Bookbuilding IPO | ₹[.] Cr | Listing at BSE, NSE |
SEBI has approved the Initial Public Offer (IPO) of Shivalaya Construction Ltd. on December 24, 2025. The company will proceed with next steps to launch the Initial Public Offer (IPO) subject to market conditions and other approvals. The SEBI approval is valid for 12 months.
Shivalaya Construction Ltd. IPO is a Book Build Issue consisting of fresh issue of ₹450.00 crores and an offer for sale (OFS) of upto 2.49 crore equity shares.
The equity shares are proposed to be listed on NSE and BSE. IIFL Capital Services Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced.
Refer to Shivalaya Construction IPO DRHP for more details.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Price Band | |
| Lot Size | |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Fresh Issue | [.] shares (agg. up to ₹450 Cr) |
| Offer for Sale | 2,48,61,900 shares of ₹2 (agg. up to ₹[.] Cr) |
| Share Holding Pre Issue | 47,16,62,505 shares |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Fri, Sep 5, 2025 |
| SEBI/Exchange approval received | Wed, Dec 24, 2025 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to Rs 5 Lakhs | Yes |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Incorporated in 1997, Shivalaya Construction Limited is an integrated infrastructure engineering, procurement, and construction (EPC) company with a strong focus on roads, highways, and bridges. The company has successfully executed 41 projects across 19 states and union territories in India as of July 31, 2025.
The company has developed extensive expertise in the construction, development, and maintenance of roads and highways, including specialized structures such as elevated roads, flyovers, bridges, and railway overbridges.
As of July 31, 2025, Shivalaya Construction has built over 2,700 lane kilometers of roads and highways, with project sizes ranging from 14 lane kilometers to 210 lane kilometers. The company also has a robust pipeline of over 1,500 lane kilometers under execution, spread across 14 ongoing projects. These projects comprise five EPC contracts and nine Hybrid Annuity Model (HAM) projects, located in states such as Jammu and Kashmir, Haryana, Uttar Pradesh, Maharashtra, Kerala, Karnataka, Jharkhand, and Meghalaya.
Of the ongoing HAM projects, the company has already achieved provisional commercial operational dates (PCOD) for the Hariharganj and Rehla-Garhwa projects in Jharkhand. Shivalaya Construction’s order book as of July 31, 2025, stood at ₹36,269.90 million, which includes ₹7,544.37 million from EPC projects and ₹28,725.54 million from HAM projects. These projects span eight states and union territories across northern, southern, western, and eastern India.
The company’s operational strength is supported by a large fleet of 2,516 machines, construction equipment, and vehicles, which enables it to execute multiple projects simultaneously.
Shivalaya Construction employs a workforce of 4,440 personnel.
Shivalaya Construction Ltd.'s revenue decreased by 11% and profit after tax (PAT) dropped by 40% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 6,630.73 | 5,125.35 | 3,183.06 |
| Total Income | 3,200.77 | 3,591.63 | 2,772.08 |
| Profit After Tax | 359.83 | 600.61 | 522.09 |
| EBITDA | 776.23 | 985.84 | 779.51 |
| NET Worth | 2,149.47 | 1,810.77 | 1,227.42 |
| Reserves and Surplus | 2,050.35 | 1,738.18 | 1,201.06 |
| Total Borrowing | 3,048.15 | 1,861.16 | 857.78 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Pre-payment or re-payment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company | 340.00 |
| 2 | General corporate purposes( |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 18.17% |
| ROCE | 18.59% |
| Debt/Equity | 1.10 |
| RoNW | 18.17% |
| PAT Margin | 11.52% |
| EBITDA Margin | 24.84% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 7.63 | |
| Promoter Holding | 100% |
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the BRLMs including underwriting commission, brokerage and selling commission, as applicable | |
| 2 | Commission and processing fees for SCSBs, Bankers to the Offer and Bidding Charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | |
| 3 | Fees payable to the Registrar to the Offer | |
| 4 | Listing fees, SEBI and Stock Exchange filing fees, book building software fees, NSDL and CDSL fee and other regulatory expenses | |
| 5 | Printing and stationery expenses | |
| 6 | Fees payable to legal counsels, Statutory Auditors, practicing company secretary, industry service provider and others | |
| 7 | Advertising and marketing expenses for the Offer | |
| 8 | Fees payable to the legal counsels to the Offer | |
| 9 | Miscellaneous |
Lead Manager Reports
Shivalaya Construction IPO is a main-board IPO of 0 equity shares of the face value of ₹2 aggregating up to ₹[.] Crores. The issue is priced at To be declared. The minimum order quantity is .
The Shivalaya Construction IPO open and close dates are not available as of now.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Shivalaya Construction IPO using UPI as a payment gateway. Zerodha customers can apply in Shivalaya Construction IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Shivalaya Construction IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Shivalaya Construction IPO dates are not announced. Please check back again after some time.
Shivalaya Construction IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Shivalaya Construction IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Shivalaya Construction IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Shivalaya Construction IPO allotment status.
The Shivalaya Construction IPO listing date is not yet announced. The tentative date of listing is .
