Infra.Market files confidential DRHP with SEBI for Rs 5,000 Cr IPO

Building materials unicorn Infra.Market has filed a confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 5,000 crore through an initial public offering (IPO), according to sources aware of the development.

The proposed issue is expected to be a mix of fresh equity shares and offer-for-sale (OFS) by existing investors, in almost equal proportion.

The Bengaluru-based firm has taken advantage of SEBI’s confidential filing mechanism, introduced last year, which allows companies to keep sensitive financial and strategic details under wraps until closer to listing.

Infra.Market’s move comes just weeks after it raised $83 million in a Series G round led by Silverline Homes, with participation from Tiger Global, Accel, Nexus Ventures, NK Squared, and Evolvence India. 

Earlier in June, the Bengaluru-based company also secured $150 million in debt funding from Mars Growth Capital.

Entrackr has reached out to Infra.Market for more details.

On the financial front, Infra.Market reported a 23% year-on-year jump in revenue to Rs 14,530 crore in FY24, while its profit surged 2.4X to Rs 378 crore. The FY25 numbers are yet to be disclosed. The firm operates in a competitive space with OfBusiness, Zetwerk, and Moglix. OfBusiness clocked Rs 19,296 crore in revenue in FY24, while Zetwerk and Moglix posted Rs 14,436 crore and Rs 4,964 crore, respectively.

By opting for the confidential filing route introduced by SEBI last year, Infra.Market joins the likes of PhonePe, Meesho, Shadowfax, PhysicsWallah, Groww, Shiprocket, boAt, and Aequs, which have kept their draft filings under wraps until closer to listing.