Infra.Market Files Confidential IPO Papers With SEBI

SUMMARY

The company is looking to raise around INR 5,000 Cr ($563.3 Mn) via the IPO, which will have equal component of fresh issue and OFS

Two weeks ago, Inc42 exclusively reported that the unicorn raised INR 731.58 Cr (around $83 Mn) in its Series G funding round at a valuation of $2.8 Bn

In July this year, Infra.Market bought a majority stake in ceramic tiles manufacturer Metro Group in a share swap deal worth INR 200 Cr

Building materials platform Infra.Market has pre-filed its IPO papers with the Securities and Exchange Board of India (SEBI) via the confidential route, sources told Inc42.

The company is looking to raise around INR 5,000 Cr ($563.3 Mn) via the IPO, which will have equal component of fresh issue and offer for sale (OFS), the sources added.

Inc42 has reached out to Infra.Market for comments on the development. The story will be updated on receiving a response.

This comes two weeks after Inc42 exclusively reported that the unicorn raised INR 731.58 Cr (around $83 Mn) in its Series G funding round from its promoter group entity Silverline Homes Pvt Ltd and other investors at a valuation of $2.8 Bn.

Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market is a marketplace for construction materials. Additionally, it is engaged in manufacturing construction materials under its private label brands.

The company sells via B2B and retail network, leveraging technology to digitise the procurement process. Its product portfolio includes ready-mix concrete, tiles and paints under brands like RDC Concrete, Million Tiles and Shalimar Paints.

In July this year, Infra.Market bought a majority stake in ceramic tiles manufacturer Metro Group in a share swap deal worth INR 200 Cr.

Prior to that, Infra.Market also acquired a 57% stake in Emcer Tiles. The company has relied on acquisitions over the years to broaden its portfolio and expand offerings. It also acquired RDC Concrete and Shalimar Paints in 2021 and 2022, respectively.

In terms of funding, Infra.Market has raised over $700 Mn to date from marquee investors like Tiger Global, Evolvence, Foundamental GmbH, Nikhil Kamath, Capri Global, Accel, Nexus, among others.

On the financial front, its net profit jumped 144% to INR 378 Cr in FY24 from INR 155 Cr in the previous year. Revenue grew 23% to INR 14,530 Cr in the year under review, from INR 11,846.5 Cr in FY23.

This comes at a time when a number of new-age tech companies have taken the confidential route to file their IPO papers. Last week, PhonePe filed its DRHP confidentially. It is looking to raise about INR 12,000 Cr ($1.35 Bn) via an OFS.

Aequs, Shadowfax, Captain Fresh, Groww, PhysicsWallah, and boAt are among the other new-age tech companies which pre-filed their draft IPO papers.