J Infratech files draft papers for IPO, seeks Rs 600 crore fresh issue

# What happened J Infratech Ltd, an integrated infrastructure engineering, procurement and construction (EPC) firm, has filed a draft red herring prospectus with SEBI proposing an initial public offering. The company has sought a fresh issue of equity shares worth Rs 600 crore. The IPO structure also includes an offer-for-sale (OFS) by promoters totalling 1 crore equity shares.

# Offer structure and size

• Fresh issue: proposed at Rs 600 crore.
• Offer-for-sale: promoters to put up 1 crore equity shares for sale.
• Pre-IPO placement: the company may conduct a placement of up to Rs 120 crore before the IPO. If that placement goes through, the size of the fresh issue will be reduced by the placement amount.
• Listing: the shares are proposed to be listed on both BSE and NSE.
• Book-running lead manager: Systematix Corporate Services.
• Registrar: KFin Technologies.

# How the company plans to use proceeds The draft prospectus states the net proceeds will be used primarily to:

• Meet working capital requirements.
• Repay or pre-pay certain borrowings.
• Meet general corporate purposes.

# What the company does and its track record

• Project footprint: as of July 31, 2026, the company had completed 35 projects and was executing 46 projects across 16 states and 3 Union Territories.

# Timeline and next steps This is an initial filing of the draft red herring prospectus with SEBI. Steps that typically follow include SEBI review comments, potential revision of the DRHP, finalisation of issue price and timeline, and then a public offer if the company goes ahead. If the pre-IPO placement is executed, the fresh-issue quantum will be reduced by the placement amount (up to Rs 120 crore).

# What investors and stakeholders should watch

• Pre-IPO placement decision: whether the company completes up to Rs 120 crore in placement will change the public fresh-issue size.
• Promoter OFS volume and pricing: the OFS of 1 crore shares will determine how much promoter stake is diluted through secondary selling.
• Use of proceeds detail: prospectus schedules will show how much of the IPO proceeds are allocated to specific working capital needs and which borrowings will be repaid.
• Business pipeline and margins: future filings should disclose the mix of EPC contracts, order book size, contract tenures and margin profile.

# Bottom line