🚧Integrity Infrabuild Developers Ltd.is coming to the market with its SME IPO fromMay 13 to May 15, 2025, looking to raise ₹12 crore by offering shares at a fixed price of ₹100 each. The company builds roads and bridges — but can it build wealth for investors? Let’s dig through the restated financial bricks and see if there’s gold in this gravel.
👷 About the Company: We Build, Therefore We Are
Based in Gujarat,Integrity Infrabuildis a civil construction firm specializing in government contracts. From roads and bridges to buildings and excavation projects, they’re the people behind the scenes (and under the overpasses). The firm, originally formed in 2017 as a partnership, got a corporate facelift in 2024 and is now ready to test the public waters with your hard-earned money.
The question is: will this IPO pave the way to riches, or is it a financial pothole?
💼 IPO Snapshot
| Details | Info |
|---|---|
| IPO Dates | May 13–15, 2025 |
| Listing Date | May 20, 2025 |
| Issue Price | ₹100 (Fixed) |
| Lot Size | 1,200 shares |
| Minimum Investment | ₹1,20,000 |
| Issue Size | ₹12 crore |
| Platform | NSE SME |
| Lead Manager | Aryaman Financial Services |
A ₹1.2 lakh ticket to enter a small construction company may sound risky, but what’s life without a little high-stakes concrete mixing?
📊 Financials: Let’s Get Real (Restated)
🔍 Balance Sheet (₹ in Crores)
| Metric | FY24 | FY23 | FY22 |
|---|---|---|---|
| Assets | 20.67 | 15.24 | 13.06 |
| Net Worth | 3.10 | 1.78 | 2.55 |
| Total Debt | 14.11 | 8.22 | 9.62 |
Verdict:Assets are growing, but debt is growing faster than a construction delay excuse list. Debt-to-equity for FY24 is4.55x— that’s not leverage, that’s a full-blown seesaw.
📈 P&L (₹ in Crores)
| Metric | FY24 | FY23 | FY22 |
|---|---|---|---|
| Revenue | 64.47 | 45.18 | 33.42 |
| EBITDA | 3.57 | 2.62 | 1.60 |
| PAT | 0.95 | 0.30 | 0.30 |
Verdict:Revenue has doubled in two years — so someone’s clearly placing orders. ButPAT in FY24 is just ₹0.95 crore, giving us the kind of margins you’d expect from selling samosas at a
