The Integrity Infrabuild Developers Limited IPO is an upcoming Small and Medium Enterprises (SME) fixed-price issue scheduled to open on May 13, 2025, and close on May 15, 2025. The company, headquartered in Vadodara, Gujarat, specializes in civil construction projects, particularly for government contracts.
IPO Timeline
- Opening Date: May 13, 2025
- Closing Date: May 15, 2025
- Basis of Allotment: May 16, 2025
- Initiation of Refunds: May 19, 2025
- Credit of Shares to Demat: May 19, 2025
- Listing Date: May 20, 2025
IPO Details
- Issue Type: Fixed Price SME IPO
- Total Issue Size: 12,00,000 equity shares aggregating to ₹12.00 crore
- Issue Price: ₹100 per share
- Face Value: ₹10 per share
- Lot Size: 1,200 shares
- Minimum Investment: ₹1,20,000
- Market Maker Reservation: 67,200 shares
- Listing Exchange: NSE SME platform
Integrity Infrabuild Developers Limited IPO Share Price
The Integrity Infrabuild Developers Limited IPO is a fixed-price SME issue with a share price of ₹100 per equity share. The IPO is scheduled to open on May 13, 2025, and close on May 15, 2025.
The IPO aims to raise a total of ₹12.00 crore through the issuance of 12,00,000 equity shares. Out of these, 67,200 shares are reserved for the market maker portion, and the remaining 11,32,800 shares constitute the net issue to the public.
Promoters of Integrity Infrabuild Developers Limited
The promoters of Integrity Infrabuild Developers Limited are primarily members of the Sheth family, who have played a pivotal role in the company’s establishment and operations.
The company, originally formed as a partnership firm named M/s Dipak J. Gandhi in 2017, was reconstituted as a public limited company on June 1, 2024 .
Keyurkumar Sheth:
- Role: Director
- Appointment Date: June 1, 2024
- Background: Keyurkumar has been instrumental in the company’s growth, leveraging his experience in civil construction projects.
Rajendrakumar Natvarlal Sheth:
- Role: Director
- Appointment Date: June 1, 2024
- Background: Rajendrakumar brings extensive experience in infrastructure development and has been a guiding force in strategic decisions.
Disha Keyurkumar Sheth:
- Role: Director
- Appointment Date: June 1, 2024
- Background: Disha has contributed to the company’s administrative and financial planning, ensuring robust corporate governance.
These individuals have been associated with the company since its inception and have been reappointed as directors following its conversion to a public limited company.
Their collective expertise in civil construction and infrastructure development has been central to the company’s operations, particularly in executing government projects across Gujarat.
Company Overview
Integrity Infrabuild Developers Limited, based in Vadodara, Gujarat, is a Class-A civil contractor registered with the Government of Gujarat.
The company specializes in infrastructure projects such as road construction, building, and bridge construction, primarily for government departments across Gujarat.
As of March 31, 2025, the company has ongoing government contracts totaling ₹205.98 crore, with ₹42.91 crore worth of work completed and ₹163.07 crore in the active order book.
Expert Review
As of now, there are no specific reviews or ratings from major brokerage firms or analysts for the Integrity Infrabuild Developers IPO. Investors are advised to consider the company’s financial performance, growth prospects, and industry dynamics before making investment decisions.
Integrity Infrabuild Developers Limited IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Minimum) | 1 | 1,200 | ₹1,20,000 |
| Retail (Maximum) | 1 | 1,200 | ₹1,20,000 |
| HNI (Minimum) | 2 | 2,400 | ₹2,40,000 |
The IPO is scheduled to open on May 13, 2025, and close on May 15, 2025. The shares are proposed to be listed on the NSE SME platform on May 20, 2025.
Integrity Infrabuild Developers Limited IPO Promoter Holding
| Shareholding | Percentage |
|---|---|
| Pre-IPO | 99.99% |
| Post-IPO | 72.09% |
This indicates that the promoters are offering approximately 27.91% of the company’s equity to the public through this IPO.
About Integrity Infrabuild Developers Limited
Integrity Infrabuild Developers Limited is a prominent civil construction company based in Vadodara, Gujarat, specializing in infrastructure development projects such as roads, bridges, and government buildings.
Company Overview
- Established: 2017
- Headquarters: Office No-02, Indiabulls Mega Mall, Jetalpur Road, Akota, Vadodara, Gujarat 390020
- Legal Status: Converted to a public limited company on June 1, 2024
- Industry: Civil Engineering and Infrastructure Development
- Certification: Class-A civil contractor registered with the Government of Gujarat since August 24, 2018, with a renewed certificate dated June 29, 2024
Core Business Activities
Integrity Infrabuild Developers Limited specializes in executing government infrastructure projects across Gujarat, including:
- Road construction and resurfacing
- Bridge construction
- Government building projects
The company has a strong track record of completing projects ahead of schedule, earning bonuses for early completion.
