Shivalaya Construction IPO
Shivalaya Construction Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. SEBI issued its observations on 24 December 2025, so the company can open the IPO any time up to 24 December 2026. The draft proposes a fresh issue of up to ₹450 crore and an offer for sale of up to 2,48,61,900 shares by promoters Shripal Aggarwal, Pradeep Nandal and Sumitra Nandal and two family HUFs. In FY25 the company made a profit of ₹359.83 crore on revenue of ₹3,124.53 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued24 Dec 2025
- SEBI received draft
- 9 Sep 2025
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- IIFL Securities Limited
- Must open by
- 24 Dec 202612 months from observations
- Price band and dates
- Not announced
Where it stands
Shivalaya Construction IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI9 Sep 2025
- SEBI reviewDone
- SEBI observations24 Dec 2025
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
Shivalaya Construction DRHP at a glance
Draft red herring prospectus, 5 Sep 2025What 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. 219 to 220) and Risk Factors (p. 41 to 47)Shivalaya Construction builds roads, highways and bridges, including elevated roads, flyovers and railway over bridges, on EPC and hybrid annuity (HAM) contracts. Government bodies gave 95.80% of FY25 revenue. It has over 25 years of experience.
As of 31 July 2025 it had completed 41 projects across 19 states and union territories, built over 2,700 lane km of roads, and had 14 projects under way in Jammu and Kashmir, Haryana, Uttar Pradesh, Maharashtra, Kerala, Karnataka, Jharkhand and Meghalaya. It was incorporated in 1997 and is based in New Delhi.
Revenue by contract type, FY25
- Hybrid annuity (HAM) projects: 83.63%
- EPC and other (ours, the remainder): 16.37%
The offer
DRHP cover page and The Offer (p. 94)| Fresh issue | Up to ₹450 croreMoney goes to the company |
| Offer for sale | Up to 2,48,61,900 sharesShripal Aggarwal 1,16,13,645; Sumitra Nandal 62,15,475; Pradeep Nandal 57,65,475; S P Aggarwal & Sons (HUF) 8,17,305; Pardeep Nandal (HUF) 4,50,000. Average costs ₹0 to ₹0.83 a share |
| Shares before the IPO | 47,16,62,505Face value ₹2. The offer for sale is about 5.3% of them (ours) |
| Pre-IPO placement | Up to ₹90 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | IIFL Capital Services Limited, Axis Capital Limited and JM Financial Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Shripal Aggarwal, Pradeep Nandal, Sumitra Nandal, Sahil Aggarwal and Sumit Nandal |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 139 to 140)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Repaying or prepaying certain borrowings | 340.00 | 75.6% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹450 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary Financial Information (p. 97 to 99) and Basis for Offer Price, KPIs (p. 156 to 158), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 2,731.54 | 3,537.57 | 3,124.53 |
| EBITDA | 779.51 | 985.84 | 776.23 |
| EBITDA margin | 28.54% | 27.87% | 24.84% |
| Profit after tax | 522.09 | 600.61 | 359.83 |
| Diluted EPS (₹) | 10.67 | 12.49 | 7.29 |
| Net worth | 1,227.42 | 1,810.77 | 2,149.47 |
| Cash from operations | 91.11 | -653.95 | -942.42 |
| Return on equity | 54.37% | 39.54% | 18.17% |
| Net debt to equity | 0.21 | 0.63 | 1.10 |
| Net working capital (days) | 73.65 | 41.68 | 29.84 |
| Order book | 6,592.24 | 3,957.65 | 2,835.86 |
Restated consolidated figures. Profit after tax is as shown in the KPI table, before minority interest. Net worth is total equity. Revenue and profit fell in FY25, and the order book has shrunk each year.
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 157). Peer prices as of 2 Sep 2025 on BSE.The P/E for Shivalaya is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Shivalaya Construction (FY25) | 7.29 | Set with the price band | 18.17% |
| G R Infraprojects | 104.81 | 12.17x | 12.72% |
| H.G. Infra Engineering | 77.55 | 12.87x | NA |
| KNR Constructions | 35.62 | 5.51x | NA |
| PNC Infratech | 31.79 | 9.56x | NA |
| Ashoka Buildcon | 60.35 | 3.15x | NA |
| Ceigall India | 17.04 | 14.89x | 16.00% |
| Dilip Buildcon | 51.71 | 9.12x | 4.36% |
Risks the draft lists first
DRHP, Risk Factors (p. 41 to 47)- Government contractsGovernment bodies gave 95.80% of FY25 revenue. (Risk factor 1, p. 41)
- Customer concentrationThe top 10 customers gave 95.35% of FY25 revenue. (Risk factor 2, p. 43)
- HAM projectsHybrid annuity projects gave 83.63% of FY25 revenue, so it needs to keep winning them. (Risk factor 3, p. 44)
- Competitive biddingAll projects are won through bids, which it may not win. (Risk factor 4, p. 45)
- Order bookActual income may be much lower than the order book suggests. (Risk factor 5, p. 46)
- State concentrationFive states made up 89.50% of the order book on 31 July 2025. (Risk factor 6, p. 47)
Documents
Shivalaya Construction 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
Shivalaya Construction IPO FAQs
When will the Shivalaya Construction IPO open?
The date is not announced. SEBI issued observations on 24 December 2025, and SEBI rules require the IPO to open within 12 months of that date, so by 24 December 2026 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Shivalaya Construction IPO?
Yes. SEBI issued its final observations on 24 December 2025 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the Shivalaya Construction 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 Shivalaya Construction 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 Shivalaya Construction IPO?
IIFL Securities 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 Shivalaya Construction do with the IPO money?
According to the DRHP, the fresh issue money goes to repaying or prepaying certain borrowings (₹340.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Shivalaya Construction do?
Shivalaya Construction builds roads, highways and bridges, including elevated roads, flyovers and railway over bridges, on EPC and hybrid annuity (HAM) contracts. Government bodies gave 95.80% of FY25 revenue. It has over 25 years of experience.
Where can I read the Shivalaya Construction DRHP?
On SEBI's website, where the draft red herring prospectus was published on 9 September 2025. The draft is dated 5 September 2025 and runs to 490 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 5 September 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.