Economic Laws Practice Counselled the Book Running Lead Managers, Motilal Oswal Investment Advisors Limited and Axis Capital Limited, in Relation to the Lodgement of the Draft Red Herring Prospectus of Ravi Infrabuild Projects Limited
Indian Law Watch 
Mumbai, India, May 14, 2025: ELP advised the book running lead managers, Motilal Oswal Investment Advisors Limited and Axis Capital Limited, in connection with filing of the draft red herring prospectus of Ravi Infrabuild Projects Limited (Company) to raise an amount aggregating up to INR 11,000 million via fresh issue through an initial public offering1. Ravi Infrabuild Projects Limited, a Udaipur-based civil infrastructure company, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to ₹1,100 crore through an Initial Public Offering (IPO). The IPO comprises a fresh issue of equity shares with a face value of ₹10 each, and there is no Offer for Sale (OFS) component. The Company is an infrastructure construction company with experience in undertaking structural work such as flyovers, bridges, railways, highways and expressways through EPC contracts on HAM basis.
Company Overview
Established over two decades ago, Ravi Infrabuild specializes in infrastructure projects such as roads, highways, bridges, tunnels, and urban infrastructure. The company operates through Engineering, Procurement, and Construction (EPC) and Hybrid Annuity Models (HAM), undertaking projects under initiatives like Bharatmala Pariyojna and for clients including the National Highways Authority of India (NHAI), Ministry of Road Transport and Highways (MoRTH), and various state governments.
Use of IPO Proceeds
The net proceeds from the IPO are intended to be utilized as follows:
- ₹252 crore for purchasing new construction equipment2.
- ₹335 crore for investment in subsidiaries to repay outstanding debts.3
- ₹290 crore for repaying certain borrowings
- The remaining funds will be allocated for general corporate purposes.
The team was led by Geeta Dhania (Partner), and assisted by Himani Sharma (Counsel), Tripti Pandey (Principal Associate), Shreeya Srungarapu, Vedaarth Uberoi, Arpita Pattnaik, and Shreya Prakash (Associates).
Partner ELP
GEETA DHANIA
- Business Today Desk. (2025, May 9). Ravi Infrabuild Projects files DRHP for Rs 1,100 crore IPO with SEBI. Business Today. https://www.businesstoday.in/markets/ipo-corner/story/ravi-infrabuild-projects-files-drhp-for-rs-1100-crore-ipo-with-sebi-475560-2025-05-09
↩︎ - Nagasundaram, D. (2025, May 9). IPO Watch: Ravi Infrabuild Projects files draft papers with SEBI for ₹1,100 crore issue. Mint. https://www.livemint.com/market/ipo/ipo-watch-ravi-infrabuild-projects-files-draft-papers-with-sebi-for-rs-1-100-crore-issue-11746771760653.html
↩︎ - Pisal, P. (2025, May 9). Ravi Infrabuild files papers with Sebi to raise Rs 1,100 cr through IPO. Business Standard. https://www.business-standard.com/companies/news/ravi-infrabuild-files-drhp-to-raise-rs-1100-crore-via-ipo-125050900544_1.html
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