New IPO: Shivalaya Construction Plans To Raise Rs 450 Crore Through Fresh Issue

Shivalaya Construction Ltd. has filed its preliminary papers with the capital markets regulator SEBI to raise funds via an initial public offering. The IPO includes a mix of fresh issue of shares worth Rs 450 crore and an offer-for-sale of up to 2.49 crore shares by promoter and promoter group selling shares.

The equity shares are proposed to be listed on the National Stock Exchange of India Ltd and BSE Ltd. Details regarding IPO price band, bidding period, minimum investment, etc., will be disclosed after SEBI approval.

Shripal Aggarwal, Pradeep Nandal and Sumitra Nandal are the promoters offloading shares in the offer for sale. SP Aggarwal and Sons, Pardeep Nandal are the shareholders selling stakes.

IIFL Capital Services Ltd., Axis Capital Ltd., and JM Financial Ltd. are the book-running lead managers for the issue and MUFG Intime India Pvt. will be the registrar of the issue.

Proceeds from the fresh issue will be utilised towards funding of pre-payment or re-payment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company; and general corporate purposes.

Shivalaya Construction is an integrated infrastructure engineering, procurement and construction player with a focus on roads, highways and bridges. As of July 31, 2025, the company has executed 41 projects, across 19 states and union territories in India. The company has more than 25 years of experience in the construction, development and maintenance of roads and highways which includes specialised structures such as elevated roads, flyovers, bridges and railway over bridges.

As of July 31, the company has constructed over 2,700 lane kms of roads and highways and have executed projects ranging from 14 lane kms to 210 lane kms and have over 1,500 lane kms of ongoing projects.