Goel Construction IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Sep 02 to Sep 04 2025
Price Band
₹250 - 263
Current GMP
₹N/A
Subscription
124.34 times
IPO Details
| IPO Date | September 2, 2025 to September 4, 2025 |
| Listing Date | September 9, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹250 to ₹263 per share |
| Issue Price Final | ₹263 per share |
| Lot Size | 400 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 38,08,000 shares (aggregating up to ₹100.15 Cr) |
| Reserved for Market Maker | 1,90,400 shares (aggregating up to ₹5.01 Cr)Choice Equity Broking Pvt.Ltd. Rikhav Securities Ltd. |
| Fresh Issue (Ex Market Maker) | 28,94,000 shares (aggregating up to ₹76.11 Cr) |
| Offer for Sale | 7,23,600 shares of ₹10 (aggregating up to ₹19.03 Cr) |
| Net Offered to Public | 36,17,600 shares (aggregating up to ₹95.14 Cr) |
| Employee Discount | ₹10.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,13,65,200 shares |
| Share Holding Post Issue | 1,44,49,600 shares |
IPO Date
September 2, 2025 to September 4, 2025
Listing Date
September 9, 2025
Face Value
₹10 per share
Issue Price Band
₹250 to ₹263 per share
Issue Price Final
₹263 per share
Lot Size
400 Shares
Sale Type
Fresh Capital-cum-Offer for Sale
Total Issue Size
38,08,000 shares (aggregating up to ₹100.15 Cr)
Reserved for Market Maker
1,90,400 shares (aggregating up to ₹5.01 Cr)Choice Equity Broking Pvt.Ltd. Rikhav Securities Ltd.
Fresh Issue (Ex Market Maker)
28,94,000 shares (aggregating up to ₹76.11 Cr)
Offer for Sale
7,23,600 shares of ₹10 (aggregating up to ₹19.03 Cr)
Net Offered to Public
36,17,600 shares (aggregating up to ₹95.14 Cr)
Employee Discount
₹10.00
Issue Type
Bookbuilding IPO
Listing At
BSE SME
Share Holding Pre Issue
1,13,65,200 shares
Share Holding Post Issue
1,44,49,600 shares
IPO Subscription Details
| Anchor Investors | 1 |
| Market Maker | 1 |
| QIB (Ex Anchor) | 124.20 |
| Non-Institutional Buyers*** | 224.80 |
| bNII (bids above ₹10L) | 280.68 |
| sNII (bids below ₹10L) | 113.03 |
| Individual Investors (IND category bidding for 2 Lots) | 88.61 |
| Employees | 1.01 |
| Total ** | 124.34 |
Anchor Investors
1
Market Maker
1
QIB (Ex Anchor)
124.20
Non-Institutional Buyers***
224.80
bNII (bids above ₹10L)
280.68
sNII (bids below ₹10L)
113.03
Individual Investors (IND category bidding for 2 Lots)
88.61
Employees
1.01
Total **
124.34
Day Wise Sub
| Day | QIB (Ex Anchor) | NII* | NII (> ₹10L) | NII (< ₹10L) | Individual Investors | EMP | Total |
|---|---|---|---|---|---|---|---|
| Day 1 Sep 2, 2025 | 3.50 | 2.01 | 4.40 | 1.93 | 2.42 | 0.54 | 2.58 |
| Day 2 Sep 3, 2025 | 6.49 | 19.25 | 46.86 | 14.25 | 11.68 | 0.82 | 11.50 |
| Day 3 Sep 4, 2025 | 124.20 | 224.80 | 280.68 | 113.03 | 88.61 | 1.01 | 124.34 |
DayDay 1
Sep 2, 2025
QIB (Ex Anchor)3.50
NII*2.01
NII (> ₹10L)4.40
NII (< ₹10L)1.93
Individual Investors2.42
EMP0.54
Total2.58
DayDay 2
Sep 3, 2025
QIB (Ex Anchor)6.49
NII*19.25
NII (> ₹10L)46.86
NII (< ₹10L)14.25
Individual Investors11.68
EMP0.82
Total11.50
DayDay 3
Sep 4, 2025
QIB (Ex Anchor)124.20
NII*224.80
NII (> ₹10L)280.68
NII (< ₹10L)113.03
Individual Investors88.61
EMP1.01
Total124.34
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 10-09-2025 | 263.00 | 50(19.01%) | 313 |
| 09-09-2025 | 263.00 | 50(19.01%) | 313 |
| 08-09-2025 | 263.00 | 50(19.01%) | 313 |
| 07-09-2025 | 263.00 | 51(19.39%) | 314 |
| 06-09-2025 | 263.00 | 51(19.39%) | 314 |
| 05-09-2025 | 263.00 | 52(19.77%) | 315 |
| 04-09-2025 | 263.00 | 48(18.25%) | 311 |
| 03-09-2025 | 263.00 | 60(22.81%) | 323 |
| 02-09-2025 | 263.00 | 55(20.91%) | 318 |
| 01-09-2025 | 262.00 | 58(22.14%) | 320 |
| 31-08-2025 | 262.00 | 0(0.00%) | 262 |
| 30-08-2025 | 262.00 | 0(0.00%) | 262 |
| 29-08-2025 | 262.00 | 0(0.00%) | 262 |
| 28-08-2025 | 262.00 | 0(0.00%) | 262 |
