B2B ecommerce platform Infra.Market is in discussions with investment banks for its initial public offering (IPO).
The company is planning to make a syndicate of around 4-5 investment banks to lead the $300-400 million public offering.
The IPO is likely to include a fresh issue of shares and secondary share sale. The proceeds are planned to be deployed for the repayment of debt incurred for the startup’s growth endeavors. The plan is still in early stage and no numbers have been finalised yet.
Souvik Sengupta and Aaditya Sengupta cofounded Infra.Market in 2016. The B2B ecommerce startup manages a marketplace for construction products such as concrete, fittings, pipes, chemicals, steel, and the value chain from manufacturing to logistics.
The Sengupta-led startup has raised $415 million in funding to date, backed by Tiger Global, Nexus Ventures, and Accel. It planned to open 100 franchise stores by March 2024 and grow its ready-mix concrete plants to 180 by FY25 end.
The Maharashtra-headquartered startup had acquired the ready-mix concrete company RDC Concrete for $90 million in 2022 which is also set to go public soon. The same year, the startup acquired a stake in Shalimar Paints for Rs 270 crore, and for Rs 910 crore in Strata Geosystems in 2023.
Infra.Market’s revenue from operations was Rs 11,846.5 crore in FY23, jumping 90% from Rs 6,236.3 crore in FY22. Its net profit dropped 17% YoY to Rs 155.2 crore in the same period.
