A Haryana-based infrastructure construction company, Dhariwal Buildtech, has filed a draft red herring prospectus (DRHP) with the capital markets regulator, Securities and Exchange Board of India (SEBI), over the weekend to raise funds via an initial public offering (IPO).
Dhariwal Buildtech IPO will entirely be a fresh issue worth up to ₹950 crore, with no offer for sale component. This means all proceeds will go to the company and not the selling shareholders.
The company, though, in consultation with the book-running lead managers, may consider a pre-IPO placement offer of up to ₹190 crore — 20% of the size of the fresh issue. If such a placement is completed, the company will reduce the IPO size.
The IPO also includes a reservation for subscription by eligible employees. The offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not more than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders, respectively.
According to the DRHP filed, Dhariwal Buildtech plans to use the proceeds from the IPO worth ₹300 crore for investment in material subsidiaries for repayment of borrowings. Furthermore, ₹203 crore is earmarked for funding capital expenditure for the purchase of construction equipment, ₹174.2 crore for repayment of all or certain borrowings availed, and the remaining for general corporate purposes.
About Dhariwal Buildtech
Dhariwal Buildtech specialises in the construction of roads, highways, state highways, PMGSY roads, bridges, railway over bridges, as well as tunnels, railways, irrigation, rural infrastructure and other civil work.
Since the commencement of business in 2017, until as of March 31, 2025, Dhariwal Buildtech has completed over 29 projects across eight states with a consolidated contract value of around ₹2,117.62 crore.
As of FY25, it has 27 ongoing projects spread across India, wherein the clientele comprises of various government-owned entities and departments within the specific states. Meanwhile, its order book stood at ₹4766.9 crore with projects spread across 10 states.
Revenue from operations has grown from ₹618.51 crore in Fiscal 2023 to ₹1,152.98 crore in Fiscal 2025, with a CAGR of 36.53%. EBITDA has increased from ₹105.29 crore in Fiscal 2023 to ₹246.57 crore in Fiscal 2025, with a CAGR of 53.03%. PAT has grown from ₹64.39 crore in Fiscal 2023 to ₹160.59 crore in Fiscal 2025, with a CAGR of 57.93%.
SBI Capital Markets Limited and HDFC Bank Limited are the book-running lead managers, and MUFG Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.
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