Date10-09-2025
Price263.00
GMP50(19.01%)
Estimate List Price313
Date09-09-2025
Price263.00
GMP50(19.01%)
Estimate List Price313
Date08-09-2025
Price263.00
GMP50(19.01%)
Estimate List Price313
Date07-09-2025
Price263.00
GMP51(19.39%)
Estimate List Price314
Date06-09-2025
Price263.00
GMP51(19.39%)
Estimate List Price314
Date05-09-2025
Price263.00
GMP52(19.77%)
Estimate List Price315
Date04-09-2025
Price263.00
GMP48(18.25%)
Estimate List Price311
Date03-09-2025
Price263.00
GMP60(22.81%)
Estimate List Price323
Date02-09-2025
Price263.00
GMP55(20.91%)
Estimate List Price318
Date01-09-2025
Price262.00
GMP58(22.14%)
Estimate List Price320
Date31-08-2025
Price262.00
GMP0(0.00%)
Estimate List Price262
Date30-08-2025
Price262.00
GMP0(0.00%)
Estimate List Price262
Date29-08-2025
Price262.00
GMP0(0.00%)
Estimate List Price262
Date28-08-2025
Price262.00
GMP0(0.00%)
Estimate List Price262
IPO Important Dates
| IPO Open Date | Tue, Sep 2, 2025 |
| IPO Close Date | Thu, Sep 4, 2025 |
| Tentative Allotment | Mon, Sep 8, 2025 |
| Initiation of Refunds | Tue, Sep 9, 2025 |
| Credit of Shares to Demat | Tue, Sep 9, 2025 |
| Tentative Listing Date | Wed, Sep 10, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thu, Sep 4, 2025 |
IPO Open Date
Tue, Sep 2, 2025
IPO Close Date
Thu, Sep 4, 2025
Tentative Allotment
Mon, Sep 8, 2025
Initiation of Refunds
Tue, Sep 9, 2025
Credit of Shares to Demat
Tue, Sep 9, 2025
Tentative Listing Date
Wed, Sep 10, 2025
Cut-off time for UPI mandate confirmation
5 PM on Thu, Sep 4, 2025
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 800 | ₹2,10,400 |
| Individual investors (Retail) (Min) | 2 | 800 | ₹2,10,400 |
| S-HNI (Min) | 3 | 1,200 | ₹3,15,600 |
| S-HNI (Max) | 9 | 3,600 | ₹9,46,800 |
| B-HNI (Min) | 10 | 4,000 | ₹10,52,000 |
| Employee (Min) | 2 | 800 | ₹2,10,400 |
| Employee (Max) | 4 | 1,600 | ₹4,20,800 |
ApplicationIndividual investors (Retail) (Min)
Lots2
Shares800
Amount₹2,10,400
ApplicationIndividual investors (Retail) (Min)
Lots2
Shares800
Amount₹2,10,400
ApplicationS-HNI (Min)
Lots3
Shares1,200
Amount₹3,15,600
ApplicationS-HNI (Max)
Lots9
Shares3,600
Amount₹9,46,800
ApplicationB-HNI (Min)
Lots10
Shares4,000
Amount₹10,52,000
ApplicationEmployee (Min)
Lots2
Shares800
Amount₹2,10,400
ApplicationEmployee (Max)
Lots4
Shares1,600
Amount₹4,20,800
Financial Information
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 265.09 | 219.51 | 205.04 |
| Total Income | 594.34 | 388.79 | 272.94 |
| Profit After Tax | 38.32 | 22.64 | 14.30 |
| EBITDA | 57.91 | 36.29 | 23.41 |
| Net Worth | 131.59 | 93.27 | 70.62 |
| Reserves and Surplus | 120.22 | 92.23 | 69.59 |
| Total Borrowing | 28.71 | 30.51 | 28.51 |
Period EndedPeriod Ended
31 Mar 202531 Mar 2025
31 Mar 202431 Mar 2024
31 Mar 202331 Mar 2023
Period EndedAssets
31 Mar 2025265.09
31 Mar 2024219.51
31 Mar 2023205.04
Period EndedTotal Income
31 Mar 2025594.34
31 Mar 2024388.79
31 Mar 2023272.94
Period EndedProfit After Tax
31 Mar 202538.32
31 Mar 202422.64
31 Mar 202314.30
Period EndedEBITDA
31 Mar 202557.91
31 Mar 202436.29
31 Mar 202323.41
Period EndedNet Worth
31 Mar 2025131.59
31 Mar 202493.27
31 Mar 202370.62
Period EndedReserves and Surplus
31 Mar 2025120.22
31 Mar 202492.23
31 Mar 202369.59
Period EndedTotal Borrowing
31 Mar 202528.71
31 Mar 202430.51
31 Mar 202328.51
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) |
|---|---|---|---|---|---|
| Goel Construction Company | 33.72 | 33.72 | 115.78 | 7.77 | 34.09 |
| Power Mech Projects | 95.05 | 95.05 | 665.90 | 33.03 | 14.27 |
| Suntech Infra Solutions | 7.98 | 7.98 | 32.74 | 8.77 | 24.05 |
| Ahluwalia Contracts (India) | 30.08 | 30.08 | 268.71 | 31.52 | 11.19 |
Company NameGoel Construction Company
EPS (Basic)33.72
EPS (Diluted)33.72
NAV (per share) (Rs)115.78
