New Delhi-based Shivalaya Construction Ltd. has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).
The offer, with a face value of Rs 2, is a mix of fresh issue of shares up to Rs 450 crore and an offer-for-sale up to 24, 861, 900 shares by promoters – Shripal Aggarwal, Pradeep Nandal, Sumitra Nandal, S P Aggarwal & Sons (HUF) and Pradeep Nandal respectively. The offer also includes a subscription reservation by eligible employees, and a discount is being offered to eligible employees bidding in the employee reservation portion.
The proceeds from its fresh issuance worth Rs 450 crore will be utilised for pre-payment or repayment in full or part of certain borrowings of the company for Rs 340 crore and general corporate purposes.
The company, in consultation with the book-running lead managers, may consider a pre-IPO placement, aggregating up to Rs 90 crore. The pre-IPO placement if completed, the fresh issue size will be reduced.
The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not more than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.
The company was originally incorporated as Shivalaya Construction Co Private Limited in 1997 and later transformed to Shivalaya Construction Limited in 2025.
The company is an integrated infrastructure engineering, procurement and construction player with a focus on roads, highways and bridges, having executed 41 projects as of July 31, 2025, across 19 states and union territories in India. The company has more than 25 years of experience in the construction, development and maintenance of roads and highways, which includes specialized structures such as elevated roads, flyovers, bridges and railway over bridges.
As of July 31, 2025, the company has constructed over 2,700 lane kms of roads and highways and has executed projects ranging from 14 lane kms to 210 lane kms and has over 1,500 lane kms of ongoing projects.
The company executes the projects either on an engineering, procurement and construction (EPC) basis or on a hybrid annuity model (HAM) basis. And in its EPC business, the company provides services, which includes the construction of highways, bridges, buildings, and other civil infrastructure projects such as water works.
In its HAM business, the company focuses on the development of roads and highways. As of July 31, 2025, the company has completed 41 projects with 31 road EPC projects, four HAM projects and six other EPC projects, which includes government building projects.
The company has 14 ongoing projects (with five EPC Projects and nine HAM Projects) across Jammu and Kashmir, Haryana, Uttar Pradesh, Maharashtra, Kerala, Karnataka, Jharkhand and Meghalaya, as of July 31, 2025,
Also, out of the company’s nine ongoing HAM projects they have achieved provisional commercial operational date (PCOD) for two projects – the Hariharganj project and Rehla-Garhwa project in Jharkhand.
The company’s order book comprised of 14 projects aggregating up to ₹ 3,626.9 crore, as of July 31, 2025.
And the company’s project bid book as on July 31, 2025, comprised 19 projects aggregating ₹ 6969.8 crore, besides projects in roads and highways and buildings sectors, and they continue to evaluate bids for projects in new sectors and have also bid for two projects in the railways sector aggregating to Rs 1341 crore.
The company’s consolidated revenue from operations increased to Rs 3124.5 crore during Fiscal 2025 from Rs 2731.5 crore during Fiscal 2023. The company benefited from its HAM projects revenue rising to Rs 2613 crore during Fiscal 2025 from Rs 1709.8 crore during FY23.
IIFL Capital, Axis Capital and JM Financial are the book-running lead managers and MUFG Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.