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B2B ecommerce company ArisInfra has set a price band of INR 210 to INR 222 for its IPO, which is set to open on June 18 and close on June 20. At the upper end of the price band, ArisInfra is looking at a post issue implied market cap of INR 1,799 Cr (about $209 Mn).
A lot will have 67 shares for retail investors, 938 shares for non-institutional investors (NIIs) and 4,556 shares for qualified institutional investors (QIBs). While 75% of the total offer will be reserved for QIBs, NIIs and retail investor portions have been restricted to 15% and 10%, respectively. Bidding for anchor investors will take place on June 17.
The company’s shares are expected to list on the bourses on June 25.
ArisInfra filed its red herring prospectus for an IPO worth INR 499.6 Cr yesterday. The IPO will solely comprise a fresh issue of shares.
Founded in 2021 by Ronak Morbia and Bhavik Khara, ArisInfra is a B2B construction material procurement platform for real estate and infrastructure developers for products like ready-mix concrete, steel, cement, and construction chemicals, among others. Besides the founders, ArisInfra counts PharmEasy founder Siddharth Shah, his family office and kin among its promoter and promoter group.
A large portion of the funds raised via the IPO will be utilised to repay outstanding borrowings. As per the RHP, the company will use INR 204.6 Cr from the IPO proceeds to repay a debt of INR 200 Cr. The company obtained the loan from its promoter group entity, Priyanka Medical Pvt Ltd (PMPL), in 2021 at an interest rate of 12% per annum. PMPL is promoted by the parents of PharmEasy’s founder Siddharth Shah.
A Deeper Look Into ArisInfra’s Business
Notably, ArisInfra managed to turn profitable ahead of its public market debut. The company reported a net profit of INR 6.5 Cr in the first nine months of FY25 as against a loss of INR 17.3 Cr in FY24. It had been a loss making entity since its inception, reporting loss of INR 15.4 Cr in FY23 and INR 6.5 Cr in FY22.
The company’s top line remained steady in the nine-month period ended December 2025. ArisInfra’s operating revenue stood at INR 546.5 during the period, about 22% lower than INR 696.8 Cr in FY24.
Its other income almost doubled to INR 11.2 Cr in 9M FY25 from INR 5.5 Cr in FY24.
ArisInfra makes its revenue from the commission it charges from the buyers and sellers on its platform. It serves as the primary obligor in the arrangement, assumes inventory risk if the product is returned by the customer, sets the price of the product charged to the customer, assumes credit risk for the amounts invoiced, and has separate arrangements with vendors and customers.
The company delivers construction material from its vendors directly to customers without having to physically hold the inventory at its warehouses, thereby increasing efficiency and reducing costs.
Further, it also earns from the contracts with customers to provide project management services and other related services.
It must be noted that the company operates two subsidiaries, ArisUnitern Re Solutions and Buildmex-Infra. While ArisUnitern Re Solutions offers solutions across the entire value chain of a real estate development cycle, Buildmex is engaged in trading, procuring, supplying and distributing all kinds of raw materials necessary for creation of infrastructure, buildings and construction in businesses.
ArisUnitern RE Solutions was cofounded by Srinivasan Gopalan and Navin Dhanuka in 2020 and was earlier known as Unitern Advisors. In September 2022, ArisInfra acquired a majority stake in the company and rebranded it to ArisUnitern.
Subsequent to the merger, Gopalan took over as the CEO of ArisInfra in 2024, while Dhanuka left the company’s day-to-day operations to start his VC firm Altern Capital in 2023.
A Dry Spell For Startup IPOs In 2025
With this, ArisInfra will become the second new-age tech company to go for a public listing in 2025, after Ather Energy. While companies like BlueStone, IndiQube, Avanse Financial Services and Aye Finance have received the go ahead from the markets regulator for their IPOs, they have not formalised their listing plans so far.
Ather Energy saw a lukewarm listing last month. After its IPO closed with a subscription of 1.43X on April 30, the shares of the company listed on the bourses on May 6 at INR 321. This was a premium of about 2% to its IPO price.
However, there is a healthy pipeline of new-age tech companies which have filed or are planning to file IPO papers. This is expected to result in a number of IPOs of such companies in the second half of 2025.
Unicorns like Urban Company, PhysicsWallah, Groww, and Shiprocket are among those who have filed their DRHPs. Besides, ecommerce major Meesho, fintech company Pine Labs, and eyewear giant Lenskart are looking to file their draft IPO papers over the next few weeks.
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