with an aggregate contract value of \u20b921,336.63 lakhs. It includes 103 roads and 8 buildings. As of March 31, 2025, the company has been awarded ongoing contracts worth \u20b920,597.90 lakhs, with \u20b94,291.09 lakhs of work already executed. The remaining \u20b916,306.81 lakhs make up the company\u2019s current order book. (source: RHP<\/a>)<\/p>\n\n\n\n

    b. Financial Health:<\/h3>\n\n\n\n

    Integrity Infrabuild Developers has demonstrated a strong growth trajectory in its revenue from operations. Over the last three years, the company\u2019s revenue grew from \u20b933.42 crore in FY 2022 to \u20b964.47 crore in FY 2024, reflecting a compound annual growth rate (CAGR<\/a>) of 38. For the nine months in FY 2025, ending December 2024, the company\u2019s revenue stood at \u20b968.97 crore.\u00a0<\/p>\n\n\n\n

    \"\"
    (source: RHP<\/a>)<\/figcaption><\/figure>\n\n\n\n

    <\/p>\n\n\n\n

    In terms of profitability, the company\u2019s EBITDA saw a significant increase, rising from \u20b9160.87 lakhs in FY 2022 to \u20b9357.10 lakhs in FY 2024, representing a CAGR of 48.99%. Profit After Tax<\/a> (PAT) also grew substantially by 222% year-on-year, from \u20b929.96 lakhs in FY 2022 to \u20b994.85 lakhs in FY 2024, reflecting a CAGR of 77.94%. <\/p>\n\n\n\n

    \"\"
    (source: RHP<\/a>)<\/figcaption><\/figure>\n\n\n\n

    <\/p>\n\n\n\n

    c. Other KPIs:<\/h3>\n\n\n\n

    As of the nine-month period ending December 2024, Integrity Infrabuild Developers reported a net worth of \u20b9455.66 lakh. At the same time, the company\u2019s total borrowing increased to \u20b91,285.88 lakh, up from \u20b91,117.34 lakh in FY 2024. <\/p>\n\n\n\n

    Apart from these, the other KPI metrics are as follows:<\/p>\n\n\n\n

    KPI<\/strong><\/td>Value<\/strong><\/td><\/tr>
    Basic EPS<\/a><\/td>\u20b92.52<\/td><\/tr>
    ROE<\/a> (Return on Equity<\/a>)<\/td>30.60%<\/td><\/tr>
    ROCE<\/a> (Return on Capital Employed)<\/td>13.14%<\/td><\/tr>
    Debt\/Equity Ratio<\/td>3.71<\/td><\/tr>
    RoNW (Return on Net Worth)<\/td>30.60%<\/td><\/tr>
    PAT Margin<\/td>1.47%<\/td><\/tr>
    Price to Book Value<\/td>10<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    SWOT Analysis:<\/h2>\n\n\n\n
    Strengths<\/strong><\/td>Weaknesses<\/strong><\/td><\/tr>
    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<\/td>    		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<\/td><\/tr>
    Opportunities<\/strong><\/td>Threats<\/strong><\/td><\/tr>
    Growing infrastructure development focus by the Indian government
    The government\u2019s strong push for national highway construction
    Expansion potential in infrastructure projects across India
    Increased demand for civil contractors as India targets rapid infrastructure growth<\/td>    		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<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    Bottomline:<\/p>\n\n\n\n

    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\u2019s high debt and heavy reliance on government contracts. With the grey market premium at \u20b90, indicating limited initial interest, monitoring its post-listing performance is important to get a complete picture of the upcoming stock.<\/p>\n\n\n\n

    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<\/a> in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI<\/a>, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

    India\u2019s 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\u2019s Q1 2025 IPO Trends Report. Adding to this momentum, another IPO is set to debut today, Integrity Infrabuild Developers, further expanding the lineup of public offerings this year. Let\u2019s check how the IPO fared in the GMP market so far and what can be the possible listing on its Day 1.<\/p>\n","protected":false},"author":25,"featured_media":56238,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[948,553],"tags":[],"class_list":["post-56236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock-market-news","category-investing-ipo"],"_links":{"self":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts\/56236","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/comments?post=56236"}],"version-history":[{"count":9,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts\/56236\/revisions"}],"predecessor-version":[{"id":58092,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts\/56236\/revisions\/58092"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/media\/56238"}],"wp:attachment":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/media?parent=56236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/categories?post=56236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/tags?post=56236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}