Dhariwal Buildtech Ltd Sets Rs 950 Crore IPO in Motion

Infrastructure construction company Dhariwal Buildtech Ltd has filed draft papers with market regulator Sebi to raise Rs 950 crore through an Initial Public Offering (IPO).

The Haryana-based company plans a fresh issue of equity shares, with no Offer For Sale (OFS) in its maiden offering, as per the Draft Red Herring Prospectus (DRHP) submitted on Saturday.

The funds raised will be allocated as follows: Rs 203 crore for the purchase of construction equipment, Rs 174.2 crore for debt payment, Rs 300 crore towards subsidiary debt, and the rest for general corporate purposes.

Dhariwal Buildtech may opt for a pre-IPO placement of Rs 190 crore, potentially reducing the fresh issue size.

The company leads in infrastructure construction, focusing on roads, highways, bridges, tunnels, railways, irrigation, and other civil works.

As of March 31, 2025, it completed over 29 projects across eight states with a contract value of Rs 2,117.6 crore and continues with 27 ongoing projects across India.

Its order book stood at Rs 4,767 crore with projects in 10 states as of March 2025. Financially, Dhariwal Buildtech posted Rs 1,153 crore in revenue and Rs 160.59 crore in profit after tax for Fiscal 2025.

SBI Capital Markets and HDFC Bank have been appointed as book-running lead managers for the IPO.