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Dhariwal Buildtech Ltd is preparing to enter the stock market with an IPO aimed at raising INR 950 crore. The funds will be used for buying construction equipment, repaying debts, and general corporate purposes, with a potential pre-IPO placement of INR 190 crore affecting the issue size. The company, known for road, bridge, tunnel, and rural infrastructure projects, has completed 29 projects with ongoing work on 27 more across multiple states. With revenue of INR 1,153 crore and profits of INR 160.59 crore in Fiscal 2025, the IPO will be managed by SBI Capital Markets and HDFC Bank.
Dhariwal Buildtech Ltd, an infrastructure construction company based in Haryana, has submitted draft papers with the markets regulator Sebi to raise INR 950 crore through an Initial Public Offering (IPO). The company's first public offering will be entirely a fresh issue of equity shares, without any Offer For Sale component, according to the Draft Red Herring Prospectus (DRHP). Advertisement
The company plans to use INR 203 crore from the IPO proceeds to purchase construction equipment, while INR 174.2 crore will be directed towards repaying debts of the company, and INR 300 crore will go towards settling debts of its subsidiaries. The remaining funds are intended for general corporate purposes. Dhariwal Buildtech may also consider a pre-IPO placement of INR 190 crore, which would reduce the size of the fresh issue accordingly.
Specialising in roads, highways, bridges, railway over bridges, tunnels, irrigation, rural infrastructure, and other civil construction works, Dhariwal Buildtech has established a strong presence in the infrastructure sector. By the end of March 2025, the company had completed 29 projects across eight states, with a consolidated contract value of around INR 2,117.6 crore. In addition, 27 projects were ongoing across India, and the order book stood at INR 4,767 crore with projects spanning ten states.
Financially, the company reported revenue from operations of INR 1,153 crore and a profit after tax of INR 160.59 crore in Fiscal 2025. SBI Capital Markets and HDFC Bank have been appointed as book-running lead managers to handle the public offering.
Source PTI
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