Integrity Infrabuild Developers Limited, established in 2017 and based in Gujarat, is a civil construction and infrastructure development company specializing in projects such as highways, bridges, and government buildings. The company has built a reputation for quality, timely execution, and innovation, serving primarily government and semi-government clients. Integrity Infrabuild Developers is launching a ₹12 crore IPO, offering 12 lakh equity shares at a fixed price of ₹100 per share, with the issue open from May 13 to May 15, 2025. The company plans to use the proceeds for machinery purchases, working capital, and general corporate needs.
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Expert Opinions
The Integrity Infrabuild Developers IPO enters a mixed market sentiment, balancing India’s infrastructure growth potential against concerns over regional concentration and execution risks. Strengths include a ₹163.1 crore order book, consistent revenue growth (FY24: ₹64.63 crores, up 43% YoY), and expertise in government projects, with 111 completed since FY22. However, risks are pronounced, 98% revenue reliance on Gujarat government contracts, a debt/equity ratio of 3.71, and thin PAT margin of 1.47%, reflecting vulnerability to payment delays and cost overruns.
Valuation metrics for FY2024 show a ROE of 30.60% and ROCE of 13.14%, indicating moderate efficiency, while the NAV of ₹10 per share implies a Price-to-Book of 10x, demanding scrutiny given sector averages. Long-term viability hinges on geographic diversification, debt reduction, and leveraging India’s infrastructure push. While the company’s order pipeline and government ties offer stability, investors must weigh high valuation multiples against operational risks and sector competition.
Investor Considerations
Integrity Infrabuild Developers IPO has demonstrated steady performance, with FY2024 revenue of ₹64.63 crores and a PAT of ₹0.95 crores, supported by a robust order book of ₹163.1 crores and completion of 111 projects since FY22. The fundamentals reflect operational experience but reveal thin profitability, with an EBITDA margin of 5.54% and a Return on Net Worth (RoNW) of 30.60%. The sector outlook remains highly positive, as India’s construction market is projected to grow at an 8.8% CAGR through 2029, driven by historic infrastructure investment and government initiatives.
Growth prospects are anchored in public sector contracts and machinery upgrades from IPO proceeds. However, key risks include high geographic concentration in Gujarat, a high debt/equity ratio of 3.71, and low PAT margins, making the business sensitive to payment delays and cost overruns. Short-term investors may face volatility, while long-term gains depend on successful diversification and debt management.
| Date | GMP | Trend |
|---|---|---|
| 19 May 2025 10.49 | ₹00 | --- |
| 18 May 2025 12.09 | ₹00 | --- |
| 17 May 2025 11.36 | ₹00 | --- |
| 16 May 2025 10.25 | ₹00 | --- |
| 15 May 2025 11.55 | ₹00 | --- |
| 14 May 2025 10.40 | ₹00 | --- |
| 13 May 2025 10.30 | ₹00 | --- |
| 12 May 2025 10.20 | ₹00 | --- |
| 10 May 2025 11.12 | ₹00 | --- |
| 09 May 2025 10.57 | ₹00 | --- |
FAQs
The Grey Market Premium showed excellent accuracy in predicting Integrity Infrabuild Developers’ listing performance. The GMP of ₹0 predicted a flat listing at the issue price, and the stock listed with only a negligible gain of 0.80%. With a minimal prediction error of just 0.80%, the GMP perfectly captured the flat listing sentiment, demonstrating exceptional precision in this case.
Integrity Infrabuild Developers IPO Current GMP is ₹00.
Integrity Infrabuild Developers IPO Expected Returns is 0.00%.
Integrity Infrabuild Developers IPO estimated listing price is ₹100.