Mahendra Realtors shares list at 20% discount to IPO price on NSE SME platform

Mahendra Realtors and Infrastructure made its market debut on Wednesday, listing at Rs 68 apiece on the NSE SME platform — a discount of 20% to the issue price of Rs 85. Despite a healthy response in the primary market, the Rs 49.45 crore IPO failed to attract interest in the unlisted market. Ahead of the official listing, the shares commanded a grey market premium of Rs 0, indicating a flat debut. However, the stock listed lower than grey market expectations.

The IPO, which ran from August 12–14, was subscribed 25.15 times overall, with QIBs subscribing 43.57 times, NIIs 27.02 times, and the retail portion 25.59 times.

The company, incorporated in 2007, provides a wide range of services including structural repairs, rehabilitation, retrofitting, waterproofing, corporate interiors, BOT projects, and infrastructure restoration.


It has executed over 200 projects across multiple states, with notable works for CIDCO, IIT Bombay, Airport Authority of India, and SVP Hospital Ahmedabad.

Financially, Mahendra Realtors reported a 22% rise in revenue to Rs 128.7 crore in FY25, while profit after tax increased 28% to Rs 14.9 crore.

The IPO proceeds are earmarked primarily for working capital needs (Rs 30.4 crore) along with general corporate purposes.

While the company has delivered steady growth and enjoys strong relationships in government contracts, valuations appear fully priced. With no support from the grey market, investors should brace for a muted listing on Wednesday.