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Integrity Infrabuild Developers recently launched an Initial Public Offering (IPO) worth ₹47.52 crore, which has received good attention from both retail and institutional investors. The IPO subscription period ended on May 10, 2025, and the allotment of shares was finalized on May 16, 2025. Now, investors are eagerly waiting to check their allotment status, track the grey market premium (GMP), and anticipate the company’s listing performance on the stock exchange.
Listing Details and Market Outlook
The shares of Integrity Infrabuild Developers are set to be listed on the NSE SME platform on Tuesday, May 21, 2025. The infrastructure sector, along with Small and Medium Enterprises (SMEs), currently enjoys positive market sentiment. This has created excitement around the company’s stock debut, making it a highly watched event among investors and market analysts.
Strong Demand in the IPO
The IPO saw strong demand, especially from retail investors. Integrity Infrabuild Developers, based in Mumbai, operates in the infrastructure space, specializing in building roads, bridges, and other civil construction projects. The company offered shares priced between ₹65 and ₹70 each. This IPO was a fresh issue with no shares offered for sale by existing shareholders.
Thanks to a solid order book and ongoing government infrastructure projects, the IPO was oversubscribed more than twice, showing strong confidence from investors.
Subscription Details
The IPO was subscribed 2.17 times overall. In the retail investor segment, the subscription was 2.26 times. Retail investors applied for 12,78,000 shares through 1,065 applications, while only 5,66,400 shares were offered to this segment. Non-Institutional Investors (NII) subscribed 2.09 times, with 92 applications for 11,83,200 shares, matching the shares offered. The total shares offered were 11,32,800, but the company received bids for 24,61,200 shares across all categories. Qualified Institutional Buyers’ (QIB) subscription numbers were not available at the time of reporting.
Use of IPO Funds
Integrity Infrabuild Developers plans to use the money raised from the IPO for key business goals:
- ₹50.30 million will be spent on buying machinery and equipment to improve project execution.
- ₹36.40 million will be allocated to working capital needs, ensuring smooth day-to-day operations.
- ₹24.00 million will be used for general corporate purposes, helping the company maintain financial flexibility for future growth.
Grey Market Premium and Expected Listing Price
As of May 16, 2025, the IPO is trading in the grey market with a premium (GMP) of around ₹15 to ₹18 per share. This suggests the listing price might be between ₹85 and ₹88, indicating a potential listing gain of 21% to 25% above the IPO’s highest price. However, investors should be cautious because grey market premiums are unofficial and can change quickly.
How to Check IPO Allotment Status
Investors who applied for the IPO can check their allotment status easily through two main ways:
Via Registrar Website (Link Intime India Private Limited):
- Visit https://linkintime.co.in
- Click on the ‘Investor Services’ tab.
- Select ‘IPO Allotment’.
- Choose your search method: PAN number, Application Number, or DP/Client ID.
- Enter the required details and captcha code.
- Click ‘Submit’ to see the allotment result.
Via NSE Website:
- Visit https://www.nseindia.com
- Go to the IPO allotment section.
- Select Integrity Infrabuild Developers.
- Enter your details as requested.
- Check your allotment status.
Investors who receive shares will also get allotment details through email and SMS. Refunds for unallotted shares are expected by May 17, 2025, and shares will be credited to successful investors’ demat accounts by May 20, 2025.
About Integrity Infrabuild Developers Limited
Founded in 2017, Integrity Infrabuild Developers Limited is a Class-A civil contractor registered with the Government of Gujarat. The company mainly works on government infrastructure projects in the state. Their work includes constructing roads, bridges, and buildings. While they often serve as the main contractor, sometimes they subcontract work to expand their reach.
As of March 31, 2025, the company had active contracts worth ₹205.98 crore. Out of this, ₹42.91 crore of work has been completed, leaving an order book value of ₹163.07 crore. The company employs 53 full-time staff members, including management, office personnel, and project teams consisting of skilled, semi-skilled, and unskilled workers.
Integrity Infrabuild’s strengths include deep sector experience, technical know-how, strong project management, and a solid financial track record supported by a growing order book and resources.
