Dhariwal Buildtech files DRHP for IPO, aims to raise ₹950-cr; check details

Dhariwal Buildtech plans to raise ₹950 crore through an entire fresh issue with no offer for sale (OFS) component

Upcoming IPO: Dhariwal Buildtech, a Haryana-based infrastructure construction company, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offering. 

 

The company plans to raise ₹950 crore through an entire fresh issue with no offer for sale (OFS) component. The company may also consider raising some funds in its pre-IPO round. While the exact amount remains undisclosed, the draft documents state that any pre-IPO placement, if conducted, will be capped at ₹190 crore, which is 20 percent of the fresh issue.

 

MUFG Intime India is the registrar of the issue. SBI Capital Markets and HDFC Bank are acting as the book-running lead managers. 

 

 

According to the DRHP, the company plans to utilise ₹174.2 crore from the net fresh issue proceeds for repayment or prepayment of certain outstanding borrowings availed by the company. Additionally, ₹300 crore will be used for investment in company's material subsidiaries for repayment of debt and ₹203 crore for purchasing construction equipment. The remaining funds will be used for general corporate purposes. 

About Dhariwal Buildtech

Dhariwal Buildtech is an infrastructure construction company specialising 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 works. Its key clientele comprises of government-owned entities and departments.

 

The company has completed over 29 projects across eight states with total contract value of ₹2,117.6 crore in the last more than eight years. It has an order book of ₹4,767 crore as of March 2025. 

 

The company's revenue from operations has grown from ₹618.51 crore in FY23 to ₹1,152.98 crore in FY25,

with CAGR of 36.53 per cent. Its earnings before interest, tax, depreciation and amortisation (Ebitda) has increased from ₹105.28 crore in FY23 to ₹246.5 crore in FY25, with CAGR of 53.03 per cent. The company's profit after tax (PAT) has grown from ₹64.38 crore in FY23 to ₹160.5 crore in FY25, with CAGR of 57.93 per cent. z