GR Infra projects Limited (“GRIL” or “Company”), an integrated road engineering, procurement and construction (“EPC”) company with experience in design and construction of various road/highway projects; listed on BSE, at Rs. 1700 at a 103% premium over its issue price.
The GR Infra scrip got listed at NSE at Rs. 1715.85 per share, a 105% per cent premium over its issue price of Rs 837. The shares of the company at day end closed at Rs. 1746.80 per share on BSE and Rs. 1737.95 per share on NSE.
The initial public offering was offered at a lower price band of Rs 828 per share and higher price band of Rs 837.
As per BSE, the total quantity GR Infra traded stood at 7.68 lac shares with a delivery quantity percentage of 41.68%. Quantity traded and delivery percentage at NSE was approx. 1.34 crore shares and 48.59% respectively. Total Turnover (BSE+NSE) on Day 1 stood at Rs 2529.38 crore.
The Market Capitalization of the Company post today’s closing price stood at Rs. 16,889.64 crores as per BSE and Rs. 16,804.06 crores as per NSE.
The Offer was a complete offer for sale (“Offer for Sale”) at the upper price band of Rs. 837 per share, received bids of 83,33,04,538 shares against the offered 81,23,594 equity shares. The portion reserved for retail investors was subscribed 12.57 times. While the Qualified Institutional Buyer category was subscribed 168.58 times, the Non-Institutional Investor category was subscribed 238.04 times and Employee Reserved category was subscribed 1.37times.
GR Infra: Key brokerage houses like Angel Broking, IDBI Capital, Reliance securities, Prabhudas Lilladher and Phillip Capital had given recommendations of “Subscribe” to the issue for long term perspective while highlighting the key strengths of the company like (a) Focused EPC player with road projects focus (b) Established track record of timely execution (c) In-house integrated model (d) Strong financial performance and credit rating. GR Infraprojects ltd has over 25 years of experience and has completed more than 100 road construction projects. Furthermore, the company has its presence across regions in India and has built its size over the years which will help the company to capitalize on the opportunity arising from government spends on roads and highways.
Company Information
The Company’s principal business of civil construction comprises EPC and BOT projects in the road sector. The Company has, since 2006, executed over 100 road construction projects. As per the red herring prospectus of the Company dated June 26, 2021 (the “RHP”), out of its BOT projects, it has one operational road project which has been constructed and developed on a BOT (annuity) basis and 14 road projects which have been awarded to the company 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 and has recently diversified into projects in the railway sector.
This article is shared with Prittle Prattle News in the form of a Press Release.
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