Updated: July 7, 2021 12:10:10 pm
GR Infraprojects IPO: The Rs 963 crore initial public offering (IPO) of GR Infraprojects will open for subscription today, July 7, 2021, and will be available for subscription till Friday, July 9, 2021. The IPO has a price band of Rs 828-837 per share.
The offer by the Udaipur-based infrastructure company will be a complete offer for sale (OFS) of 1,15,08,704 equity shares by promoter and investor selling shareholders.
GR Infraprojects is a leading integrated road engineering, procurement and construction (EPC) company with experience in the design and construction of various road and highway projects across 15 states in India. It has recently diversified into projects in the railway sector.
Before heading into the IPO, GR Infraprojects raised a little over Rs 283 crore (Rs 283,33,37,070.00) from 47 anchor investors in lieu of 33,85,110 equity shares at Rs 837 each, data from the stock exchanges showed.
The anchor investors include the likes of ICICI Prudential Mutual Fund (MF), SBI MF, HDFC MF, Kotak MF, UTI MF, Sundaram MF, BlackRock Global Funds, Allianz Global Investors Fund, Abu Dhabi Investment Authority and HDFC Life Insurance Company.
Investors who wish to subscribe to GR Infraprojects IPO can bid in the lot of 17 equity shares and multiples thereof. At the upper price band, they will have to shell out Rs 14,229 to get a single lot of G R Infraprojects. The shares will be listed on both BSE as well as the National Stock Exchange (NSE).
The applicants also must note that the cut-off time for UPI mandate confirmation is Monday, July 12, 2021, upto 12:00 pm. If they fail to do so then their application may not be considered.
HDFC Bank, ICICI Securities, Kotak Mahindra Capital Company, Motilal Oswal Investment Advisors, SBI Capital Markets and Equirus Capital are the book running lead managers to the IPO while Kfin Technologies is the registrar of the issue.
On its successful listing. GR Infraprojects will join industry peers such as KNR Constructions, PNC Infratech, Dilip Buildcon, IRB Infrastructure Developers and more.
The research team at Geojit Financial Services in its IPO note has recommended a “Subscribe” to the offer while that at HDFC Securities hasn’t given any rating to the IPO.
Geojit Research in its IPO note said, “At the upper price band of Rs 837, GRIL is available at PE of 8.5x (FY21) which appears reasonably priced compared to peers. We assign a Subscribe rating, with a long term perspective as growth in order book, pick up in execution, diversification to other sectors like railways provides visibility for future growth.”
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