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Integrity Infrabuild Developers IPO
Price Band
₹
Issue Size
₹12.0 Cr
Lot Size
1,200 shares
Min Investment
₹120,000
GMP
—
Issue Price
₹100.0
Integrity Infrabuild Developers IPO AI Summary
- Integrity Infrabuild Developers IPO is listed on NSE SME.
- Subscription window: 13 May–15 May 2025, listing on 20 May 2025.
Integrity Infrabuild Developers Limited is a civil contractor with a solid order book and a focus on government projects in Gujarat. The company has shown growth in both revenue and profit over recent periods, and it is looking to raise funds through its IPO to enhance its capabilities and working capital.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Integrity Infrabuild Developers IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 15 May 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Integrity Infrabuild Developers IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
About the Company
Incorporated in 2017, Integrity Infrabuild Developers Limited is a Class-A civil contractor registered with the Government of Gujarat. The company executes construction activities as a contractor for government projects in Gujarat and regularly subcontracts to expand its presence in the state's construction sector. As of March 31, 2025, the company has secured ongoing contracts totalling ₹ 20,598 lakhs. Of this amount, works valued at ₹ 4,291 lakhs have been executed, while the remaining ₹ 16,307 lakhs are included in their order book. As of March 31, 2025, the company had 53 full-time employees which include KMP, Office Staff, Project Execution staff (Semi-skilled, unskilled worked including drivers). Competitive Strengths: Focused on Roads, Buildings and Bridge construction Strong project management capabilities with industry experience Visible growth through a robust order book Strong Financial Performance Technical Capabilities and Resources
Company Financials (₹ Cr)
As of 2024-12-31
| Period Ended | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 33.35 | 20.68 | 15.25 | 13.06 |
| Total Income | 68.97 | 64.63 | 45.23 | 33.48 |
| Profit After Tax | 1.94 | 0.95 | 0.29 | 0.30 |
| NET Worth | 4.56 | 3.10 | 1.78 | 2.55 |
| Reserves and Surplus | 1.46 | |||
| Total Borrowing | 12.86 | 11.17 | 5.22 | 6.51 |
Key Ratios
EPS
₹3.06
NAV
₹10.00
ROE
30.60%
ROCE
13.14%
RoNW
30.60%
P/B Value
10.00
P/E Ratio
32.68
Market Cap
₹43.00 Cr
PAT Margin
1.47%
Debt/Equity
3.71
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| V R Infraspace Limited | 51.71 | 7.66% | 67.04 | 3.58 | 3.58 |
| Udayshivakumar Infra Ltd | 31.6 | 17.22% | 6.82 | 5.54 | 5.54 |
| Integrity Infrabuild Developers Limited This IPO | 10 | 30.6% | 32.68 | 3.06 | 3.06 |
Promoters
Keyurkumar Sheth, Rajendrakumar Sheth and Disha Keyurkumar Sheth
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Purchase of machinery and equipment 5.03 2 Funding working capital requirements of the Company 3.64 3 General Corporate Purposes 2.40 4 Issue Expenses 0.93 Total 12.00
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income grew from ₹33.48 Cr in the year ending March 31, 2022, to ₹45.23 Cr by March 31, 2023, and further increased to ₹64.63 Cr by March 31, 2024. As of December 31, 2024, total income reached ₹68.97 Cr.
Profit Trend
Profit After Tax rose from ₹0.30 Cr in the year ending March 31, 2022, to ₹0.29 Cr by March 31, 2023, then increased to ₹0.95 Cr by March 31, 2024. As of December 31, 2024, profit after tax further grew to ₹1.94 Cr.
Valuation
Priced at a P/E ratio of 32.68 at the issue price, this is in comparison to peers with P/E ratios ranging from 6.82 to 67.04.
Grey Market Premium, Explained
The grey market refers to the unofficial market where IPO shares are traded before they are listed on the stock exchange. The Grey Market Premium (GMP) indicates the expected listing price of the IPO based on demand and supply in this unofficial market.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk appetite, considering the company's growth potential and market conditions.
Who May Want to Wait
Investors who prefer stable returns and are risk-averse may want to avoid IPOs in the construction sector, which can be subject to market fluctuations and project execution risks.
IPO Timeline, Explained
The IPO opens for subscription on May 13, 2025, and closes on May 15, 2025. Allotment of shares will be finalized by May 16, 2025, with shares expected to be listed on the stock exchange on May 20, 2025.
Listing Gains — The Risk
Listing gains refer to the profit made when an IPO stock is sold on the first day of trading at a higher price than the issue price. However, there are risks involved, as market conditions can fluctuate, and there is no guarantee of immediate gains.
This evaluation is generated from Integrity Infrabuild Developers's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
When does Integrity Infrabuild Developers IPO open and close?
Integrity Infrabuild Developers IPO opens on 13 May 2025 and closes on 15 May 2025.
When does Integrity Infrabuild Developers IPO list on the stock exchange?
Integrity Infrabuild Developers IPO listed on 20 May 2025 at ₹100.0.
What is the lot size for Integrity Infrabuild Developers IPO?
The lot size for Integrity Infrabuild Developers IPO is 1200 shares, requiring a minimum investment of ₹120,000.
What is the lot size for this IPO?
The lot size for this IPO is 1200 shares.
What is the minimum investment required?
The minimum investment required is ₹120,000.
What is the issue price of the IPO?
The issue price of the IPO is ₹100.00 per share.
When does the IPO open and close?
The IPO opens on May 13, 2025, and closes on May 15, 2025.
When will the shares be listed?
The shares are expected to be listed on May 20, 2025.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
13 May 2025
Close
15 May 2025
Allotment
16 May 2025
Listing
20 May 2025
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