Integrum Energy Infrastructure Limited

Draft Red Herring Prospectus dated September 24, 2026

Summary

The IPO is an offer for sale of 82,42,000 shares by existing shareholders; Integrum Energy Infrastructure Limited receives none of the money. The document does not yet state the price.

About 70% of the amounts stated for the objects go to funding the incremental working capital requirements of the company, and about 26% to investment in Subsidiary, Integrum Green Assets Private Limited for financing capital expenditure towards procurement of wind turbine generators and associated equipment, with smaller amounts for other objects. The amount for general corporate purposes is not yet stated.

The review found 6 points to read closely and 13 worth checking.

Read closely

1. High share of proceeds for working capital
2. Profits are not converting into operating cash
3. Accounting result and operating cash flow diverge
4. Auditor changes
5. Licences and approvals pending, expired or not renewed
6. Customer concentration

How the capital was built

• The last priced issue of shares was a fundraise in 2 allotments between 1 Mar 2026 and 31 Mar 2026: 7,16,334 shares to non-promoter investors at ₹441 each (₹88.2 in today's shares) (23 allottees, none stated as linked to the promoters); it came 6 months before this prospectus.

Conclusion

Of the 6 points to read closely, 1 concerns how the IPO money will be spent, 3 concern the financial statements and 2 concern the business, the valuation or the quality of disclosure. These could not be scored automatically and need reading: promoters sold or transferred shares shortly before the IPO; material pre-IPO allotments to non-promoters; guarantees given for group entities. These wait for the price and the final share count: shares issued shortly before the IPO at a deep discount to the issue price; low promoter holding after the issue. The pages to read are 23, 77, 102, 308 and 441.