Shivalaya Construction files DRHP with Sebi for ₹450 Crore IPO to reduce debt

10 Sep 2025 , 01:19 PM

Shivalaya Construction Ltd has taken its first step toward going public, with the Delhi-based infrastructure company filing draft papers with market regulator Sebi for an initial public offering (IPO).

The public issue will comprise a fresh share sale worth ₹450 crore and an offer-for-sale (OFS) of 2.48 crore shares by its promoters, according to the draft red herring prospectus (DRHP). Of the fresh proceeds, the company plans to deploy around ₹340 crore for debt repayment, while the rest will be set aside for general corporate purposes. As of March 2025, Shivalaya carried total borrowings of ₹3,048 crore.

The company has also kept the option of a pre-IPO placement of up to ₹90 crore on the table. If that goes through, the size of the fresh issue will be trimmed accordingly. To steer the IPO, it has roped in IIFL Capital, Axis Capital and JM Financial as the book-running lead managers.

Incorporated in 2007, Shivalaya is an integrated EPC player specialising in roads, highways, flyovers, bridges and railway over bridges. It has completed 41 projects across 19 states and union territories and has built more than 2,700 lane kilometres of highways to date. The company is currently executing another 1,500 lane kilometres, with its order book standing at ₹3,627 crore spread over 14 projects.

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