Infra.Market files for Rs 5,000 crore IPO via confidential route

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Accel-backed Infra.Market, a construction materials solutions firm, has filed for an initial public offering (IPO) worth Rs 5,000 crore through the confidential filing route, as it looks to capitalize on India’s booming infrastructure sector, Moneycontrol has learnt.

A source familiar with the development said the split between the primary and offer-for-sale (OFS) components is likely to be roughly 50:50.

The move comes weeks after Infra.Market closed what is likely to be its final private fundraise ahead of its public debut. Moneycontrol had reported earlier that the company raised Rs 730 crore (around $84–85 million) in a Series G round that valued it at Rs 24,600 crore ($2.8 billion).

The round was led by Zerodha co-founder Nikhil Kamath's family office NKSquared, which invested Rs 200 crore, alongside Rs 250 crore from founders Souvik Sengupta and Aaditya Sharda and Rs 280 crore from existing investors such as Accel, Tiger Global, Nexus and Evolvence.

The fresh capital was intended not just to bolster liquidity but also to help the founders increase their combined stake to around 30 percent, officially classifying them as promoters ahead of the IPO.

The company is reported to have closed FY25 with revenues of Rs 18,000 crore and EBITDA of Rs 1,500 crore, with profit after tax coming in at Rs 300 crore.

According to RoC filings, the company’s revenue increased 23 percent year-on-year (YoY) to Rs 14,530 Crores, while its profit after tax (PAT) increased 2.5-fold to Rs 378 crore.

The Rs 730 crore Series G round followed a $150 million debt raise in June from MARS Growth Capital, a joint venture between MUFG Bank and Liquidity Group.

Earlier this year, Infra.Market also raised $120 million from a clutch of existing and new investors including Tiger Global, Foundamental, Evolvence, Nikhil Kamath, Ashish Kacholia, Abhijit Pai, Sumeet Kanwar, Nuvama and Capri Global.

The company has been steadily diversifying its investor base while preparing for its IPO, expected later this year.

Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market provides end-to-end construction materials solutions across more than 15 categories including concrete, steel, walling, tiles, paints, and electricals.

It operates through a network of over 250 manufacturing units and 10,000 retail touchpoints across India, catering to both institutional clients (B2B) and retail outlets (B2R).

Infra.Market is currently the second-largest player in India by revenue in the ready-mix concrete (RMC) segment, and the second-largest by capacity in AAC blocks and flooring tiles.

Introduced by Sebi as an alternate for main board issuers in November 2022, pre-filing allows companies to keep sensitive business details or financial metrics and risks under wraps, especially from rivals. On the other hand, in the standard format, the DRHP (draft red herring prospectus) becomes a public document post filing.

This gives issuers the comfort of confidentiality till they arrive at a final decision on the listing, and if required, they can even pull out later, depending on market conditions, without disclosing key information.

Other than Infra.Market, several other issuers have opted for the confidential pre-filing route, like Phonepe, Tata Capital, Tata Play, Oyo, Swiggy, Vishal Mega Mart, Credila Financial Services, Indira IVF, and PhysicsWallah.