IPO Filing and Structure
Accel and Tiger Global backed Infra.Market has confidentially filed for an initial public offering worth Rs 5,000 crore as it prepares to tap buoyant Indian capital markets. According to sources, the IPO is expected to have an almost equal split between fresh issue and offer for sale components. The confidential filing allows the company to keep key financial details private until closer to the listing, giving it the flexibility to assess market conditions before finalising its debut.
Pre IPO Fundraise and Valuation
The filing comes shortly after Infra.Market raised Rs 730 crore in what is likely its last private round ahead of the IPO. The Series G round valued the company at Rs 24,600 crore or 2.8 billion dollars. Zerodha co founder Nikhil Kamath’s family office NKSquared led the round with an investment of Rs 200 crore. Founders Souvik Sengupta and Aaditya Sharda invested Rs 250 crore, while existing investors including Accel, Tiger Global, Nexus and Evolvence added another Rs 280 crore. The fresh capital was aimed at bolstering liquidity and helping the founders increase their combined stake to around 30 percent, classifying them officially as promoters before the public issue.
Strong FY25 Financial Performance
Infra.Market’s latest financials reflect solid growth momentum. The company reported FY25 revenues of Rs 18,000 crore, EBITDA of Rs 1,500 crore and a profit after tax of Rs 300 crore. Regulatory filings also show revenue for the year growing 23 percent year on year to Rs 14,530 crore while PAT increased 2.5 times to Rs 378 crore. These strong results highlight the company’s operational scale and improving profitability as it gears up for its market debut.
Funding History and Capital Base
Infra.Market has been steadily diversifying its capital base in preparation for listing. Before the Series G round, the company raised 150 million dollars in debt from MARS Growth Capital, a joint venture between MUFG Bank and Liquidity Group. Earlier this year it also secured 120 million dollars from a mix of existing and new investors including Tiger Global, Foundamental, Evolvence, Ashish Kacholia, Abhijit Pai, Sumeet Kanwar, Nuvama and Capri Global. These investments underline the confidence investors have in the company’s growth trajectory and its role in India’s infrastructure story.
Business Model and Market Position
Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market provides end to end construction materials solutions across categories such as concrete, steel, walling, tiles, paints and electricals. The company operates through over 250 manufacturing units and more than 10,000 retail touchpoints nationwide. It serves both institutional clients in the B2B segment and retail partners through its B2R model. Infra.Market is currently the second largest player in India by revenue in the ready mix concrete segment and the second largest by capacity in AAC blocks and flooring tiles.
The Confidential Filing Route
Sebi introduced the confidential filing route in November 2022 to allow main board issuers to keep sensitive information under wraps until closer to their listing date. This gives companies flexibility to explore market conditions, pull back if necessary, and avoid sharing details with rivals prematurely. Infra.Market joins a list of other large issuers such as PhonePe, Tata Capital, Tata Play, Oyo, Swiggy, Vishal Mega Mart, Indira IVF and PhysicsWallah that have also chosen this route.
The Bigger Picture
Infra.Market’s planned IPO reflects both the strength of India’s infrastructure sector and the growing investor appetite for companies operating in this space. With robust financials, backing from marquee investors, and a diversified business model, the company is well positioned to make a strong debut. The public issue will also mark another step in the maturation of India’s startup and private equity ecosystem, as more unicorns transition into publicly traded companies.
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