Accel-backed Infra. Market files for ₹5,000cr IPO via confidential route
What's the story
Accel-backed Infra. Market, a company specializing in construction materials solutions, has filed for an initial public offering (IPO) worth ₹5,000 crore. The filing was made through the confidential route as the company looks to capitalize on India's booming infrastructure sector. According to Moneycontrol, the split between primary and offer-for-sale (OFS) components is likely to be roughly 50:50.
Financial growth
Recent funding round led by Nikhil Kamath's family office
The IPO filing comes just weeks after Infra. Market raised ₹730 crore in a Series G round, which is likely its last private fundraising before going public. The round was led by Zerodha co-founder Nikhil Kamath's family office NKSquared with an investment of ₹200 crore. Founders Souvik Sengupta and Aaditya Sharda also contributed ₹250 crore, while existing investors Accel, Tiger Global, Nexus, and Evolvence invested a total of ₹280 crore.
Business expansion
Financials and recent fundraising efforts
Infra. Market ended with revenues of ₹18,000 crore and EBITDA of ₹1,500 crore. Its profit after tax stood at ₹300 crore. The company has been diversifying its investor base while gearing up for its IPO, which is expected later this year. Earlier this year, Infra. Market raised $120 million from a host of existing and new investors, including Tiger Global, Foundamental, Evolvence, among others.
Industry standing
About Infra. Market and its offerings
Founded in 2016 by Sengupta and Sharda, Infra. Market offers end-to-end construction materials solutions across over 15 categories. These include concrete, steel, walling, tiles, paints, and electricals. The company operates through a network of over 250 manufacturing units and 10,000 retail touchpoints across India. It serves both institutional clients (B2B) as well as retail outlets (B2R).
Strategic advantage
Market position and confidential filing details
Infra. Market is the second-largest player in India by revenue in the ready-mix concrete (RMC) segment. It also ranks second by capacity in AAC blocks and flooring tiles. The company's IPO was filed through SEBI's confidential pre-filing route, which allows companies to keep sensitive business details or financial metrics and risks under wraps from rivals. This way, issuers can maintain confidentiality until they arrive at a final decision on listing.