All you need to know about

UDAYSHIVAKUMAR INFRA LIMITED

Issue Details

Issue Amount : ` 66 crore

Post Issue Implied Market Cap: ` 194 Crore
Total shares on offer : Upto 18,857,142 Equity shares
Face Value : 10 per share
Price Band : `33 to `35
Lot Size : 428 shares
Registrar : Mas Services Ltd.

Source : BRLM

Offer Breakup

Issue size - No. of Shares Issue size

Category Allocation (Rs in Cr)
Lower Band Upper Band

QIB 10% 2,000,000 1,885,715 6.60

NIB 30% 6,000,000 5,657,142 19.80

Retail 60% 12,000,000 11,314,285 39.60

Total 100% 20,000,000 18,857,142 66.00

Source : BRLM
.
 IPO timeline `
Issue opens on: `

20
Monday, March 20, 2023

Issue closes on: MARCH

Thursday, March 23, 2023

28 Finalization of 29 Refunds/Unblocking
Mar 2023 basis of allotment Mar 2023 ASBA fund

31 Credit of equity 03 Trading

Mar 2023 shares to DP account Apr 2023 commences

Source - BRLM. Dates are tentative

The objective of the offer

The company proposes to utilize the net proceeds from the
issue towards funding the following objects:

Funding incremental working capital requirements.

General corporate purposes.

In addition, the company expects to receive the

benefits of listing of the equity shares on the stock
exchanges, enhance the company’s visibility and
brand image and create a public market for its
equity shares in India.
`

Source - RHP
About the company

It is a ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 company engaged in the
business of construction of roads including National Highways, State Highways, District
Roads, Smart Roads under PM’s Smart City Mission projects, Smart Roads under municipal
corporations, Bruhat Bengaluru Mahanagara Palike (BBMP) and local area roads in various
Taluks in the State of Karnataka. They are also engaged in constructions of bridges across
major and minor rivers, railway over bridges (ROB), construction of major and minor
irrigation and canal projects, industrial areas, based in the State of Karnataka.

It bids for roads, bridges, irrigation & canals, industrial area construction in the state of
Karnataka including Government Departments such as Karnataka Public Works Ports &
Inland Water Transport Department (KPWP & IWTD), National Highways (MORTH), Belgaum
Smart City Ltd. and Davangere Smart City Ltd., Bruhat Bengaluru Mahanagara Palike
(BBMP), Various Municipal City Corporations, State Highway Development Corporations
Ltd., (SHDP), Karnataka Road Development Corporation Ltd., (KRDCL), Karnataka Industrial
Area Development Board (KIADB), Davangere Harihara Urban Development Authority
(DHUDA), Krishna Bhagya Jala Nigam Limited (KBJNL), Visvesvaraya Jala Nigam Limited
(VJNL), Cauvery Neeravari Nigam Limited (CNNL), Karnataka Neeravari Limited (KNNL),
Youth Empowerment & Sports Department, in the State of Karnataka.

Since Fiscal 2015, the company along with the erstwhile partnership firm, M/s.
Udayshivakumar, has completed 30 projects having an aggregate contract value of ₹68,468
lakhs, which includes 16 roads, 5 bridges, 6 irrigation and 3 civil construction works. As on
December 31, 2022, it is executing 30 ongoing projects which include 10 roads, 7 smart
roads, 1 bridge, 8 irrigation projects, 3 civil construction works and one toll plaza with an
aggregate order book value of ₹ 85,387.75 lakhs. Further, as on December 31, 2022, it also
has new work orders allotted for 14 roads, 1 toll plaza and 1 irrigation works with an
aggregate order book value of ₹ 43,650.98 lakhs. As on December 31, 2022 on an aggregate
basis, it has 46 work orders in hand having aggregate order book value of ₹ 1,29,038.73
lakhs.

Source : RHP
Strengths

Focused on roads, Strong order of construction

flyovers and bridge projects from various
construction. government agencies, local
bodies & private developers.

Strong execution Experienced

capabilities with industry management team.
experience.

Source : RHP

Risks

The company depends solely on It derives a significant

the knowledge and experience portion of its revenues from
of its promoter and other key a limited number of clients.
managerial personnel for its
growth.

It derives majority of If new infrastructure projects are

its revenue from civil not awarded to the company, it
construction. will affect its business adversely.

Source : RHP
 Important Financials Data
For the year/period ended (` in Crore)

Particulars As at As at As at As at
(`, in crore) Sept 30, March 31, March 31, March 31,
2022 2022 2021 2020

Equity Share
Capital 36.50 36.50 36.50 36.50

Revenue from
Operations 106.61 185.63 210.40 193.61

Revenue Growth
(%) NA -11.77 8.67 NA

EBITDA
17.31 24.89 23.63 25.07

Net Profit for

the period
10.02 12.15 9.32 10.49

Basic EPS (Rs ) 2.75 3.33 2.55 2.87

FYXX

RONW (%) 12.79 17.78 16.59 22.38

Source : RHP/BRLM.
Peer Comparison

Following is the comparison with its peer group companies listed in India and in the same line of business as the company:

Name of P/E
Company Ratio
Name of Consolidated/ Face Closing price Revenue EPS EPS NAV P/E RoNW PAT Market
Company Standalone Value on February from (Basic) (Diluted) (₹ per Ratio (%) margin cap to
(`) 07, 2023 Operations (₹) (₹) share) (%) Revenue
(₹ per share) (₹ in Lakhs from
operation

Udayshivakumar
Infra Limited
Standalone 10.00 N.A 18,562.92 3.33 3.33 18.72 [] 17.78 6.54% [•]

Listed Peers

KNR
Constructions Consolidated 2.00 259.45 3,60,582.24 13.58 13.58 91.00 19.11 14.32% 10.16% 2.02
Limited

PNC
Infratech Consolidated 2.00 330.10 7,20,803.56 22.63 22.63 141.42 14.59 16.00% 8.05% 1.17
Limited

HG Infra
Engineering Consolidated 10.00 655.10 3,75,143.10 58.31 58.31 220.34 11.23 26.47% 10.13% 1.14
Limited

IRB
Infrastructure Consolidated 10.00 279.75 5,80,370.00 8.69 8.69 208.07 32.19 2.88% 6.23% 2.91
Developers
Limited

Notes for peer group: 1. P/E Ratio has been computed based on the closing market price of equity shares on BSE on February 07, 2023 divided
by the Basic EPS as at March 31, 2022. 2. Return on Net Worth (%) = Profit for the year ended March 31, 2022 divided by Total Equity of the
Company as on March 31, 2022. 3. NAV is computed as the Total Equity of the Company as on March 31, 2022 divided by the outstanding
number of equity shares as on March 31, 2022. 4. Market capitalisation to revenue from operations has been calculated as market capitalisation
of the Company as on February 7, 2023 divided by revenue from operations for Fiscal 2022. 5. Market capitalisation of the Company as on
February 7, 2023 is the product of equity shares outstanding as on February 7, 2023 and closing market price as on February 7, 2023.
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For more details refer offer documents on sebi www.sebi.gov.in

The securities quoted are exemplary and are not recommendatory. Such representations are not indicative of future results.
Source of statistical information, charts, graphs etc – RHP, DRHP, addendum and Moneycontrol.

Investment in securities market are subject to market risks, read all the related documents carefully before investing.
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