# Infra.Market to list via Shalimar Paints in ₹10,440 crore swap

2026-08-13T16:50:19+00:00 | Business & Economy | Indian Opinion Desk

Corroboration: 2 independent outlets

Infra.Market is coming to public markets through a reverse listing rather than its planned ₹5,000 crore IPO. Under a share swap approved by Shalimar Paints’ board, Hella Infra Market shareholders will receive equity and compulsorily convertible preference shares (CCPS) in Shalimar, giving them over 77% of the listed company. The non-cash deal values Infra.Market at about ₹10,440 crore, flat with its last fundraise. Shalimar will issue 41.7 crore equity shares and 81.12 crore CCPS at ₹85 each to 185 investors. Infra.Market had confidentially filed for an IPO in September 2025 and received SEBI approval in January 2026. Co-founders Aaditya Sharda and Souvik Sengupta are among the largest CCPS recipients. Separately, Shalimar plans a ₹1,000 crore qualified institutional placement (QIP) for growth capital. Hella Infra Market will become an unlisted subsidiary of Shalimar, subject to shareholder and regulatory nods.

## Coverage

- livemint.com <https://www.livemint.com/companies/news/inframarket-eyes-backdoor-market-entry-via-shalimar-paints-share-swap-deal-11786614791135.html>
- inc42.com <https://inc42.com/buzz/ipo-bound-infra-market-eyes-reverse-listing-via-shalimar-paints-in-%E2%82%B910545-cr-deal/>

Tags: backdoor listing, Infra.Market, IPO, SEBI, Shalimar Paints, share swap
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