Shivalaya Construction Ltd Files DRHP with SEBI for IPO, Plans to Raise ₹450 Crore by Fresh Issue

Shivalaya Construction Ltd, the New Delhi-based infrastructure engineering, procurement and construction (EPC) company, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO). The company plans to raise ₹450 crore through a fresh issue, while the promoters and investors will sell up to 2.48 crore equity shares via an offer-for-sale (OFS).

Shripal Aggarwal, Pradeep Nandal, Sumitra Nandal, S. P. Aggarwal & Sons (HUF), and Pardeep Nandal (HUF) are the selling shareholders for the Shivalaya Construction IPO, comprising the promoter group. 

Shivalaya Construction Limited - IPO Details

According to the DRHP, 

• Shivalaya Construction's IPO will be a bookbuilding IPO, consisting of a fresh issue of ₹450 crore and an offer for sale (OFS) of 2.48 crore equity shares, each with a face value of ₹2.
• The equity shares are proposed to be listed on the National Stock Exchange (NSE) and BSE, as per the DRHP.
• IIFL Capital Services Limited (formerly known as IIFL Securities Limited), Axis Capital Limited and JM Financial Limited are the book-running lead managers of the public issue.
• MUFG Intime India Private Limited (Formerly Link Intime India Private Limited) will be the registrar for the Shivalaya Constructions IPO.

Utilisation of Proceeds

The Company proposes to utilise the Net Proceeds from the fresh issue for the following purposes:

• Pre-payment or re-payment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company.
• General corporate purposes.

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About Shivalaya Construction Limited

Shivalaya Construction Limited, headquartered in New Delhi, is an integrated EPC player focused on roads, highways and bridges, with projects across northern and eastern India and other regions.

The company has executed a range of projects, including highways, bridges, buildings, and waterworks, and has delivered government building projects with an emphasis on quality and timely execution. It is registered as a government contractor in several states.

In FY2025, Shivalaya reported revenue from operations of ₹3,124.5 crore (down 11.68% YoY from ₹3,537.6 crore), and profit after tax of ₹359.8 crore (down ~40% YoY from ₹600.6 crore)

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