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Learn about Dhariwal Buildtech Limited's updated Draft Red Herring Prospectus filing, financial performance, business operations, and IPO issue structure.
Dhariwal Buildtech Limited, a leading construction company specialising in civil infrastructure projects, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on September 27, 2025, and subsequently filed a Corrigendum to DRHP on December 11, 2025. The company received SEBI's formal approval (observations) on December 15, 2025, marking a significant milestone in its IPO journey.
The company intends to raise ₹950 crore through a 100% fresh issue of equity shares, with proceeds primarily earmarked for debt reduction, equipment procurement, and capital strengthening.
The DRHP provides an overview of the proposed IPO and sets out the company’s financials, governance framework, and business outlook.
The company formally initiated its IPO process by filing the Draft Red Herring Prospectus (DRHP) with SEBI on September 27, 2025. Following the initial filing, Dhariwal Buildtech submitted a Corrigendum to the DRHP on December 11, 2025 to include updated information, and SEBI granted its formal approval on December 15, 2025, which allows the company to proceed with the IPO process.
As per the DRHP, the proposed IPO is expected to comprise the following components:
| Particulars | Details |
|---|---|
IPO Type |
Book-built fresh issue (100% fresh, no OFS) |
Total Issue Size |
Up to ₹950 crore (fresh issue) |
Offer for Sale (OFS) |
None, no OFS component in IPO |
Face Value |
₹10 per equity share |
Proposed Listing |
NSE and BSE |
Price band |
To be decided |
Reservation |
Includes employee reservation; QIB/NII/RII per SEBI norms |
Book Running Lead Managers |
SBI Capital Markets Ltd. and HDFC Bank Ltd. |
Registrar to the Issue |
MUFG Intime India Pvt. Ltd. |
These details reflect indicative disclosures available at the DRHP stage and are subject to change based on SEBI observations and final approvals.
Incorporated in 2016 and renamed Dhariwal Buildtech Limited in 2018, the company specialises in infrastructure construction, focusing on roads, highways, tunnels, and bridges. The company serves government entities across 10 states and has a substantial order book worth ₹4,766.9 crore.
As of March 31, 2025:
Completed Projects: 29 across 8 states
Ongoing Projects: 27 across 10 states
Equipment Fleet: 1,307+ units
Employees: 1,090
The company has demonstrated a solid track record of successful execution of complex civil infrastructure projects, contributing to India's infrastructure growth.
The fresh issue proceeds will be utilised as follows:
Debt Repayment: ₹300 crore allocated towards material subsidiaries for repayment or prepayment of borrowings
Capital Expenditure: ₹203 crore allocated to purchase construction equipment to enhance project execution
Debt Reduction: ₹174.23 crore allocated for direct repayment or prepayment of borrowings
General Corporate Purposes: The balance for operational flexibility, working capital, and strategic initiatives
The company has demonstrated robust financial growth, with significant improvements in both revenue and profitability over recent years:
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
Revenue from Operations |
₹618.51 Cr |
₹936.51 Cr |
₹1,152.98 Cr |
Profit After Tax (PAT) |
₹64.39 Cr |
₹101.05 Cr |
₹160.59 Cr |
EBITDA |
₹105.29 Cr |
₹146.75 Cr |
₹246.57 Cr |
EBITDA Margin |
|||
16.97% |
18.64% |
21.39% |
|
PAT Margin |
10.37% |
10.81% |
13.93% |
Net Worth |
₹137.60 Cr |
₹318.56 Cr |
₹416.52 Cr |
Total Assets |
₹286.72 Cr |
₹602.10 Cr |
₹1,053.42 Cr |
Total Borrowings |
₹161.17 Cr |
₹329.01 Cr |
₹484.09 Cr |
The company's strong growth trajectory is reflected in a significant increase in revenue, profitability, and overall balance sheet strength.
*Detailed year-wise financial statements, including audited figures, are available in the DRHP and should be referred to for complete financial information.
The table below summarises the current status of the IPO process based on publicly available information:
| Milestone / Stage | Date (or Status) | Details |
|---|---|---|
DRHP Filed with SEBI |
September 27, 2025 |
Draft Red Herring Prospectus filed with SEBI |
Corrigendum to DRHP Filed |
December 11, 2025 |
Corrigendum filed to reflect updates and modifications |
SEBI Approval (Observations) |
December 15, 2025 |
SEBI granted observations, enabling progression to the next steps |
Red Herring Prospectus (RHP) |
Awaited |
Expected post-SEBI approval with price band and offer details |
Price Band Announcement |
To be announced |
Price band details disclosed in the RHP |
IPO Opening Date |
To be announced |
Dates to be announced by company and merchant bankers |
IPO Closing Date |
To be announced |
Bidding window closure date will be confirmed |
Allotment of Shares |
Awaited |
Post-closure and allotment process |
Listing on BSE/NSE |
Awaited |
Listing on both stock exchanges after allotment |
Note: Investors should refer to official filings for final IPO dates to learn more about Dhariwal Buildtech Limited IPO listing details and price, and listing timelines.
This content is for informational purposes only and the same should not be construed as investment advice. Bajaj Finserv Direct Limited shall not be liable or responsible for any investment decision that you may take based on this content.
Sources
LiveMint — IPO News and Updates, https://www.livemint.com/market/ipo
Economic Times — IPO News: Latest IPO News, Upcoming IPO, https://economictimes.indiatimes.com/markets/ipo
Financial Express — IPO News, https://www.financialexpress.com/market/ipo-news/
NDTV Profit — IPOs, https://www.ndtvprofit.com/ipos
Business Today — IPO Corner: Latest IPO News & Analysis, https://www.businesstoday.in/markets/ipo-corner
Dhariwal Buildtech Limited filed its Draft Red Herring Prospectus (DRHP) on September 27, 2025. A subsequent Corrigendum was filed on December 11, 2025, incorporating updates and revisions as per regulatory requirements and clarifications.
The IPO aims to raise ₹950 crore through a fresh issue of equity shares. No offer-for-sale component is included, and the proceeds are intended for debt repayment, capital expenditure, and strengthening the company’s financial structure.
As of March 31, 2025, Dhariwal Buildtech has an order book of ₹4,766.9 crore, with 27 ongoing projects across 10 states. The portfolio spans residential, commercial, and infrastructure developments, reflecting the company’s scale and operational reach.
The IPO proceeds will be used for repaying existing debt, procuring equipment, and general corporate purposes. These allocations aim to improve financial stability, support ongoing projects, and enhance the company’s operational capacity.
The company’s shares are proposed to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), providing investors access to trading on India’s two major stock exchanges.
Promoters include Chet Ram Dhariwal (Chairman), Aditya Dhariwal (CEO), Mohinder Singh Dhariwal (Director), and Deepak Dhariwal (Director). HDFC Bank Limited and SBI Capital Markets Limited are the Book Running Lead Managers, with MUFG Intime India Pvt Ltd serving as the registrar.
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