Infra.Market files for ₹5,000 crore IPO with strong revenue but rising debt and liquidity concerns.

Infra.Market, a construction materials marketplace founded in 2016, has filed for a ₹5,000 crore IPO via SEBI’s confidential route, allowing it to delay public disclosure of financial details. The offering will include both fresh shares and an offer for sale, split evenly. The company reported ₹18,000 crore in revenue and ₹300 crore in profit after tax for FY2025, though it faces rising debt and liquidity pressures, with net debt reaching ₹4,370 crore by March 2025. It recently raised ₹732 crore from promoters and investors including Tiger Global, Accel India, and Nikhil Kamath’s NK Squared, and secured $150 million in debt financing. The IPO is led by Kotak Mahindra Capital, Goldman Sachs, and ICICI Securities, with shares expected to list on BSE and NSE.