NNT Developers IPO
NNT Developers Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue only. As of SEBI's report dated 30 October 2026, SEBI has asked the lead manager for clarifications. The draft proposes a fresh issue only of up to 1,72,00,000 shares, with no offer for sale. In FY26 the company made a profit of ₹21.57 crore on revenue of ₹223.66 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI has asked questionsSEBI report, 30 Oct 2026
- SEBI received draft
- 5 Oct 2026
- Type of issue
- Fresh issue only
- Lead manager
- Vatsa Capital Venture Private Limited
- Last SEBI contact
- 9 Oct 2026
- Price band and dates
- Not announced
Where it stands
NNT Developers IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI5 Oct 2026
- SEBI reviewSEBI has asked questions
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has sought clarifications and is waiting for the lead manager to reply.
SEBI received the draft on 5 October 2026, 32 days ago, and its last communication on the draft was on 9 October 2026 (day count is our calculation).
DRHP at a glance
NNT Developers DRHP at a glance
Draft red herring prospectus, 30 Sep 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 233) and Basis for Issue Price, KPIs (p. 118)NNT Developers is a Patna-based construction and EPC company. It builds, repairs and maintains roads, railway works, flood protection and river works, water supply systems, public buildings, agricultural markets and tourism parks for government departments, public sector undertakings and institutions.
Its completed projects include 7 road, 2 railway, 15 river protection and flood control, 7 building, 1 water supply and 6 agricultural market projects. Work is won mostly through tenders and is mainly in Bihar. Government customers gave 58.00% of FY26 revenue. It was incorporated on 17 April 2017.
The offer
DRHP cover page and The Issue (p. 70)| Fresh issue | Up to 1,72,00,000 shares₹ amount set with the price; money goes to the company |
| Shares before the IPO | 3,99,99,980The fresh issue equals about 43.0% of them (ours) |
| Pre-IPO placement | Amount not setOptional; up to 20% of the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Vatsa Capital Venture Private Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Suyash Kumar, Jitendra Singh and Shrawan Singh |
What the company plans to do with the money
DRHP, Objects of the Issue (p. 100 to 101)| Object | ₹ crore |
|---|---|
| Machinery and equipment | 24.61 |
| Long-term working capital | 75.00 |
| Repaying or prepaying working capital loans | 22.00 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
Amounts are what the net proceeds will fund. The named objects add to ₹121.61 crore (our sum). The fresh issue size in ₹ is set with the price, so each object's share is not shown yet.
Financials
DRHP, Summary of Financial Information (p. 72 to 75) and Basis for Issue Price, KPIs (p. 116 to 118), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 144.30 | 207.14 | 223.66 |
| EBITDA | 17.84 | 31.51 | 32.93 |
| EBITDA margin | 12.36% | 15.21% | 14.72% |
| Profit after tax | 9.44 | 20.40 | 21.57 |
| Diluted EPS (₹) | 2.62 | 5.53 | 5.39 |
| Net worth | 41.81 | 77.23 | 98.81 |
| Cash from operations | 15.57 | -4.67 | -1.86 |
| Return on net worth | 22.57% | 26.42% | 21.83% |
| Debt to equity | 0.66 | 0.34 | 0.39 |
| Revenue from government customers | 93.06% | 61.27% | 58.00% |
Restated consolidated figures. Net worth is as given in the KPI table; for FY25 it leaves out ₹0.50 crore of share application money. Return on net worth uses year-end net worth. Revenue grew about 24.5% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Issue Price (p. 117 to 118). Peer prices as of 23 Sep 2026 on NSE and BSE.The P/E for NNT Developers is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| NNT Developers (FY26) | 5.39 | Set with the price band | 21.83% |
| Likhitha Infrastructure | 9.94 | 27.1x | 9.37% |
| Bondada Engineering | 18.25 | 14.4x | 28.82% |
| EMS | 16.30 | 29.9x | 8.62% |
| Suyog Telematics | 52.40 | 13.3x | 12.88% |
Risks the draft lists first
DRHP, Risk Factors (p. 28 to 33)- Government workMost revenue comes from government projects, so it depends on government spending and policy. (Risk factor 1, p. 28)
- Regional concentrationMuch of the revenue comes from Bihar, Madhya Pradesh, West Bengal and Jharkhand. (Risk factor 2, p. 29)
- Customer concentrationThe top customer gave 85.55% of revenue. (Risk factor 4, p. 30)
- ReceivablesTrade receivables were ₹93.27 crore on 31 March 2026 and may not be collected on time. (Risk factor 5, p. 31)
- BlacklistingAny blacklisting or debarment by government bodies would stop it from bidding. (Risk factor 7, p. 32)
- Working capitalThe business needs a lot of working capital. (Risk factor 9, p. 33)
Documents
NNT Developers DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
NNT Developers IPO FAQs
When will the NNT Developers IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 32 days ago (our calculation).
Has SEBI approved the NNT Developers IPO?
SEBI has sought clarifications and is waiting for the lead manager to reply. Source: SEBI processing status as on 30 October 2026.
What is the NNT Developers IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the NNT Developers IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the NNT Developers IPO?
Vatsa Capital Venture Private Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will NNT Developers do with the IPO money?
According to the DRHP, the fresh issue money goes to machinery and equipment (₹24.61 crore), long-term working capital (₹75.00 crore), repaying or prepaying working capital loans (₹22.00 crore), and the rest to general corporate purposes.
What does NNT Developers do?
NNT Developers is a Patna-based construction and EPC company. It builds, repairs and maintains roads, railway works, flood protection and river works, water supply systems, public buildings, agricultural markets and tourism parks for government departments, public sector undertakings and institutions.
Where can I read the NNT Developers DRHP?
On SEBI's website, where the draft red herring prospectus was published on 5 October 2026. The draft is dated 30 September 2026 and runs to 466 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 30 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.