Integrity Infrabuild Developers Limited IPO

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The Company core expertise lies in executing civil infrastructure projects for government and semi-government bodies. While subcontracting is an integral part of the construction ecosystem—wherein main contractors delegate specific work packages to specialized agencies—they have primarily operated as a direct contractor, accountable for end-to-end project execution.

They follow a structured and compliant project execution model that ensures quality, safety, and timely delivery. Subcontracting, when undertaken, involves rigorous partner selection, legal contract formulation, and close monitoring to ensure adherence to regulatory, technical, and financial standards. However, it is important to note that between FY 2021-22 and FY 2023-24, 100% of their 111 completed projects were directly contracted with the Government of Gujarat and its affiliated agencies, without reliance on subcontracting arrangements. These projects include:
i. 103 Road Construction Projects, and
ii. 8 Government Building Projects,
with a cumulative contract value of ₹21,336.63 Lakhs.

Their civil contracting operations are primarily focused across three key verticals:
i. Road Infrastructure Projects
ii. Building Construction for Government Institutions
iii. Bridge and Allied Civil Structures

Over the years, they have demonstrated strong project management capabilities, financial discipline, and adherence to regulatory frameworks, which position them as a trusted partner for public infrastructure development in Gujarat.

Objects of the Integrity Infrabuild Developers Limited IPO:

IPO proposes to utilise the Net Proceeds from the Issue towards the following objects: i. Purchase of machinery and equipment; ii. Funding Working capital requirements; iii. General Corporate Purpose.

Integrity Infrabuild Developers Limited IPO Details:

Open Date: May 13 2025
Close Date: May 15 2025
Total Shares: 12,00,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 12.00 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 100 Per Equity Share
Listing At: NSE Emerge
Listing Date: May 20 2025

Promoters And Management:

Mr. Keyurkumar Sheth, aged 39, is a founding Promoter and currently serves as the Chairman & Managing Director of the Company. With over a decade of experience in the construction industry, he was earlier a partner in Shreeji Construction, a firm engaged in residential and commercial projects. He now leads the overall operations and strategic direction of the Company. Known for his leadership, financial acumen, and client-centric approach, he plays a vital role in driving growth and expanding the customer base. Ms. Disha Keyurkumar Sheth, aged 33, is the Whole-Time Director of the Company. A Bachelor of Commerce graduate from Gujarat University (2011), she brings over 5 years of experience in the construction industry. She plays a key role in business development, oversees banking and financial operations, and actively contributes to the company’s growth and expansion strategy. Mr. Rajendrakumar Sheth, aged 71, is a founding Promoter and currently serves as the Non-Executive Director of the Company. With over 30 years of experience across various sectors, including the construction industry, he previously operated Giriraj Transport Services as a sole proprietor and independent contractor. He now offers strategic guidance in business development and contributes his industry expertise to support the company's growth and expansion.

Financials of Integrity Infrabuild Developers Limited IPO:

In Cr.
Particulars December 31, 2024 March 31, 2024  March 31, 2023  March 31, 2022 
Revenue from Operations 68.89 64.47 45.18 33.42
EBITDA 5.46 3.57 2.62 1.60
EBITDA Margins 7.93% 5.54% 5.82% 4.81%
PAT 1.94 0.94 0.29 0.29
PAT Margins 2.82% 1.47% 0.65% 0.90%
ROCE 18.70% 13.14% 12.80% 8.04%
D/E Ratio 2.82 3.60 2.92 2.54
CFOA 8.02 0.80 4.63 -0.47

Comparison With Peers:

 
Companies Revenue EBITDA Margins PAT Margins D/E Ratio MCap P/E
Integrity Infrabuild Developers  (FY 2024) 64.47 Cr. 5.54% 1.47% 3.60 43 Cr. 45.74*
Udayshivakumar Infra (TTM) 336 Cr. 6% 3.86% 0.39 199 Cr. 15.40
V R Infraspace (TTM) 24.88 Cr. 18.61% 13.22% 0.00 178 Cr. 78.30
*Forward PE is 16.67 on the basis of FY PAT.

Recommendation on Integrity Infrabuild Developers Limited IPO:

To be updated shortly.

Lead Manager of Integrity Infrabuild Developers Limited IPO:

  1. Aryaman Financial Services Limited

Registrar of Integrity Infrabuild Developers Limited IPO:

  1. Link Intime India Private Limited

Company Address:

Integrity Infrabuild Developers Limited Office No-02, Indiabulls Mega Mall, Jetalpur Road, Akota Phone: +91 87340 92229 Email: info@integrityinfrabuild.com Website: https://integrityinfrabuild.com/

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