StarBigBloc Building gets shareholders' nod for IPO
StarBigBloc Building Material, a wholly-owned subsidiary of
BigBloc Construction
, on Tuesday said it has received shareholders' approval to raise funds through an initial public offering.
The Initial Public Offering plan, cleared at an extraordinary general meeting held on June 13, is aimed at unlocking value, raising growth
capital
for expansion, and enhancing the valuation of the parent company
BigBloc Construction
, it said.
by Taboola
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The public issue proposal is subject to necessary regulatory approvals, prevailing market conditions, and other applicable clearances, it added.
"The
IPO
will enable StarBigBloc Building Material to access capital markets, drive the next phase of expansion, and solidify its market position across India," Mohit Saboo, Director and Chief Financial Officer of BigBloc Construction, said.
Incorporated in 2015, BigBloc Construction is one of the largest and only listed AAC block manufacturers in India, with a 1.3 million cubic meters annual capacity across plants in Gujarat and Maharashtra. For FY25, BigBloc Construction reported
revenue
from operations of Rs 224.6 crore.
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StarBigBloc Building Material operates a manufacturing facility in Gujarat with an installed capacity of 2.5 lakh cubic meters per annum.
In May 2024, StarBigBloc board approved a proposal to raise funds through an SME IPO or preferential issue.
As part of its long-term growth roadmap, StarBigBloc aims to increase its production capacity from the current 2.5 lakh cubic meters per annum to over 1.2 million cubic meters per annum over the next 4-5 years.
The company is also targeting revenues of Rs 428 crore by FY28, with an estimated net profit of Rs 80 crore.
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