Now Reading: Infra.Market to list via Shalimar Paints in ₹10,440 crore swap
-
01
Infra.Market to list via Shalimar Paints in ₹10,440 crore swap
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…
The Story in Brief
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.
The Indian Opinion
The reverse listing may be marketed as a clever workaround to a rocky IPO market, but that glosses over real risks. Shareholders are swapping into a company with a market cap of just ₹700 crore and a legacy of weak performance. The flat valuation at ₹24,000 crore suggests earlier investors are not getting a premium. The test will be the QIP: can Shalimar raise ₹1,000 crore at terms that reward new money, not just existing backers?
Sources (2): livemint.com, inc42.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
