IPO Watch: Ravi Infrabuild Projects files draft papers with SEBI for ₹1,100 crore issue

IPO Watch: Ravi Infrabuild Projects Limited has filed its draft red herring prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI), for an initial public offering (IPO).

The firm, which is involved in integrated civil construction with a focus on roads, bridges, tunnels, and related infrastructure, intends to raise up to ₹1,100 crore through its public offering.

It operates through various models, including EPC (Engineering, Procurement, and Construction) and hybrid annuity frameworks, managing a portfolio that encompasses projects under Bharatmala Pariyojna, NHAI, IRCTC, MoRTH, and several State Governments. The company has built a strong presence in numerous Indian states, such as Rajasthan, Madhya Pradesh, Maharashtra, and Uttar Pradesh.

As per the DRHP, the company's listed peers are PNC Infratech Ltd (with a P/E of 7.45), G R Infraprojects Ltd (with a P/E of 7.81), H.G. Infra Engineering Ltd (with a P/E of 13.67), KNR Constructions Ltd (with a P/E of 8.00), J Kumar Infraprojects Ltd (with a P/E of 14.88), Ceigall India Ltd (with a P/E of 13.74), and Ashoka Buildcon Ltd (with a P/E of 10.28).

As of December 31, 2024, and March 31 for both 2024 and 2023, along with March 31, 2022, the total order book stood at ₹3,092 crore, ₹2,396 crore, ₹1,782 crore, and ₹1,603 crore, respectively, reflecting a compound annual growth rate (CAGR) of 22.26% from March 31, 2022, to March 31, 2024.

IPO Details

The IPO includes a fresh issuance of equity shares totaling up to ₹1,100 crore at a face value of ₹10 each. There is no component for Offer for Sale (OFS) included in this issuance.

The net proceeds from the offering are intended to be used for acquiring new equipment, investing in subsidiaries for settling outstanding debts, repaying specific borrowings, and covering general corporate expenses.

Motilal Oswal Investment Advisors Limited along with Axis Capital Limited serve as the Book Running Lead Managers (BRLMs) for the offering.

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