GR Infraprojects IPO makes a splash, sets a new record; check details

The initial public offering by GR Infraprojects has emerged as the most oversubscribed public offer in the roads and highway sector in over a decade. The IPO subscribed a whopping 102.58 times on Friday, the closing day of the subscription. The company’s IPO received bids for 83,33,04,538 shares against 81,23,594 shares on offer, as per data available with the BSE. Qualified Institutional Buyers (QIBs) category was subscribed 168.58 times, non-institutional investors 238.04 times and those meant for retail individual investors (RIIs) 12.57 times.

Earlier, IPO of Man Infraconstruction was oversubscribed by 62.53 times. It was followed by IL&FS Transportation which got oversubscribed by 33.42 times. Both of these companies together raised 841.75 crore in 2010. Other IPOs from the roads and highway sectior including Dilip Buildcon, Ashoka Buildcon and HG Infra Engineering was subscribed 20.95 times, 15.94 times and 4.98 times, respectively.

Shares of select players from the sector have rallied up to 800% amid the ongoing rally since March 2020. With a gain of 793%, MBL Infrastructure emerged as top gainer in the list. The scip has jumped to Rs 23.05 on July 9, 2021 from Rs 2.58 on March 24, 2020. Jaypee Infratech, Man Infraconstruction, IL&FS Transportation, HG Infra, PNC Infratech and J Kumar and Dilip Buildcon have gained between 175%-350% during the same period.

Coming back to GR Infraprojects, the IPO was of 1,15,08,704 equity shares and had a price range of Rs 828-837 per share. Shares of the company are proposed to be listed on BSE and NSE.

HDFC Bank, ICICI Securities, Kotak Mahindra Capital Company, Motilal Oswal Investment Advisors, SBI Capital Markets, and Equirus Capital were the managers of the offer.

Udaipur-based 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.