AIG-backed Electromech Infraprojects files IPO papers, plans to raise Rs 326 crore via fresh issue

The latest market report highlights that AIG-backed Electromech Infraprojects, a mechanical, electrical and plumbing (MEP) solutions provider focused on digital infrastructure for data centres and global capability centres, has filed its draft red herring prospectus (DRHP) with SEBI to mobilize Rs 326 crore through a fresh offering as part of its IPO.

The IPO additionally includes an offer-for-sale (OFS) of 18.91 lakh equity shares by the Maniar family (promoters) and investor AIG Direct LLC, as per the DRHP filed on September 23.

American International Group-owned AIG Direct LLC, which proposes to offload 5.25 lakh equity shares through the OFS, holds a 7.04 percent stake in Electromech Infraprojects. Shreyas Shibulal, son of former Infosys CEO S D Shibulal, held a 1.47 percent stake in the firm.

The firm provides high- and low-voltage electrical and mechanical works, fire protection, and allied civil and interior fit-out services. It has a specialised focus on the technical design, execution, testing and commissioning of digital infrastructure for data centres and global capability centres, as well as commercial and industrial segments.

The order book for its ongoing projects stood at Rs 829.72 crore as of March 2026, including orders worth Rs 729.46 crore in the data centre segment.

Mumbai-headquartered Electromech Infraprojects plans to utilise Rs 100 crore from the net proceeds of the fresh offering towards its working capital requirements.

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Further, the firm intends to invest Rs 76.47 crore in its subsidiary Jika EPC Services to gain its shareholding from 34.78 percent to 60 percent through a combination of subscription to fresh equity shares and secondary acquisition of equity shares.

In addition, it plans to invest Rs 24.15 crore of the proceeds in subsidiary Sinerco Power Systems and Rs 30 crore in subsidiary Electromech Global Holdings.

The remaining proceeds will be utilised for general corporate purposes.

On the financial front, Electromech Infraprojects recorded a consolidated earnings of Rs 36.19 crore and topline of Rs 427.05 crore for the year ended March 2026.

Arihant Capital Markets has been appointed as the sole merchant banker for managing the Electromech Infraprojects IPO.