Infra.Market Files Confidential Draft Red Herring Prospectus for IPO

Building materials unicorn Infra.Market has submitted a confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) aiming to raise Rs 5,000 crore via an initial public offering (IPO), as disclosed by sources familiar with the situation. The planned offering is anticipated to consist of both fresh equity shares and an offer-for-sale (OFS) from existing investors, nearly in equal shares.

The Bengaluru-based company has leveraged SEBI’s confidential filing process, which was made available last year, allowing firms to keep crucial financial and strategic information private until the period leading up to their listing. Infra.Market’s initiative follows closely after it secured $83 million in a Series G funding round spearheaded by Silverline Homes, with additional contributions from Tiger Global, Accel, Nexus Ventures, NK Squared, and Evolvence India.

Furthermore, in June, the Bengaluru firm also acquired $150 million in debt financing from Mars Growth Capital. Startup Superb has made inquiries with Infra.Market for further information.

On the financial side, Infra.Market indicated a 23% year-on-year increase in revenue, reaching Rs 14,530 crore in FY24, while its profit saw a remarkable surge of 2.4X, amounting to Rs 378 crore. The financial figures for FY25 have yet to be revealed. Operating in a competitive landscape, Infra.Market competes with companies such as OfBusiness, Zetwerk, and Moglix. Notably, OfBusiness achieved Rs 19,296 crore in revenue for FY24, whereas Zetwerk and Moglix reported revenues of Rs 14,436 crore and Rs 4,964 crore, respectively.

By choosing the confidential filing method initiated by SEBI last year, Infra.Market aligns itself with notable companies like PhonePe, Meesho, Shadowfax, PhysicsWallah, Groww, Shiprocket, boAt, and Aequs, all of which have chosen to keep their draft filings private until just before their listings.