G R Infraprojects IPO – Review, Bid, Size, Allotment, Subscription, GMP & RHP
Last Updated Date: Nov 17, 2022Let’s have a detailed review of the company and analytics of the G R Infraprojects IPO release date, IPO offer price, subscription, G R Infraprojects Limited IPO allotment, grey market price, and other details like the company’s background, its financial positions, its promoters, and other related things.
| Face Value | Rs 5 |
| Price Band | Rs. 828 to Rs. 837 |
| Listing At | BSE, NSE |
| Min. Order Quantity | 17 Shares |
| Listing Date | 17 Shares |
| Offer for Sale | Rs 9632.8 Million |
| IPO Size | Rs 9632.8 Million |
| Tick Size | 1 |
G R Infraprojects IPO is listed at a [●] premium. Check out the live share price by clicking on the below link.
| G R Infraprojects Share Price – Live Performance |
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G R Infraprojects IPO – Summary
They are an integrated road engineering, procurement, and construction (“EPC”) company with experience in the design and construction of various road/highway projects across 15 states in India and have recently diversified into projects in the railway sector.
Their Company was incorporated in December 1995 and they have gradually increased their execution capabilities in terms of the size of projects that they have bid for and executed.
For example, one of the first road projects that they executed was for the Public Works Department, Rajasthan in 1997 with a Bid Project Cost of Rs.26.50 million, whereas the project recently awarded by NHAI, i.e. Vadodara Mumbai Expressway project in the state of Maharashtra on HAM basis, to them in 2020 involves a Bid Project Cost of Rs.27,470.00 million.
The Promoters of this company are VINOD KUMAR AGARWAL, AJENDRA KUMAR AGARWAL, PURSHOTTAM AGARWAL, AND LOKESH BUILDERS PRIVATE LIMITED. The lead managers to the issue are HDFC Bank Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, Motilal Oswal Investment Advisors Limited*, SBI Capital Markets Limited, Equirus Capital Private Limited, and the Registrar to this issue is KFin Technologies Private Limited.
G R Infraprojects IPO Date
The opening and the closing date of the IPO of G R Infraprojects Limited are Jul 7, 2021, and Jul 9, 2021.
G R Infraprojects IPO Subscription
| Day / Date | QIB | NII | RII | Employee | Total Subscription |
| 1st Day – 7 July | 0.49x | 2.68x | 3.25x | 0.24x | 2.28x |
| 2nd Day – 8 July | 2.79x | 6.31x | 7.50x | 0.75x | 5.75x |
| 3rd Day – 9 July | 168.58x | 238.04x | 12.57x | 1.37x | 102.58x |
| Shares Offered or Net Issue | 2,256,741 | 1,692,556 | 3,949,297 | 225,000 | 8,123,594 |
The shares subscribed by the public will be updated here.
Check G R Infraprojects IPO LIVE Subscription
- G R Infraprojects IPO LIVE Bid details on BSE
- G R Infraprojects IPO LIVE Bid details on NSE
For the Latest Bid details click on the above links.
G R Infraprojects IPO Allotment Status
Here, you can find the Allotment Status of this IPO.
Allotment of Equity Shares pursuant to the Fresh Issue and transfer of the Offered Shares of the Promoter Selling Shareholders pursuant to the Offer for Sale to the successful Bidders. However, the Allotment Status is not yet disclosed.
G R Infraprojects Limited IPO Listing Date
Find the dates below on basis of allotment, refund, listing, and more:
| Basis of Allotment Finalization | Jul 14, 2021 |
| Refunds Initiation | Jul 15, 2021 |
| Credit of Shares to Demat Account | Jul 16, 2021 |
| Share Listing Date | Jul 19, 2021 |
GR Infraprojects IPO Price Band / Cash Price
The face value of each share is Rs.5, but the price band of the IPO is Rs.828 to Rs. 837.
