Hella Infra Market (Infra.Market) Files DRHP With SEBI via Confidential Route: ₹4,500–₹5,500 Cr Issue Expected

Hella Infra Market Limited, better known as Infra.Market, has confidentially filed its draft red herring prospectus (DRHP) with SEBI for an IPO estimated at ₹4,500–₹5,500 crore, using the regulator’s pre‑filing route under Regulation 59C.

Offer size and structure

• Market reports indicate a total raise of around ₹5,000 crore, likely split roughly 50:50 between a fresh issue and an offer for sale (OFS) by existing shareholders.
• The confidential DRHP route allows the company to keep detailed financial and strategic information non‑public until closer to listing, and to adjust or withdraw without public disclosure.

Banks and process

• Reported bookrunners include Kotak Mahindra Capital, Goldman Sachs, IIFL Capital, HSBC, Jefferies, ICICI Securities, Motilal Oswal, and Nuvama, per multiple outlets.
• Next milestones are SEBI observations, followed by a public RHP with price band, issue dates, and final structure.

Business and scale

• Infra.Market is a tech‑enabled building materials platform supplying end‑to‑end construction solutions across categories like concrete, steel, pipes and fittings, MDF/plywood/laminates, tiles, paints, and electricals/appliances.
• FY24 revenue was reported around ₹14,530–₹14,744 crore with PAT ~₹378 crore, and sources indicate FY25 closed near ₹18,000 crore revenue with ~₹300 crore PAT.

Recent funding and ownership

• The company recently raised about ₹730–₹732 crore (Series G) at a valuation near ₹24,600 crore (~$2.8 billion), with participation from founders, Nikhil Kamath’s NK Squared, Tiger Global, Accel, Nexus, and Evolvence.
• Founders reportedly lifted combined stake to roughly 30% ahead of the IPO through promoter entity investments.

What this means for investors

• A balanced primary/OFS mix can fund growth while enabling partial exits for early investors, with specifics to be confirmed in the public RHP.
• Timelines, exact size, and use of proceeds may change before the public filing, given flexibility in the confidential route.

Bottom line: Infra.Market has pre‑filed confidentially for a ₹4,500–₹5,500 crore IPO, with a likely 50:50 fresh/OFS split, strong FY24 performance, and recent funding at a ~$2.8B valuation—watch for the public RHP for final details on pricing, dates, and proceeds.