Shivalaya Construction to Raise ₹450 Crore via Fresh Issue; OFS of 2.49 Crore Shares

New Delhi, September 8: Shivalaya Construction Limited has announced that it has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) for its upcoming Initial Public Offering (IPO).Shivalaya Construction Limited IPO issue includes a fresh issue and an offer-for-sale. Fresh issue includes equity shares aggregating up to ₹4,500 million, while the offer-for-sale is up to 24,861,900 equity shares by promoters and promoter group shareholders.

The shares are proposed to be listed on the BSE and the NSE. IIFL Capital Services, Axis Capital, and JM Financial are the book-running lead managers, while MUFG Intime India Private Limited is the registrar for the issue.

Selling Group Shareholders Details

Selling group shareholders include Shripal Aggarwal (up to 1,16,13,645 shares), Pradeep Nandal (up to 57,65,475 shares), Sumitra Nandal (up to 62,15,475 shares), S P Aggarwal & Sons (HUF) (up to 8,17,305 shares), and Pardeep Nandal (HUF) (up to 4,50,000 shares).

Usage of IPO Proceeds

The company aims to use the process for prepayment or repayment, in full or part, of certain outstanding borrowings worth ₹340 crore and the balance for general corporate purposes.

Financial Performance Analysis: Shivalya Construction

Revenue from Operations declined from ₹35,375.69 million in FY24 to ₹31,245.26 million in FY25, while Profit After Tax also decreased from ₹6,006.08 million to ₹3,598.28 million during the same period. Basic EPS fell from ₹12.49 to ₹7.29. Despite a fall in profits, the company’s Net Worth continued to increase, reaching ₹21,494.66 million in FY25, and its Total Borrowings also rose to ₹30,481.51 million.

Company Overview and Business Details

Shivalaya is an integrated EPC player focused on roads, highways and bridges with completed projects across 19 states and union territories in India. The company operates through EPC and HAM models and has completed 41 projects as of July 31, 2025. The company’s revenue is dominated by projects from government entities, with 95.80% of FY25 revenue. On the other hand, HAM execution contributed approximately 83.63% of FY25 revenue. It is headquartered in New Delhi, India.

REF: https://www.bseindia.com/corporates/download/343243/IPO Prior/ShivalayaConstructionLimitedDraftRedHerringProspectus_20250906020654.pdf

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