GR Infraprojects makes robust market debut, lists at 105% premium

Shares of Udaipur-based infrastructure developer GR Infraprojects made a robust stock market debut on Monday. The stock opened for trading at Rs 1,715.85 on the National Stock Exchange, compared to the issue price of Rs 837, marking a premium of 105%. On the BSE the stock was listed at Rs 1,700, a premium of 103.11%.

The Rs 963.28 crore-public issue was subscribed a whopping 102.58 times on Friday (July 9), 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.

The issue emerged as the most oversubscribed public offer in the roads and highway sector in over a decade.

GR Infraprojects is an integrated road engineering, procurement, and construction company with experience in designing and construction activities and road/highway projects. Till April 2021, it has completed 100+ road construction projects successfully, and currently, 4 BOT projects are under construction.

On the financial front, the company reported total revenue of Rs 7,906.94 crore in FY21 compared to Rs 5,325.53 crore in FY19. Whereas its profit after tax grew to Rs 953.22 crore versus Rs 716.63 crore during the same period.