Dhariwal Buildtech Files DRHP For IPO To Raise Rs 950 Crore

Dhariwal Buildtech Ltd. has filed its draft red herring prospectus with the Securities and Exchange Board of India to raise up to Rs 950 crore through an initial public offering of fresh equity shares.

Incorporated in Hisar, Haryana, the company will issue new shares aggregating up to Rs 950 crore, with a face value of Rs 10 each. There is no offer-for-sale component added to the IPO.

Dhariwal Buildtech may also consider a pre-IPO placement of up to Rs 190 crore, or 20% of the fresh issue size, which would reduce the public offering amount accordingly.

The equity shares are proposed to be listed on both the BSE Ltd. and the National Stock Exchange of India Ltd.

Proceeds from the fresh issue are intended for general corporate purposes and to fund future growth initiatives.

As for the price band, lot size, and issue dates, they will be determined in consultation with the book-running lead managers and announced at least two working days before the IPO opens.

SBI Capital Markets Ltd. and HDFC Bank Ltd. are acting as the book-running lead managers, while MUFG Intime India Pvt. Ltd. will serve as the registrar to the issue.

The company was originally incorporated in 2016 as SKC Infra Projects Ltd. and renamed Dhariwal Buildtech Ltd. in 2018 to reflect its broader business scope.

Dhariwal Buildtech is involved in the business of infra and highway development. It usually operates through multiple subsidiaries and joint ventures.

Some of the main promoters include Chet Ram Dhariwal, Aditya Dhariwal, Chet Ram Dhariwal HUF, Saroj Dhariwal, Navita, Deepak Dhariwal and Mohinder Singh Dhariwal.