Integrity Infrabuild Developers Limited Financial Information
Here is the financial performance of Integrity Infrabuild Developers Limited for the fiscal years ending March 31, 2022, 2023, and 2024, along with data up to December 31, 2024:
Financial Summary
| Particulars | FY 2022 | FY 2023 | FY 2024 | 9M FY 2025 (Dec 2024) |
|---|---|---|---|---|
| Revenue | ₹33.48 | ₹45.23 | ₹64.63 | ₹68.97 |
| Total Expenses | ₹33.05 | ₹44.81 | ₹63.15 | ₹66.36 |
| Profit After Tax (PAT) | ₹0.30 | ₹0.29 | ₹0.95 | ₹1.94 |
| Total Assets | ₹13.06 | ₹15.25 | ₹20.68 | ₹33.35 |
| Net Worth | ₹2.55 | ₹1.78 | ₹3.10 | ₹4.56 |
| Total Borrowings | ₹6.51 | ₹5.22 | ₹11.17 | ₹12.86 |
Key Financial Ratios (2024)
- Earnings Per Share (EPS): ₹3.06
- Price-to-Earnings (P/E) Ratio: 32.68
- Return on Net Worth (RoNW): 30.60%
- Return on Capital Employed (RoCE): 13.14%
- EBITDA Margin: 5.54%
- PAT Margin: 1.47%
- Debt-to-Equity Ratio: 2.74
The company has shown consistent growth in revenue and profitability over the years. The increase in total assets and net worth indicates a strengthening financial position.
However, the rising debt levels and debt-to-equity ratio suggest a need for careful financial management moving forward.
Key Performance Indicator (KPI)
Here are the Key Performance Indicators (KPIs) for Integrity Infrabuild Developers Limited based on its financial data as of 2024 and the 9-month period ending December 31, 2024:
| KPI | 2022 | 2023 | 2024 | 9M FY 2025 (Dec 2024) |
|---|---|---|---|---|
| Revenue (₹ Cr) | ₹33.48 Crors | ₹45.23 Crors | ₹64.63 Crors | ₹68.97 Crors |
| EBITDA Margin (%) | 3.69% | 5.52% | 5.54% | 5.92% |
| PAT Margin (%) | 0.89% | 0.64% | 1.47% | 2.82% |
| Earnings Per Share (EPS) | ₹0.96 | ₹0.93 | ₹3.06 | ₹6.26 |
| Return on Net Worth (RoNW) | 11.83% | 16.46% | 30.60% | 42.45% |
| Return on Capital Employed (RoCE) | 8.96% | 9.92% | 13.14% | 13.64% |
| Debt to Equity Ratio | 2.56 | 2.93 | 2.74 | 2.82 |
| Net Asset Value (NAV) per Share | ₹8.49 | ₹5.91 | ₹10.26 | ₹15.08 |
Objects of the Issue
1) To purchase machinery and equipment (₹5.03 crore)
- The company plans to invest a portion of the IPO proceeds in purchasing new machinery and equipment to enhance its operational capacity and execute larger infrastructure projects efficiently.
2) To fund working capital requirements (₹3.64 crore)
- A significant portion of the proceeds will be used to meet the company’s working capital needs, ensuring that it can maintain smooth operations, particularly for ongoing and upcoming projects.
3) General corporate purposes (₹2.40 crore)
- This amount will be allocated for various corporate requirements, which may include marketing, business development, strategic initiatives, or further expansion.
Strengths of Integrity Infrabuild Developers Limited IPO
1) Strong Financial Growth
- Revenue Growth: The company has demonstrated consistent revenue growth, from ₹33.48 crore in 2022 to ₹64.63 crore in 2024.
- Profitability: Profit After Tax (PAT) increased from ₹0.30 crore in 2022 to ₹0.95 crore in 2024.
- Positive 9M FY 2025 Performance: For the nine months ending December 31, 2024, revenue stood at ₹68.97 crore, with a PAT of ₹1.94 crore.
2) Established Track Record
- Founded in 2017, Integrity Infrabuild Developers has completed 103 projects and has 57 ongoing projects as of March 31, 2025.
- The company is a Class-A civil contractor registered with the Government of Gujarat, specializing in infrastructure projects such as roads, bridges, and government buildings.
3) Experienced Management
- The leadership team comprises experienced professionals, including Managing Director Keyurkumar Sheth, and Directors Rajendrakumar Natvarlal Sheth and Disha Keyurkumar Sheth, who have been instrumental in the company’s growth and strategic direction.
Risks of Integrity Infrabuild Developers Limited IPO
1) High Debt Levels
- The company’s debt-to-equity ratio stood at 2.74 as of 2024, indicating a relatively high level of debt compared to equity.
2) Narrow Profit Margins
- The company’s Profit After Tax (PAT) margin was 1.47% in 2024, suggesting that a significant portion of revenue is consumed by expenses.
3) Limited Public Market Track Record
- As this is the company’s first public issue, there has been no formal market for its equity shares, which may pose liquidity concerns post-listing.
Integrity Infrabuild Developers Limited Contact Details
Registered Office Address
Office No-02, Indiabulls Mega Mall
Jetalpur Road, Akota
Vadodara, Gujarat – 390020, India
Integrity Infrabuild Developers IPO Registrar
The Registrar to the Issue for the Integrity Infrabuild Developers Limited IPO is MUFG Intime India Private Limited. They are responsible for managing the IPO allotment process, handling investor queries, and processing refunds.
Contact Details for MUFG Intime India Private Limited
- Phone: +91 810 811 4949
For any queries related to the IPO allotment status, refunds, or other investor-related concerns, you can reach out to MUFG Intime India Private Limited using the above contact details.
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