Aggcon Equipments International files draft papers with Sebi for IPO

Haryana-based Aggcon Equipments International Ltd, a infrastructure equipment rental company, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO).

The IPO, with a face value of Re 1 per equity share, comprises a fresh issue of shares worth Rs 332.04 crore and an offer-for-sale (OFS) of up to 5.4 million equity shares by Jitender Aggarwal and 4 million shares by Renu Aggarwal.

As per the DRHP, proceeds from the fresh issue will be utilised for repayment or prepayment of borrowings (Rs 168 crore), capital expenditure for equipment purchase (Rs 84.03 crore) and general corporate purposes.

Established in 2003, Aggcon Equipments offers a wide range of rental services across segments such as earthmoving, road construction, concrete, foundation and aerial work platforms. As of March 31, 2025, it had a fleet of 337 units with an average age of 2.91 years, serving sectors like roads, railways, power and industrial infrastructure.

The company's equipment has been deployed in projects including the Mumbai Trans Harbour Link (MTHL), Kudankulam Nuclear Power Plant, INS Varsha and the Dhubri–Phulbari bridge. Aggcon has served over 500 clients across 27 states and five union territories (UTs).

Its client list features prominent infrastructure firms such as Afcons Infrastructure, Tata Projects, Monte Carlo and GR Infraprojects. Revenue rose 19.47 per cent year-on-year (YoY) to Rs 164.02 crore in FY25, while net profit jumped 35.64 per cent to Rs 30.71 crore.

Motilal Oswal Investment Advisors is the sole book-running lead manager for the IPO, while MUFG Intime India is the registrar. The shares will be listed on NSE and BSE.