IPO Watch: Shivalaya Construction Ltd has filed its draft red herring prospectus () with the capital market regulator, Securities and Exchange Board of India (), for an initial public offering ().
The offer, valued at ₹2 per share, consists of a new issuance of shares totaling ₹450 crore along with an offer-for-sale of up to 24,861,900 shares made by promoters – Shripal Aggarwal, Pradeep Nandal, Sumitra Nandal, S P Aggarwal & Sons (HUF), and Pradeep Nandal.
Additionally, the offer features a reserved subscription for eligible employees, with a discount available for those participating in the employee reservation segment.
The funds raised from the issuance of fresh shares amounting to ₹450 crore will be allocated towards the pre-payment or full or partial repayment of certain company borrowings totaling ₹340 crore and other general corporate purposes.
In consultation with the book-running lead managers, the company may explore a pre-IPO placement which could raise up to ₹90 crore. If this pre-IPO placement is executed, the size of the fresh issue will be adjusted accordingly.
The offer is being conducted via a book-building process, in which a maximum of 50% of the net offer is designated for qualified institutional buyers, while no more than 15% is allocated to non-institutional bidders and 35% to retail individual bidders.
IIFL Capital, Axis Capital, and JM Financial serve as the lead managers for the book-running process, while MUFG Intime India Private Limited acts as the registrar for the offering.
Company details
The company operates as a comprehensive infrastructure engineering, procurement, and construction entity with an emphasis on roads, highways, and bridges, having completed 41 projects as of July 31, 2025, throughout 19 states and union territories in India.
With over 25 years of expertise in the construction, development, and upkeep of roads and highways, the company has engaged in specialised projects including elevated roads, flyovers, bridges, and railway over bridges.
By July 31, 2025, the company had built more than 2,700 lane kilometers of roads and highways and had projects that varied from 14 lane kilometers to 210 lane kilometers, alongside over 1,500 lane kilometers of ongoing work.
The company undertakes projects on either an engineering, procurement, and construction (EPC) basis or through a hybrid annuity model (HAM). In its EPC segment, the company offers services that encompass the building of highways, bridges, buildings, and other civil infrastructure works such as water projects.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.