Tag: Motilal Oswal lead manager Aggcon IPO Smruti Bhalerao editorial

Aggcon Equipments International Limited sets the stage for a landmark IPO, combining fresh capital infusion and promoter divestment to scale its high-performance rental equipment fleet and deepen its presence in mission-critical infrastructure projects nationwide.

Aggcon Equipments International Limited, a prominent Haryana-headquartered infrastructure equipment rental company, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) as it prepares to go public. With a track record spanning more than two decades, the company plans to raise ₹332.04 crore through a combination of fresh issue and offer-for-sale.
The public offering comprises a fresh issue of shares amounting to ₹332.04 crore, with ₹168 crore allocated for the repayment or prepayment of existing borrowings and ₹84.03 crore earmarked for capital expenditure to augment its equipment base. An offer-for-sale will also be conducted by the company’s promoters, Jitender Aggarwal and Renu Aggarwal, who will divest up to 94 lakh shares collectively. The balance will be used for general corporate purposes.

Established in 2003, Aggcon Equipments has grown into one of the country’s most recognised equipment leasing brands for infrastructure development. With a sharp focus on rental-only operations, the company maintains an agile fleet of 337 active units with an average age of 2.91 years as of 31 March 2025. These units span across earthmoving machinery, road construction tools, concrete and foundation rigs, aerial workspace platforms, and other essential equipment supplied by top OEMs including L\&T, Hyundai Construction, Sany, Wirtgen India, and Apollo Carmix.
The company has deployed its fleet in over 500 project sites across 27 states and five union territories. Its machinery has supported flagship infrastructure works like the Mumbai Trans Harbour Link (MTHL), Kudankulam Nuclear Power Plant, Dhubri-Phulbari bridge, and the Indian Navy’s INS Varsha submarine bunker in Vishakhapatnam. Aggcon’s clients include high-profile engineering and construction giants such as Afcons Infrastructure, Tata Projects, Monte Carlo, Rahee Infratech, and GR Infraprojects.

In December 2024, the company acquired four complementary entities—Savbri International, RJSP Logistics, Remodelers Buildcon, and Max Rentals—to further enhance its regional and service capabilities. These strategic acquisitions strengthen Aggcon’s logistics footprint and ensure equipment availability for time-sensitive, high-volume projects.
For Fiscal 2025, Aggcon Equipments reported a revenue of ₹164.02 crore, up 19.47 percent from ₹137.29 crore in the previous fiscal year. Net profit surged by 35.64 percent to ₹30.71 crore, driven by improved fleet utilisation, efficiency-led expense management, and a broader geographic spread. The company’s income stream was largely powered by rental income, followed by freight logistics supporting end-to-end service delivery.

The IPO is being managed by Motilal Oswal Investment Advisors Limited as the sole book-running lead manager. MUFG Intime India Private Limited will serve as the registrar to the issue. Once listed, the company’s equity shares will trade on both the BSE and NSE, positioning Aggcon Equipments among India’s few listed players focused exclusively on infrastructure rental services.
With India’s capital expenditure pipeline projected to surge under the National Infrastructure Pipeline and PM Gati Shakti scheme, Aggcon’s listing is expected to draw keen interest from investors tracking construction and logistics enablement themes. The IPO’s success will not only validate the company’s capital-efficient operating model but may also catalyse a new wave of growth in asset-light infrastructure servicing platforms.

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