GR Infraprojects IPO Equity Size
This Initial Public Issue of 11,508,704 Equity Shares of Rs.5 each for cash at a price of Rs.[●] per equity share aggregating to Rs.9632.8 Million.
G R Infraprojects IPO Share Offering
Offer for Sale: 11,508,704 equity Shares, of cash price Rs.[●] aggregating to Rs.9632.8 Million.
Issue Size: 11,508,704 Equity Shares of Rs.5 each, aggregating to Rs.9632.8 Million
Net Offer: The Offer less the Employee Reservation Portion
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GR Infraprojects IPO – Live Performance
The listing date of this IPO is Jul 19, 2021. You can check the live performance of the IPO here, only after it is listed on exchanges.
G R Infraprojects IPO Grey Market Premium
The G R Infraprojects Limited IPO Grey Market Premium price is Rs 560, the Kostak rate is Rs 0 and the Subject to Sauda is Rs 0.
GR Infraprojects IPO – Company Overview
Their principal business of civil construction comprises EPC and BOT projects in the road sector. They have, since 2006, executed over 100 road construction projects.
They have one operational road project which has been constructed and developed by them on a BOT (annuity) basis and 14 road projects which have been awarded to them under the HAM, out of which five projects are currently operational, four projects are under construction and construction is yet to commence on five of these projects.
The company also has experience in constructing state and national highways, bridges, culverts, flyovers, airport runways, tunnels, and rail over-bridges. They are an integrated road engineering, procurement, and construction (“EPC”) company with experience in the design and construction of various road/highway projects across 15 states in India and have recently diversified into projects in the railway sector.
Their principal business operations are broadly divided into three categories:
(i) civil construction activities, under which they provide EPC services;
(ii) development of roads, highways on a Build Operate Transfer (“BOT”) basis, including under annuity and Hybrid Annuity Model (“HAM”); and
(iii) manufacturing activities, under which they process bitumen, manufacture thermoplastic road-marking paint, electric poles, and road signage and fabricate and galvanize metal crash barriers.
G R Infraprojects IPO – Financial Statements
A quick look into the past financial performance of the company to understand its performance of the business and evaluate the growth prospectus:
Financial Summary:
| Amount (in INR & Million) | |||
| 31-Mar-21 | 31-Mar-20 | Mar-19 | |
| Total Assets | 1,01,160.45 | 77,834.16 | 58,287.31 |
| Total Revenue | 79,069.43 | 64,237.05 | 53,255.30 |
| *Total Expense | 65,823.04 | 52,696.21 | 43,178.42 |
| Profit After Tax | 9,532.21 | 8,008.32 | 7,166.38 |
Earnings per Equity Share (in Million)
| 31-Mar-21 | 31-Mar-20 | Mar-19 | |
| Basic & Diluted | 98.31 | 82.59 | 73.91 |
G R Infraprojects IPO – Promoters
The Promoter of this company is:
- VINOD KUMAR AGARWAL,
- AJENDRA KUMAR AGARWAL,
- PURSHOTTAM AGARWAL AND
- LOKESH BUILDERS PRIVATE LIMITED
List of Related Parties (Key Managerial Personnel)
- Ajai Kumar Singh Chauhan, President, and Head (contracts management)
- Anand Rathi, Chief Financial Officer
- Sudhir Mutha, Company Secretary, and Compliance Officer
G R Infraprojects IPO Offer Details or Issue Details
| Particulars | No. Of Equity Shares |
| Equity Shares Offered | Up to 11,508,704 Equity Shares aggregating up to Rs.9632.8 Million |
| of which: | |
| Offer for Sale | Up to 11,508,704 Equity Shares aggregating up to Rs.9632.8 Million |
| Of which: | |
| Employee Reservation Portion | Up to 225,000 Equity Shares aggregating up to Rs.[●] Million |
| Net Offer | Not less than 11,283,704 Equity Shares |
| Of which: | |
| QIB Portion | Not more than 5,641,851 Equity Shares |
| Non-Institutional Portion | Not less than 1,692,556 Equity Shares |
| Retail Portion | Not less than 3,949,297 Equity Shares |
| Equity Shares outstanding prior to the Issue | 96,689,010 Equity Shares |
| Equity Shares outstanding after the Issue | X Equity Shares |
G R Infraprojects IPO Issue Object
The objects of the Offer are to achieve the benefits of listing the Equity Shares on the Stock Exchanges.
