The public issue of ₹963 crore, with a price band at ₹828-837 per share, will open for subscription on Wednesday and close on 9 July
Mumbai: GR Infraprojects has raised ₹283 crore from 22 anchor investors ahead of its initial public offer (IPO) that opens on Wednesday.
Eight foreign portfolio investors, including Small Cap World Fund, ADIA, Blackrock, Fidelity, Allianz Global and Public Sector Pension Investment Board – IIFL AMC, were allocated 1.40 million equity shares for approximately ₹117.41 crore.
Among domestic investors, Nippon MF and Franklin Templeton MF picked up the largest allocations of 6% and 4.59%, respectively, for approximately ₹165.91 crore, across various schemes.
The public issue of ₹963 crore, with a price band of ₹828-837 per share, will close on 9 July.
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 issue.
The IPO of 11.51 million shares comprises a complete offer for sale by existing shareholders including the promoter.
Of the total shares on offer, 50% shall be available for allocation on a proportionate basis to qualified institutional buyers (QIBs). Not less than 15% of the offer shall be available for non-institutional bidders and the rest for retail investors. Up to 225,000 shares are reserved for employees. Bids can be placed in a lot of 17 shares.
The significant growth of business in the last three financial years has contributed significantly to the company’s financial strength. Its revenue from operations increased at a CAGR of 21.86% from ₹5,282.58 crore in 2019 to ₹7,844.12 crore in 2021, while profit increased at a CAGR of 15.33% from ₹716.63 crore in fiscal 2019 to ₹953.22 crore in fiscal 2021.
GR Infraprojects is an integrated road engineering, procurement, and construction company with experience in the design and construction of various road/highway projects across 15 states in India and has recently diversified into railway sector projects.
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