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IPOs of GR Infra, Clean Science see high demand

IPOs of infrastructure developer G R Infraprojects Ltd and specialty chemicals maker Clean Science and Technologies Ltd successfully closed on Friday with overall subscription figures of 102.5 and 95.5 timesPremium
IPOs of infrastructure developer G R Infraprojects Ltd and specialty chemicals maker Clean Science and Technologies Ltd successfully closed on Friday with overall subscription figures of 102.5 and 95.5 times

  • In the GR Infra IPO, the portion reserved for retail investors was subscribed 12.57 times
  • The 1,546 crore IPO of Clean Science and Technology Ltd received bids for 1.15 billion equity shares against the offer size of 12.3 crore equity shares

Mumbai: The initial public offerings (IPOs) of infrastructure developer GR Infraprojects Ltd and specialty chemicals maker Clean Science and Technologies Ltd successfully closed on Friday with overall subscription figures of 102.5 and 95.5 times, respectively, as investors across categories bid heavily for the shares of these companies.

In the GR Infra IPO, the portion reserved for retail investors was subscribed 12.57 times. The qualified institutional buyer category was subscribed 168.58 times and the non-institutional investor category was subscribed 238.04 times.

“GR Infraprojects has a strong track record of timely execution, has presence across regions, and has built up its size over years, which should enable it to capitalize on the opportunity arising from government spends on road/highways. The standalone order book translates to book to bill of 2.7 times, which is in line with peers while it leads in terms of return on capital employed over the past five years. The valuations commanded by the company are attractive," Angel Broking said in an IPO note.

As of March 2021, the company had an order book of 19,026 crore, which is around 2.7 times of the construction services income. Further orders from the National Highways Authority of India constituted around 87.2% of the order book.

The 1,546 crore IPO of Clean Science and Technology Ltd received bids for 1.15 billion equity shares against the offer size of 12.3 crore equity shares, according to the data available on the exchange. The qualified institutional buyers’ portion was subscribed 159.93 times.

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