Tiger Global & Accel-backed Infra.Market picks 8 i-bankers for mega $500 mn plus IPO

On August 1, Moneycontrol had reported that Thane, Maharashtra based Infra.Market had initiated exploratory discussions with investment banks for a proposed listing.

Leading construction materials solutions firm Infra.Market which is backed by the likes of Tiger Global, Accel and Nexus Ventures has shortlisted as many as eight investment banks for its $500 mn plus mega initial public offering, five persons in the know told Moneycontrol on the condition of anonymity,

"Following the recent pitches, Infra.Market has shortlisted a clutch of domestic and global banks namely Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies, ICICI Securities, HSBC Securities, Motilal Oswal Financial Services and Nuvama Wealth Management as advisors for its IPO. The quantum hasn't been finalized yet, but this is a big deal and the plan is to raise upwards of $500 mn," the first person told Moneycontrol.

A second person also confirmed the names of the banks in the syndicate above and added that the size of the issue was expected to be in the range of $500 mn to $700 mn and could also be higher depending on market conditions.

According to two other persons, the Infra.Market IPO will be a combination of a fresh issue and secondary sales and will provide an exit window for the firm's top VC investors.

An email query sent to Infra.Market was left unanswered while a firm spokesperson declined to comment.

An immediate response could not be elicited from Kotak Mahindra Capital, IIFL Capital, Jefferies, ICICI Securities, Goldman Sachs, HSBC Securities, Motilal Oswal and Nuvama.

On August 1, Moneycontrol had reported that Thane, Maharashtra based Infra.Market had initiated exploratory discussions with investment banks for a proposed listing.

Also Read: Tech startup Infra.Market in talks to appoint i-banks for $300-400 million IPO

MARS Unicorn Fund, a joint venture between AI-driven fund Liquidity Group and Japanese bank MUFG, invested $50 mn in Infra.Market in May. The deal valued the startup at $2.5 bn.

“We continue to build on our vision of creating India’s largest multi-product construction materials brand and transforming the construction materials supply chain, not only in India, but also globally,” Infra.Market co-founder and chief executive, Souvik Sengupta, said in a statement post the MARS deal announcement.

“We are seeing growth opportunities as we are rapidly expanding our product portfolio and market presence, and the launch of new verticals will help us seed newer markets and create a best-in-class construction materials company out of India," he added.

A closer look at IPO aspirant Infra.Market

Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market offers ready-mix-concrete (RMC), aggregates, construction chemicals, steel, AAC (Autoclaved Aerated Concrete) blocks, equipment solutions, pipes and fittings, MDF, plywood, and laminates. Its private label categories include electrical products, tiles, sanitaryware, bath fittings, modular kitchens and wardrobes, and designer hardware.

In September 2021, it acquired RDC Concrete, the largest non-cement ready mix concrete company in India, from private equity firm True North for Rs 730 crore. Later, in 2023, RDC Concrete divested 10 percent of its stake worth around $20 million to Ashish Kacholia and other investors.

Infra.Market subsidiary RDC Concrete is also planning to make its public market debut in January 2025, valuing the firm between Rs 3,500 crore to Rs 4,000 crore, the company's Managing Director and CEO Anil Banchhor told Moneycontrol on January 12 in an exclusive interview.

In January 2022, Infra.Market picked up 24 per cent stake in Shalimar Paints by pumping in Rs 270 crore.