P/E (x)7.77
RoNW (%)34.09
Company NamePower Mech Projects
EPS (Basic)95.05
EPS (Diluted)95.05
NAV (per share) (Rs)665.90
P/E (x)33.03
RoNW (%)14.27
Company NameSuntech Infra Solutions
EPS (Basic)7.98
EPS (Diluted)7.98
NAV (per share) (Rs)32.74
P/E (x)8.77
RoNW (%)24.05
Company NameAhluwalia Contracts (India)
EPS (Basic)30.08
EPS (Diluted)30.08
NAV (per share) (Rs)268.71
P/E (x)31.52
RoNW (%)11.19
IPO Reservation
| Market Maker Shares Offered | 1,90,400 (5.00%) |
| QIB Shares Offered | 17,70,400 (46.49%) |
| − Anchor Investor Shares Offered | 10,62,000 (27.89%) |
| − QIB (Ex. Anchor) Shares Offered | 7,08,400 (18.60%) |
| NII (HNI) Shares Offered | 5,32,800 (13.99%) |
| − bNII > ₹10L | 3,55,200 (9.33%) |
| − sNII < ₹10L | 1,77,600 (4.66%) |
| Retail Shares Offered | 12,40,800 (32.58%) |
| Employee Shares Offered | 73,600 (1.93%) |
| Total Shares Offered | 38,08,000 (100.00%) |
Market Maker Shares Offered
1,90,400 (5.00%)
QIB Shares Offered
17,70,400 (46.49%)
− Anchor Investor Shares Offered
10,62,000 (27.89%)
− QIB (Ex. Anchor) Shares Offered
7,08,400 (18.60%)
NII (HNI) Shares Offered
5,32,800 (13.99%)
− bNII > ₹10L
3,55,200 (9.33%)
− sNII < ₹10L
1,77,600 (4.66%)
Retail Shares Offered
12,40,800 (32.58%)
Employee Shares Offered
73,600 (1.93%)
Total Shares Offered
38,08,000 (100.00%)
Information about company
Goel Construction Company Limited (GCCL), incorporated in 1997, is a construction and infrastructure company with a strong presence across multiple sectors. The company is engaged in civil and structural works, with expertise spanning cement plants, dairies, hospitals, steel, power plants, pharmaceuticals, and institutional projects.
GCCL’s primary focus and core strength lie in the construction of cement plants, power plants, dairy plants, and other industrial facilities, where it has established a reputation for reliability and timely delivery.
Since inception, the company has executed and delivered 19 projects with an aggregate contract value of ₹1,13,499.37 lakhs across several states in India. As of June 30, 2025, GCCL is executing 14 ongoing projects across eight states, supported by an order book of ₹59,660.28 lakhs, which provides strong revenue visibility.
The company has successfully expanded its geographical footprint to cover Rajasthan, Andhra Pradesh, Haryana, Gujarat, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Punjab, Maharashtra, Karnataka, and Uttar Pradesh, reflecting its capability to undertake projects pan-India.
To ensure efficient project execution, GCCL maintains a fleet of 202 equipment and machinery, including boom placers, transit millers, excavators, tipper trucks, compactors, rollers, tower cranes, backhoe loaders, batching plants, hydra cranes, and more. The company’s asset base enables it to deliver projects within strict timelines while optimizing costs.
As of June 30, 2025, GCCL employed 1,191 permanent staff members, including engineers, technical professionals, and project management specialists, strengthening its execution capabilities.
Competitive Strengths
Strong project management and execution capabilities.
Long-standing customer relationships across multiple sectors.
Robust order book providing clear revenue visibility.
Consistent track record of financial performance.
Efficient management of a large fleet of equipment and machinery.
Objectives of IPO
The Company Goel Construction IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
S.No.
Objects of the Issue
Expected Amount (₹ in crores)
1
Capital expenditure towards purchase of additional equipments and fleets
41.74
2
Repayment / prepayment of certain outstanding borrowings availed by the company
23.05
3
General corporate purposes
Disclaimer
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