Their Company expects that listing of the Equity Shares will enhance their visibility and brand and provide liquidity to its existing Shareholders. Their Company will not directly receive any proceeds from the Offer and all proceeds from the Offer will be received by the Selling Shareholders, in proportion to the Equity Shares offered by them in the Offer for Sale.
G R Infraprojects IPO – Business Strategy
- Continued focus on their road EPC business
- Pursue other segments within the EPC space
- Leverage core competencies with enhanced in-house integration
- Strengthen internal systems and continue to focus on technology and operational efficiency
- Financial discipline coupled with a strategy to monetize assets
G R Infraprojects IPO – Basis of Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- focused EPC player with road projects focus;
- established track record of timely execution;
- in-house integrated model;
- strong financial performance and credit rating; and
- experienced Promoters with a strong management team.
The relevant quantitative factors are:
| Basic & Diluted EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-21 | 98.31 | 23.95 | 411.63 |
| 31-Mar-20 | 82.59 | 26.45 | – |
| Mar-19 | 73.91 | 32.14 | – |
G R Infraprojects IPO: Competitive Peers
| Face Value (Rs.) | P/E | EPS (Rs.) | Return on Net Worth (%) | NAV | Total Income (Rs. in Million) | |
| G R Infraprojects Limited | 5 | – | 98.31 | 23.95% | 411.63 | 79,069.43 |
| Listed Peers | ||||||
| KNR Constructions Limited | 2 | 15.20 | 14.49 | 20.79% | 69.67 | 29,552.56 |
| PNC Infratech Limited | 2 | 12.90 | 19.37 | 16.28% | 119.01 | 58,988.93 |
| HG Infra Engineering Limited | 10 | 10.58 | 36.31 | 22.27% | 163.04 | 26,171 |
| Dilip Buildcon Limited | 10 | 17.42 | 31.92 | 7.84% | 248.58 | 1,02,104.96 |
| Ashoka Buildcon Limited | 5 | 10.61 | 9.84 | 44.60% | 22.06 | 51,218.72 |
| IRB Infrastructure Developers Limited | 10 | 48.74 | 3.33 | 1.70% | 196.35 | 54,875.29 |
| Sadbhav Engineering Limited | 1 | 1.65 | 46.21 | 49.53% | 93.3 | 38,621.55 |
G R Infraprojects IPO Lead Managers
| Lead Managers |
| HDFC Bank Limited,
ICICI Securities Limited, Kotak Mahindra Capital Company Limited, Motilal Oswal Investment Advisors Limited*, SBI Capital Markets Limited, Equirus Capital Private Limited |
G R Infraprojects IPO Registrar to offer
| Registrar to the Offer |
| KFin Technologies Private Limited Selenium Tower-B, Plot 31 and 32, Gachibowli, Financial District, Nanakramguda, Serilingampally, Hyderabad – 500032, Telangana, India Telephone: +91 40 6716 2222 E-mail: gril.ipo@kfintech.com Website: www.kfintech.com Investor grievance e-mail: einward.ris@kfintech.com Contact person: M Murali Krishna SEBI registration number: INR000000221 |
G R Infraprojects IPO – Other Details
- Statutory Auditor – B S R & Associates LLP
- Legal Counsel to the Company – B S R & Associates LLP
- Bankers to the Company – Axis Bank Limited, Bank of India, Export-Import Bank of India, HDFC Bank Limited, IDFC FIRST Bank Limited, IndusInd Bank Limited, Punjab National Bank, State Bank of India, Union Bank of India, Yes Bank Limited
G R Infraprojects IPO Review by Stock Brokers
