New Delhi, Sep 29 Infrastructure construction company Dhariwal Buildtech Ltd has filed draft papers with markets regulator Sebi to mobilise Rs 950 crore through an Initial Public Offering (IPO).
The Haryana-based company's maiden offering is completely a fresh issue of equity shares with no Offer For Sale (OFS) component, according to the Draft Red Herring Prospectus (DRHP) filed on Saturday.
Proceeds worth Rs 203 crore will be utilised for purchase of construction equipment; Rs 174.2 crore and Rs 300 crore will go towards debt payment of the company and its subsidiaries respectively and rest for general corporate purposes.
The company may consider a pre-IPO placement of Rs 190 crore. If such initiative is undertaken, the fresh issue size will be reduced accordingly.
Dhariwal Buildtech is the leading infrastructure construction company specialising in the construction of roads, highways, state highways, PMGSY roads, bridges, railway over bridges as well as tunnels, railways, irrigation, rural infrastructure and other civil works.
As of March 31, 2025, the company completed over 29 projects across 8 states with a consolidated contract value of around Rs 2,117.6 crore.
Additionally, it has 27 ongoing projects spread across India. The company had an order book of Rs 4,767 crore with projects spread across 10 states as of March 2025.
On the financial front, revenue from operations stood at Rs 1,153 crore and profit after tax at Rs 160.59 crore in Fiscal 2025.
To manage the public offering, SBI Capital Markets and HDFC Bank have been appointed as book-running lead managers.