New Delhi, July 1 -- GNI Infrastructure Limited, a Maharashtra-based road construction and solid waste management company, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO) to meet its working capital needs.
According to three people with direct knowledge of the matter, the company is likely to raise between Rs 350 crore and Rs 400 crore ($37-42 million) through the offer. They spoke on the condition of anonymity as the details have not been made public yet. They said the final issue size will depend on the price band, which is yet to be finalised.
GNI Infrastructure did not immediately respond to a request for comment.
According to the DRHP, the proposed IPO comprises a fresh issue of up to 21.03 million equity shares and an offer for sale (OFS) of up to 9.39 million equity shares, taking the total issue size to approximately 30.42 million equity shares. Proceeds from the fresh issue will fund working capital requirements to service existing order bookings and for general corporate purposes.
A person privy to the development said the firm could target a valuation of around Rs 1,200-1,500 crore (around $126-157.5 million) in the IPO.
SMC Capitals Limited and Marwadi Chandarana Intermediaries Brokers Private Limited are the book-running lead managers to the issue, while KFin Technologies Limited is serving as the registrar.
Background
GNI Infrastructure executes road infrastructure projects on an engineering, procurement and construction (EPC) basis as well as under item-rate contracts, largely for government and public sector clients. It was founded in Aurangabad (now Chhatrapati Sambhajinagar), Maharashtra, in 1980, though it was incorporated only in August 2007.
The firm specialises in the construction, widening, upgradation, repair and maintenance of roads and highways, and recently diversified into solid waste management through biomining-based dumpsite reclamation projects. As of December 31, 2025, road infrastructure accounted for 87.59% of revenue from operations, while solid waste management contributed the remaining 12.41%, per the DRHP.
GNI Infrastructure has completed more than 50 road infrastructure projects over the last five years. As of December 31, 2025, it was executing 18 projects across Maharashtra with an active order book of Rs 1,021.03 crore. Corporate records show the company's authorised share capital stands at Rs 9 crore, with members of the Bindra family among its promoters and directors.
GNI Infrastructure is among a clutch of infrastructure and construction firms that have approached SEBI to file their IPO papers in recent months, capitalising on sustained government capital expenditure on roads and highways.
Published by HT Digital Content Services with permission from VC Circle.