Integrity Infrabuild Developers’ IPO debuted flat at ₹100.80 on NSE SME, just a 0.8% premium over the ₹100 issue price. The ₹12 crore fresh issue saw a subscription of 2.17 times during its May 13-15 public offering. With 12 lakh shares issued, proceeds are earmarked for machinery, working capital, and corporate purposes. Founded in 2017, the Gujarat-based civil contractor manages a project portfolio worth ₹20,598 lakh, executing government infrastructure contracts across the state.
Integrity Infrabuild Developers Limited, a Gujarat-based civil contracting firm, saw its Initial Public Offering (IPO) debut almost flat on the NSE SME platform, listing at ₹100.80 per share on Tuesday. This price represents a marginal premium of just 0.8% over the IPO issue price of ₹100.
The fresh issue, valued at ₹12 crore, was open for subscription from May 13 to May 15, 2025. The IPO received a subscription of 2.17 times, indicating moderate investor interest. A total of 24.61 lakh shares were bid for against 11.32 lakh shares on offer.
The retail investor segment was the most active, with a subscription rate of 2.26 times. Non-institutional investors (NII) also showed steady participation, subscribing 2.09 times to the issue.
Integrity Infrabuild Developers raised funds through the issuance of 12 lakh fresh shares with no offer-for-sale component. The company plans to deploy the proceeds to purchase machinery and equipment, meet working capital requirements, and support other general corporate purposes.
Founded in 2017, Integrity Infrabuild Developers is classified as a Class-A civil contractor registered with the Government of Gujarat. The company primarily undertakes construction projects for various government departments across Gujarat and also handles subcontracted assignments to grow its presence in the state’s infrastructure sector.
As of March 31, 2025, Integrity Infrabuild held an active project portfolio valued at ₹20,598 lakh, including ₹4,291 lakh worth of completed projects and ₹16,307 lakh under execution.
Aryaman Financial Services Limited served as the book-running lead manager for the IPO, with Link Intime India Private Ltd acting as the registrar. Aryaman Capital Markets Limited was appointed as the market maker for the issue.
The flat debut reflects a cautious market response amid a modestly oversubscribed SME IPO, as Integrity Infrabuild moves to bolster its operational capacity and strengthen its financial position through the public offering.
