Arisinfra Solutions Limited, a tech-enabled B2B supplier of construction and infrastructure materials, has opened its IPO for bidding from June 18 to June 20, 2025. With a proposed fresh issue of ₹499.60 crore through a bookbuilding process, the IPO is expected to debut on the NSE and BSE by June 25.
This article offers a full-fledged analysis of the IPO structure, pricing, grey market trends, business fundamentals, promoter background, financials, valuations, peer comparisons, and expert verdicts.
IPO Summary
| Particulars | Details |
|---|---|
| IPO Open Date | June 18, 2025 |
| IPO Close Date | June 20, 2025 |
| Listing Date | June 25, 2025 (Tentative) |
| Issue Size | ₹499.60 crore (2.25 crore shares) |
| Price Band | ₹210 – ₹222 per share |
| Face Value | ₹2 per share |
| Lot Size | 67 shares |
| Minimum Investment | ₹14,874 |
| Market Capitalisation | ₹1,799.28 crore (Post-issue est.) |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Listing Platform | NSE & BSE |
| Issue Type | 100% Book Building |
Share Reservation
| Category | Reservation (% of Net Issue) |
|---|---|
| QIB | >75% |
| NII (HNI) | <15% |
| Retail Investors | <10% |
The IPO has a QIB-heavy allocation structure, reflecting its institutional appeal and scale of operation.
GMP Update (Grey Market Premium)
As of June 17, 2025, the GMP for Arisinfra Solutions IPO stands at ₹27.
| Date | GMP (₹) | Estimated Listing Price | Expected Listing Gains |
|---|---|---|---|
| 17-June-2025 | ₹27 | ₹247 | 11.26% |
| 16-June-2025 | ₹27 | ₹247 | 11.26% |
| 15-June-2025 | ₹30 | ₹252 | 13.51% |
| 14-June-2025 | ₹30 | ₹252 | 13.51% |
Company Background: Arisinfra Solutions Limited
Incorporated in 2021, Arisinfra Solutions is a digital-first procurement platform for the construction industry. The company facilitates sourcing of bulk construction materials such as:
-
GI Pipes
-
Cement (OPC Bulk)
-
MS Wire
-
Aggregates
-
Rebars
-
Waterproofing Solutions
Key Clients:
-
Capacit’e Infraprojects
-
J Kumar Infraprojects
-
Afcons Infrastructure
-
EMS Limited
-
S.P. Singla Constructions
Differentiators:
-
Data-driven credit risk engine
-
End-to-end logistics and supply chain integration
-
Customizable vendor dashboards and procurement tools
Financial Performance
Consolidated Financial Summary (₹ in Crore)
| Financial Year | 2022 | 2023 | 2024 | Dec 2024 (9M) |
|---|---|---|---|---|
| Revenue | 453.77 | 754.44 | 702.36 | 557.76 |
| Profit After Tax | -6.49 | -15.39 | -17.30 | 6.53 |
| Net Worth | 140.30 | 104.94 | 141.60 | 152.09 |
| Debt | 154.25 | 220.35 | 273.98 | 322.82 |
| Assets | 334.22 | 394.95 | 492.83 | 586.56 |
Observation:
The company has shown strong revenue growth, though it posted losses until FY24. It turned profitable in the first 9 months of FY25. The debt burden remains high but is being addressed through IPO proceeds.
Technical Analysis and Valuation
| Metric | Value |
|---|---|
| EPS (Pre-IPO) | -₹5.30 |
| PE Ratio | Negative |
| Return on Net Worth | -13.14% |
| Market Cap (Post) | ₹1,799.28 cr |
Valuation is considered aggressive, especially with negative earnings. However, turning profitable in FY25 could support re-rating post-listing.
Promoters and Shareholding
Key Promoters:
-
Ronak Kishor Morbia
-
Bhavik Jayesh Khara
-
Jasmine Bhaskar Shah
-
Aspire Family Trust
-
Priyanka Shah Family Trust
| Shareholding | Pre-IPO | Post-IPO |
|---|---|---|
| Promoters | 51.67% | 37.50% |
| Public & Others | 48.33% | 62.50% |
Equity dilution is notable but offers increased liquidity and wider institutional participation.
Peer Comparison
| Company Name | Revenue (Cr.) | PAT Margin | PE Ratio | Industry |
|---|---|---|---|---|
| Arisinfra Solutions | 702.36 | -2.46% | Negative | InfraTech |
| Infra.Market | 3,500+ est. | 4-6% est. | NA | B2B Infra |
| IndiaMart Intermesh | 1,313 | 21.6% | 38 | B2B Mkt |
Although Infra.Market is private, Arisinfra is being compared for its digitized supply platform model.
IPO Objectives and Use of Proceeds
| Objective | Allocation (₹ Cr.) |
|---|---|
| Working Capital | Significant Portion |
| Repayment of Loans | Partial |
| Subsidiary Investment (Buildmex Infra) | Strategic portion |
| General Corporate Purposes | Remaining Balance |
The capital raise is intended to reduce debt load, expand operations, and integrate vertically with existing infrastructure service offerings.
Strengths
-
Technology-first B2B procurement platform
-
Client base with Tier-I infra companies
-
Operating in an under-digitized industry
-
Promoter experience and strategic partnerships
-
Efficient logistics and warehousing model
Risks
-
High debt and negative earnings (until FY24)
-
Vulnerability to commodity and construction cycles
-
IPO pricing may be steep based on fundamentals
-
Working capital-intensive business model
-
Fragmented and low-margin industry
Expert Review
Dilip Davda (Chittorgarh):
“Arisinfra operates in a unique niche of B2B tech-enabled construction supply chain. While the sector is promising, the company has only recently turned profitable. The IPO is priced aggressively given the losses till FY24. Risk-tolerant investors with long-term horizons may consider moderate investment. Conservative investors should wait and watch.”
Subscription & Lot Details
Lot Size
| Category | Minimum Shares | Investment Value |
|---|---|---|
| Retail Min | 67 shares | ₹14,874 |
| Retail Max | 871 shares | ₹1,93,362 |
| S-HNI Min | 938 shares | ₹2,08,236 |
| B-HNI Min | 4,556 shares | ₹10,11,432 |
How to Apply for Arisinfra IPO
-
Log in to your demat account (Groww, Zerodha, Upstox, etc.)
-
Navigate to the IPO section and select Arisinfra Solutions
-
Choose the lot size and submit your application
-
Approve UPI mandate to block funds
-
Wait for allotment status update
How to Check Allotment
Via NSE:
-
Visit NSE’s IPO allotment page
-
Select ‘Arisinfra Solutions’
-
Enter PAN or Application Number
-
Submit to view status
Via Registrar (MUFG Intime India Pvt Ltd):
-
Click on IPO Allotment
-
Fill in details (PAN/Application ID)
-
View result
Final Verdict: Should You Subscribe?
| Parameter | Verdict |
|---|---|
| Business Model | Promising but evolving |
| Profitability | Recently turned profitable |
| Valuation | Aggressive |
| GMP Trend | Moderate positive interest |
| Risk Level | Medium to High |
| Ideal For | Informed long-term investors |
Recommendation:
Investors with a long-term view and tolerance for moderate risk can consider applying. Those seeking only short-term listing gains should track subscription momentum and institutional interest before applying.
ALSO READ: Influx Healthtech IPO Opens: Key Details & Review
