Haryana-based infrastructure construction company Dhariwal Buildtech has filed draft red herring prospectus (RHP) with the SEBI on September 27 as it is planning to mobilise Rs 950 crore via initial share sale.
The IPO comprises of entirely fresh issue with no offer-for-sale component.
The company may also consider raising some funds in its pre-IPO round. The exact amount has not been disclosed but, "the expected pre-IPO placement, if undertaken, shall not exceed Rs 190 crore (i.e. 20 percent of the fresh issue)," the company its draft papers said.
Dhariwal Buildtech that specialises in the construction of roads, highways, bridges, as well as tunnels, rural infrastructure and other civil works proposed to spend Rs 174.2 crore and Rs 300 crore of fresh issue proceeds, for repaying its own and subsidiaries debts, respectively.
As of June 2025, "the total outstanding borrowings of the company Rs 897.5 crore and that of subsidiaries at Rs 325.2 crore," the company in its DRHP said.
Further, Rs 203 crore of fresh issue proceeds will be used for purchase of construction equipment, and the remaining amount for general corporate purposes.
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Dhariwal Buildtech, which has completed over 29 projects across 8 states with total contract value of Rs 2,117.6 crore in last more than eight years, has order book of Rs 4,767 crore as of March 2025.
The company has reported profit at Rs 160.6 crore in the year ended March 2025, growing at a CAGR of 58 percent compared to FY23, and revenue during the same period increased at a CAGR of 36.5 percent to Rs 1,153 crore.
SBI Capital Markets and HDFC Bank are appointed as the merchant bankers for the Dhariwal Buildtech IPO.
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