Integrity Infrabuild Developers Makes its Debut on NSE SME Platform

Mumbai, 20 May 2025 – Integrity Infrabuild Developers Ltd had a muted listing on the NSE SME platform on Tuesday, May 21. The company’s equity shares debuted at ₹100.80 apiece, registering a marginal premium of ₹0.80 or 0.8 per cent over the issue price of ₹100.

The listing came in line with expectations from the unregulated grey market, where the shares were trading steadily around the offer price prior to the debut. Market observers had anticipated a subdued opening, and the actual listing echoed this sentiment.

IPO Details and Subscription

The ₹12 crore initial public offering was entirely a fresh issue of approximately 29.4 lakh equity shares. There was no offer-for-sale component in the issue. Priced at ₹100 per share, the IPO required a minimum bid of 1,200 shares per lot. The public issue was open for subscription from May 13 to May 15, 2025.

Investor response remained modest, with the IPO receiving an overall subscription of 2.17 times. The retail investor category subscribed 2.26 times, while non-institutional investors recorded a subscription of 1.97 times. The basis of share allotment was finalised on Friday, May 16.

Utilisation of Proceeds

According to the company’s prospectus, the net proceeds from the IPO will be allocated towards the purchase of machinery and equipment (₹5.03 crore), working capital requirements (₹3.64 crore), and general corporate purposes (₹2.4 crore). MUFG Intime India Pvt Ltd has been appointed as the registrar, and Aryaman Financial Services Ltd acted as the sole book-running lead manager for the offering.

Company Profile

Founded in 2017, Integrity Infrabuild Developers is a Gujarat-based civil construction firm with a focus on government infrastructure projects. The company has been registered as a Class-A contractor with the Government of Gujarat since August 24, 2018, with its latest certification renewed on June 29, 2024.

Integrity Infrabuild Developers primarily undertakes contracting and subcontracting works for public infrastructure projects, including the construction of roads, bridges, and government buildings. The subcontracting model typically involves the main contractor delegating parts of a government-awarded project to specialised subcontractors while maintaining overall accountability for execution, compliance, and timely delivery.

As of its IPO filing, the company had secured contracts totalling ₹206 crore across various civil works. Its consistent involvement in public sector projects underlines its strategic alignment with state infrastructure development initiatives.

Disclaimer: This content is only for informational purpose. It does not make any recommendation to act or invest. Please read the offer documents carefully before investing. Investments are subject to market risks and other risks. There is no guarantee of the actual returns that will be given.