Why Infra.Market Is Piggybacking Shalimar Paints For Its IPO Ambitions

Infra.Market is taking an alternate route to the public markets through listed subsidiary Shalimar Paints, instead of pursuing a standalone IPO

The move comes as Infra.Market carries ₹6,057 Cr debt. The ₹1,000 Cr QIP could help repay part of it

Shalimar has proposed a ₹10,545 Cr share swap. Infra.Market was valued at ₹24,620 Cr as of February 2026

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The Infra.Market IPO was never easy to follow. 

It all started with RDC Concrete. In 2021, Infra.market acquired RDC Concrete from True North for around ₹730 Cr, and for a while, the talk was about taking this ready-mix concrete business public. 

Then the picture changed. 

One reason could be that RDC was only one part of Infra.Market’s larger building materials business. Over the next few years, the company expanded into steel, tiles, aggregates, construction chemicals, paints and other categories through acquisitions and manufacturing businesses. 

The question then shifted from whether RDC should go public to whether Infra.Market........

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