Arisinfra Solutions is a B2B technology-enabled platform focused on digitizing the procurement process for construction materials. Arisinfra Solutions IPO is a book-built issue, consisting entirely of a fresh issue of 22.5 million equity shares, with no offer-for-sale component. The total size of the issue is ₹499.60 crore.
| IPO opens | June 18, 2025 |
| IPO Closes | June 20 2025 |
| IPO Size (Rs.) | ₹499.60 Cr |
| Breakup | fresh issue only |
| Face Value: | ₹ 2 |
| IPO Price Rs : | ₹210 to ₹222 per share |
| Minimum Lot | 67 Shares |
| Listing At | NSE , BSE (mainboard) |
| QIB | ~75% |
| NII Quota | ~15% |
| Retail Quota | ~10% |
| BRLM | IIFL Capital Services, JM Financial, and Nuvama Wealth Management |
| Registrar | MUFG Intime India Pvt Ltd |
Arisinfra Solutions Limited :
- Arisinfra Solutions Limited is a B2B technology-enabled company established in 2021
- It is operating in the construction materials sector in India. The company provides an end-to-end digital solution for the procurement of construction materials such as aggregates, cement, steel, ready-mix concrete, and walling solutions.
- Its digital platform is designed to simplify and digitize the sourcing and purchasing process for real estate developers, infrastructure companies, and contractors, leveraging a large network of vendors and customers across major cities.
Financials : Arisinfra Solutions Limited
Arisinfra Solutions reported a revenue of ₹702 crore in FY24, with a net loss of ₹17.3 crore. However, for the nine months ending December 2024, the company posted a net profit of ₹6.52 crore, showing a turnaround from previous losses.
| Particulars | 9MFY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Share Capital (Rs. Cr) | 9.25 | 1.16 | 1.16 | 1.16 |
| Net Worth (Rs. Cr) | 152.08 | 141.60 | 104.94 | 140.29 |
| Revenue from Operations (Rs. Cr) | 557.76 | 702.35 | 754.43 | 453.76 |
| EBITDA (Rs. Cr) | 39.88 | 13.01 | -0.10 | -1.06 |
| Adjusted EBITDA (Rs. Cr) | 45.17 | 38.72 | -0.46 | 7.20 |
| Adjusted Margin (%) | 8.27 | 5.56 | -0.06 | 1.59 |
| Profit/(Loss) After Tax (Rs. Cr) | 6.52 | -17.29 | -15.39 | -6.4 |
Anchors: Arisinfra Solutions Limited
The total anchor allocation is 1,01,26,946 shares, representing about 45% of the IPO size. Top 10 anchor investors:
| Anchor Investor | % Allocation (Approximate) |
|---|---|
| Astorne Capital VCC | 9.9% |
| Niveshaay Hedgehogs Fund | 9.9% |
| Citigroup Global Markets Mauritius | 9.9% |
| Rajasthan Global Securities | 9.9% |
| Sunrise Investment | 9.9% |
| Nexus Global Opportunities Fund | 9.9% |
| Zeal Global Opportunities Fund | 9.9% |
| Saint Capital Fund | 9.9% |
| Beacon Stone Capital | 9.9% |
| Susquehanna Pacific Pty Ltd | 9.9% |
Achor allocation, includes participation by PharmEasy’s CEO Siddharth Shah (a co-promoter) and Think Investments (a Silicon Valley fund)
Salient Points: Arisinfra Solutions IPO
- Entirely Fresh Issue
- Rs. 205 cr. towards debt repayment
- Rs. 225 cr working cap
- Rs. 70 cr towards unidentified M&A and general corporate purposes
- Rs. 80 cr raised in pre-IPO in Jan 2025, at Rs. 222 per share, from domestic UHNIs. Marquee domestic investors like Mankekar family, Mukul Agrawal etc. are company’s shareholders.
- Product wise bifurcation:
Aggregates ~31%, Ready mix concrete RMC ~21%, Steel ~17%, Cement ~8%, Walling Solutions ~4%, Construction Chemicals ~1%, Tiles, plywood, electrical, sanitary, plumbing materials ~14% - Some clients:
- From a startup in FY2021 with negligible revenue, it achieved ₹452 crore revenue in FY2022, then ₹746 crore in FY2023, before settling at ₹697 crore in FY2024
- ArisInfra as an early leader formalizing a largely unorganized procurement sector. ArisInfra’s platform had onboarded 1,700+ vendors and 2,600+ customers across 20+ cities within three year. 14.1 million MT of materials was delivered (Apr 2021–Dec 2024) by them through a streamlined RFQ process.
- Company’s till last year was incurred losses and has high working capital requirements.
- Peers: None mentioned in RHP. However a B2Cplayer in construction materials, Shankara Building Products has reported a topline of Rs, . 5,700 cr topline, 1.3% net profit margin, an is quoting at a PE of 33x.
- Promoter’s stake of 52.5% will drop to 38%, post IPO which is not encouraging.
- In late FY2023, company started purchasing directly from manufacturers to fulfill orders rather than intermediaries. This has improved margins but has increased working capital requirements,
- The debtors turnover stretched from 102 days in FY22 to 137 days in FY24, reflecting the long credit periods which may be common in construction industry.
- I may not apply in Arisinfra Solutions IPO. Long receivables cycle is likely to exert pressure on return, Issue is aggressively priced and recovery shown by the company is still in nascent stage.
- GMP as per social media is Rs. 20 (9%)
- This post is exploratory and educational purposes only.
- Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . I have in the past cleared some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Do check the data from company’s RHP and exchanges before making any decision. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.