The Rise of Integrity Infrabuild: A Small-Town Contractor’s Journey to NSE Listing
Imagine this — a small construction firm in Gujarat, hustling on government projects, dreaming big amidst dust and deadlines. Fast forward to 2025, and that very company, Integrity Infrabuild Developers Ltd, is knocking on the NSE’s door with a ₹12 crore IPO.
But wait — should you invest in this underdog-turned-challenger? Let’s peel back the layers and decode the story behind this IPO.
IPO Timeline at a Glance
| Event | Date |
|---|---|
| IPO Opens | May 13, 2025 |
| IPO Closes | May 15, 2025 |
| Allotment Date | May 16, 2025 |
| Demat Credit | May 19, 2025 |
| Listing on NSE SME | May 20, 2025 |
Company Background: Building More Than Just Roads
Established in 2017, Integrity Infrabuild Developers has swiftly made its mark in the infrastructure sector. From rural roads to urban flyovers, the company has steadily bagged prestigious government contracts — especially in Gujarat.
What sets them apart?
- Timely project delivery (a rare feat in infra!)
- Quality control
- Lean yet skilled team of civil engineers
And now, with this IPO, they’re aiming to expand their fleet, fund working capital, and level up.
IPO Details: Fixed Price, Fixed Ambition
| Particulars | Details |
|---|---|
| IPO Type | Fixed Price Issue |
| Price per Share | ₹100 |
| Face Value | ₹10 |
| Issue Size | ₹12 crore |
| Fresh Issue | ₹12 crore |
| Listing Exchange | NSE SME |
| Retail Investor Quota | 50% |
| HNI Quota | 50% |
Minimum Investment (Retail): 1 lot equals 1200 shares, requiring ₹1,20,000.
Note: No shares allocated for QIBs — this is a small-cap retail/HNI-focused play.
Financial Story: Small Profits, Big Potential?
Integrity’s numbers tell a story of consistent growth — modest but promising:
Revenue & Profit Snapshot (₹ in Crores)
| Year | Revenue | Profit After Tax |
|---|---|---|
| 2022 | 33.48 | 0.30 |
| 2023 | 45.23 | 0.29 |
| 2024 | 64.63 | 0.95 |
| Dec 2024* | 68.97 | 1.94 |
In just 9 months of FY25, they’ve already outperformed FY24 profits.
Valuation Metrics
| Metric | Value |
|---|---|
| EPS (FY24) | ₹3.06 |
| P/E Ratio | 32.68 |
| Return on Net Worth | 30.60% |
| Debt/Equity Ratio | 2.74 |
| Net Asset Value | ₹10 |
RoNW of 30%? That’s above-average in the infra SME segment.
Peer Comparison: Can It Compete?
| Company | EPS | P/E | RoNW | Revenue |
|---|---|---|---|---|
| Integrity (FY24) | 3.06 | 32.68 | 30.60% | ₹64.63 Cr |
| Udayshivakumar Infra | 5.54 | 6.82 | 17.22% | ₹577.15 Cr |
| V R Infraspace | 3.58 | 67.04 | 7.66% | ₹19.00 Crore |
While it’s smaller in size, Integrity is showing stronger return metrics than some bigger peers — an encouraging sign for early investors.
Where the Money Will Go
The IPO proceeds will be used for:
- Buying new machinery
- Meeting working capital needs
- General corporate expenses
The use of funds is practical — no fancy acquisitions or risky ventures.
Should You Apply? Here’s a Realistic View
Why You Might Consider Investing
- Strong RoNW & consistent revenue growth
- Government project pipeline offers visibility
- Well-run SME with niche focus in Gujarat
- Reasonable post-issue valuation (for infra)
What You Should Watch For
- Low profit margins (~1.5% PAT margin — thin!)
- High debt-to-equity ratio
- Limited scale beyond Gujarat (so far)
- SME IPO risks: lower liquidity & volatility
The Human Angle: Betting on Execution
Infrastructure in India is booming, and firms like Integrity that deliver projects on-time, on-budget, and without corruption are rare gems.
But this is also a space where delays, margin pressures, and regulatory hiccups are common. The critical question: Can they uphold quality as they expand operations?
Frequently Asked Questions (FAQs)
What is the IPO price of Integrity Infrabuild Developers?
The share is priced at ₹100 each, following a fixed price structure.
What is the lot size and minimum investment?
1 lot equals 1200 shares, requiring ₹1,20,000 minimum application.
Is it listed on NSE or BSE?
It will be listed on NSE SME platform on May 20, 2025.
Is this IPO suitable for beginners?
Only if you understand the risks of SME stocks and can afford high minimum investment.
Can I apply via UPI?
Yes, retail investors can apply through UPI or ASBA via net banking and broker apps.
📣 Final Thoughts — Should You Bet on Integrity?
If you’re a patient investor, comfortable with SME volatility, and believe in India’s infra growth story — Integrity Infrabuild Developers could be a rewarding small-cap bet.
But go in with realistic expectations. This isn’t a fast money play — it’s a potential wealth compounder over years, not months.