Infra.Market, one of India’s fastest-growing construction materials companies, has taken a major step toward going IPO. The Mumbai-based firm has filed a confidential draft red herring prospectus (DRHP) with SEBI to launch an IPO worth Rs 5,000 crore.
According to reports, the public offering will be divided equally between fresh shares and an offer for sale (OFS) by existing investors. The confidential route allows the company to keep detailed financials private until closer to listing, giving it a strategic edge over competitors.
Infra.Market IPO
The IPO move follows what is widely believed to be the company’s final private fundraise before listing. In September, Infra.Market raised Rs 730 crore ($84 million) in a Series G round, led by Nikhil Kamath’s family office NKSquared.
Founders Souvik Sengupta and Aaditya Sharda also participated, along with global investors like Accel, Tiger Global, Nexus and Evolvence. The round valued the company at Rs 24,600 crore ($2.8 billion), with the founders now holding around 30 percent stake, officially placing them in promoter status.
Construction Categories
Founded in 2016, Infra.Market provides end-to-end construction material solutions across steel, cement, paint, tiles, electricals and concrete. It operates through over 250 manufacturing units and 10,000 retail outlets, catering to both large infrastructure developers and local contractors.
The company is currently India’s second-largest player in ready-mix concrete by revenue, and also ranks second in AAC blocks and flooring tiles capacity, showcasing its dominance in essential building materials.
Financial Growth Continues
In FY24, Infra.Market reported Rs 14,530 crore revenue, marking a 23% year-on-year growth. Profit after tax jumped 2.4 times to Rs 378 crore, reflecting improved operational efficiency.
For FY25, industry sources suggest the company closed with Rs 18,000 crore in revenue, Rs 1,500 crore EBITDA, and Rs 300 crore profit after tax. These consistent numbers have boosted investor confidence ahead of the IPO.
Funding Push Before Listing
Infra.Market has been actively building financial muscle ahead of its stock market debut. In June this year, the company secured $150 million in debt from MARS Growth Capital. Prior to that, it raised $120 million from Tiger Global, Foundamental, Nuvama and Capri Global.
The fresh capital is expected to support capacity expansion, technology upgrades and working capital for large-scale infrastructure supply contracts.
Infratech Startups in India
Infra.Market is part of a growing wave of Infratech startups modernising India’s construction and infrastructure sector. Other players in this space include OfBusiness, InfraPrime Logistics, BuildSupply (4B Networks) and Power2SME, which focus on material procurement, logistics, automation and digital contracting.
With India pushing for smart cities, transport corridors and housing expansion, Infratech startups are emerging as key partners for large-scale development.
Close to Public Listing
The confidential filing mechanism, introduced by SEBI in late 2022, has also been used by companies like Swiggy, PhonePe, Tata Capital and PhysicsWallah. It allows firms to test the waters with regulators before making the IPO public.
With strong financials, high investor interest and growing nationwide presence, Infra.Market is now well-placed to enter the stock market at a commanding valuation. The final listing timeline will be announced once SEBI completes its review.
