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Infra.Market, an online marketplace for construction materials, has filed for an IPO worth between INR 4,500 crore and INR 5,500 crore using SEBI's confidential route. The public offering will be equally divided between a fresh issue of shares and an offer-for-sale by existing investors. Founded in 2016, the company supplies materials like concrete, steel, plywood, and electrical appliances to developers and contractors. Recently, it raised INR 732 crore from promoters and investors, valuing the business at around USD 2.8 billion. Infra.Market ended FY25 with revenue of INR 18,000 crore and net profit of INR 300 crore.
Infra.Market, a Mumbai-based marketplace for construction materials, has initiated the process for an initial public offering (IPO) valued between INR 4,500 crore and INR 5,500 crore by submitting a confidential draft with SEBI. The IPO will be split roughly equally between a fresh issue of shares and an offer-for-sale by existing investors. The confidential route, allowed under Regulation 59C of SEBI's regulations, enables companies to file draft prospectuses without making sensitive information public immediately. Advertisement
Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies, ICICI Securities, HSBC Securities, Motilal Oswal Financial Services, and Nuvama Wealth Management are managing the IPO.
Earlier, Infra.Market raised about INR 732 crore from promoters and existing shareholders, giving the company a valuation of roughly USD 2.8 billion. Promoters Aaditya Sharda and Souvik Sengupta invested INR 250 crore through their entity, Silverline Homes Pvt Ltd, increasing their stake to around 30%. Notable investors like Zerodha cofounder Nikhil Kamath's NK Squared, Tiger Global, Accel India, Evolvence India Fund, and Nexus Ventures also participated in this round.
Founded in 2016, Infra.Market supplies a wide range of building materials, including concrete, steel, pipes, plywood, fans, lights, kitchen, and electrical appliances, primarily serving developers, contractors, and architects. The company recorded revenue of approximately INR 18,000 crore and profit after tax of INR 300 crore in FY25, growing from INR 14,743.5 crore in revenue and INR 378 crore net profit in FY24.
Earlier this year, Infra.Market raised USD 50 million in debt from Mars Growth Capital, a joint venture between MUFG Bank and private credit firm Liquidity Group, to support expansion and strengthen its product portfolio. In total, the company has borrowed USD 150 million from Mars Growth Capital.
The confidential IPO route has been used by several startups including PhonePe, Groww, Shiprocket, Boat, PhysicsWallah, and Swiggy, allowing companies to protect business-sensitive data from competitors during the pre-IPO phase.
However, rating agency India Ratings downgraded Infra.Market from 'A-' to 'BBB+' with a negative outlook earlier this year due to concerns over debt refinancing and liquidity pressure.
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