| Top Stock Brokers Review | Company Reputation | Competitive Edge | Financial Statement | Popularity Index | Promoters Reputation |
| Angel Broking | 7.5/10 | 7.4/10 | 8.5/10 | 8.1/10 | 7.1/10 |
| Sharekhan | 7.2/10 | 7.1/10 | 8.6/10 | 8.1/10 | 7.2/10 |
| Kotak Securities | 7.3/10 | 7.5/10 | 8.4/10 | 8.1/10 | 7.3/10 |
| ICICI Direct | 7.3/10 | 7.3/10 | 8.7/10 | 8.1/10 | 7.1/10 |
| IIFL | 7.5/10 | 7.2/10 | 8.8/10 | 8.0/10 | 7.1/10 |
| Edelweiss | 7.5/10 | 7.4/10 | 8.4/10 | 8.3/10 | 7.2/10 |
| Zerodha | 7.4/10 | 7.1/10 | 8.5/10 | 8.1/10 | 7.0/10 |
| 5Paisa | 7.1/10 | 7.1/10 | 8.4/10 | 8.1/10 | 7.1/10 |
| Karvy | 7.4/10 | 7.3/10 | 8.2/10 | 8.1/10 | 7.1/10 |
| Motilal Oswal | 7.1/10 | 7.1/10 | 8.6/10 | 8.3/10 | 7.2/10 |
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G R Infraprojects IPO Review FAQs
What is the Issue Size of G R Infraprojects IPO?
The Company is making an initial public offer of 11,508,704 equity shares. They vividly portray the aspects of the issue in this article. You can check the stats on the fresh issue, Offer for sale, and net issue.
What is the Price band of G R Infraprojects IPO?
The price band for this particular IPO, i.e. G R Infraprojects IPO ranges between Rs. 828 to Rs. 837. As far as the face value of the share is of concern, it is Rs.5 per share.
What is the G R Infraprojects IPO Open Date?
The opening and closing dates for G R Infraprojects IPO have been updated. The IPO is set to open on Jul 7, 2021, while the closing date is set at Jul 9, 2021.
What is the G R Infraprojects IPO Allotment Date?
They also have the news regarding the respective allotment dates of G R Infraprojects IPO. Basis of Allotment finalization is on Jul 14, 2021, refund initiation is on Jul 15, 2021, credit of shares is on Jul 16, 2021, and share listing date is on Jul 19, 2021.
What is the G R Infraprojects IPO Listing Date?
Shares of G R Infraprojects shall be listed in the exchanges on Jul 19, 2021. The date, when the listing would be done, is stagnant on Jul 19, 2021.
Who is the Registrar of G R Infraprojects IPO?
One of the reputed registrars is managing the issue of G R Infraprojects IPO, i.e. KFin Technologies Private Limited. Their website will help you regarding the further information you are on the lookout for.
Who is the Promoter of G R Infraprojects IPO?
Here are the promoters of G R Infraprojects – VINOD KUMAR AGARWAL, AJENDRA KUMAR AGARWAL, PURSHOTTAM AGARWAL, AND LOKESH BUILDERS PRIVATE LIMITED. You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.
What is the GMP of G R Infraprojects IPO?
They have obtained the GMP of G R Infraprojects IPO and it is Rs 560. Further insights of Kostak rate and subject to sauda or SS are as well included in this report.
Is G R Infraprojects IPO good for Investment?
They have further provided the financial status of the company in this article, from the past few years. You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.
What is the PAT of G R Infraprojects Company?
They have the information of company financials, and according to that, they have the figures from the last few years to provide. PAT for the financial year 2021 in Million is 9,532.21, 2020 is 8,008.32, 2019 is 7,166.38.
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