Building materials unicorn Infra.Market files confidential DRHP with SEBI for Rs 5,000 crore IPO

Infra.Market, a construction materials solutions firm, has filed for a Rs 5,000 crore initial public offering (IPO) through the confidential pre-filing route, according to media reports. The issue is expected to be split evenly between fresh equity and an offer for sale by existing investors.

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The move follows what is likely the company’s final private fundraise ahead of going public. In September, Infra.Market raised Rs 730 crore (about $84 million) in a Series G round led by Nikhil Kamath’s family office NKSquared, with participation from founders Souvik Sengupta and Aaditya Sharda, along with existing backers Accel, Tiger Global, Nexus and Evolvence.

That round valued the company at Rs 24,600 crore ($2.8 billion) and helped the founders lift their combined stake to around 30 percent, officially classifying them as promoters.

Founded in 2016, the Mumbai-based company provides end-to-end construction materials solutions across categories including concrete, steel, tiles, paints and electricals. It operates through a network of more than 250 manufacturing units and 10,000 retail touchpoints, serving both institutional and retail clients.

Notably, Infra.Market is the country’s second-largest player by revenue in ready-mix concrete, and the second-largest by capacity in AAC blocks and flooring tiles.

Financially, the company reported revenue of Rs 14,530 crore in FY24, a 23 percent increase year-on-year, while profit after tax rose 2.4 times to Rs 378 crore. For FY25, sources said Infra.Market closed with Rs 18,000 crore in revenue, EBITDA of Rs 1,500 crore, and profit after tax of Rs 300 crore.

The IPO plan comes on the back of continued capital raising. In June, Infra.Market secured $150 million in debt financing from MARS Growth Capital, and earlier this year it raised $120 million from investors including Tiger Global, Foundamental, Nuvama and Capri Global.

Infra.Market’s confidential filing route shields detailed financial and strategic information from rivals until closer to the listing. Introduced by SEBI in late 2022, the mechanism has been used by several other companies including PhonePe, Tata Capital, Oyo, Swiggy, Vishal Mega Mart and PhysicsWallah.