Building materials marketplace Infra.Market has filed its initial public offering (IPO) papers confidentially with SEBI, signalling plans to raise around ₹5,000 crore ($563 million) through a mix of fresh issue and offer for sale (OFS).
The move follows Infra.Market’s recent Series G raise of ₹731.58 crore at a valuation of $2.8 billion. Infra.Market, founded in 2016 by Souvik Sengupta and Aaditya Sharda, operates a B2B marketplace for construction materials, and increasingly also manufactures under private label brands.
Over the years, the firm has backed its expansion via acquisitions; in July, it acquired a majority stake in ceramic tiles maker Metro Group through a share-swap deal worth ₹200 crore. It previously invested in Emcer Tiles, RDC Concrete, and Shalimar Paints as part of its strategy to control more of its value chain.
Financially, Infra.Market has shown strong growth: FY24 net profit rose 144% to ₹378 crore from ₹155 crore the prior year, while revenue increased by 23% to ₹14,530 crore.
The confidential IPO route is gaining traction among new-age Indian tech and platform firms. For example, PhonePe recently filed its draft red herring prospectus (DRHP) confidentially. Other companies such as Aequs, Shadowfax, Captain Fresh, Groww, PhysicsWallah, and boAt have also adopted a similar approach.
If successful, this IPO would mark one of the largest public listings in India’s tech and infrastructure space. Infra.Market’s listing could act as a bellwether for investor appetite in infrastructure-tech and building materials supply chains.
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