# Infra.Market uses Shalimar Paints for reverse listing after IPO delay 2026-08-14T15:52:16+00:00 | Business & Economy | Indian Opinion Desk Corroboration: 1 independent outlet Infra.Market, a building materials startup, is pursuing a reverse listing through its subsidiary Shalimar Paints instead of a standalone IPO. Shalimar Paints will acquire Infra.Market shares and compulsory convertible preference shares worth about Rs 10,545 crore via a swap, and has proposed a Rs 1,000 crore QIP. The move comes after Infra.Market confidentially filed IPO papers with SEBI in October 2025 to raise Rs 5,000 crore. Sources told Inc42 that the company may withdraw its IPO papers due to unfavourable market conditions and weaker investor traction. Infra.Market has net debt of about Rs 5,029 crore and a 'IND BB+/Negative' rating from India Ratings. ## Coverage - inc42.com Tags: India Ratings, Infra.Market, RDC Concrete, SEBI, Shalimar Paints Canonical: https://indianopinion.org/infra-market-uses-shalimar-paints-for-reverse-listing-after-ipo-delay/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/infra-market-uses-shalimar-paints-for-reverse-listing-after-ipo-delay/#story-in-brief Review state: restored archive article, accurate at time of publication, not offered to search indexes.