GR Infraprojects IPO Details
GR Infraprojects IPO description – GR Infraprojects is an integrated road engineering, procurement and construction (EPC) company with experience in design and construction of various road/highway projects across 15 States in India and having recently diversified into projects in the railway sector. Its principal business operations are broadly divided into three categories: (i) civil construction activities, under which it provides EPC services; (ii) development of roads, highways on a Build Operate Transfer (BOT) basis, including under annuity and Hybrid Annuity Model (HAM); and (iii) manufacturing activities, under which it processes bitumen, manufacture thermoplastic road-marking paint, electric poles and road signage and fabricate and galvanize metal crash barriers.
The company’s principal business of civil construction comprises EPC and BOT projects in the road sector. It has, since 2006, executed over 100 road construction projects. As of the date of this Draft Red Herring Prospectus, 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 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.Â
Promoters of GR Infraprojects – Vinod Kumar Agarwal, Ajendra Kumar Agarwal, Purshottam Agarwal and Lokesh Builders Private Limited
| GR Infraprojects IPO details | |
| Subscription Dates | 7 – 9 July 2021 |
| Price Band | INR828 – 837 per share (employee discount – INR42 per share) |
| Fresh issue | Nil |
| Offer For Sale | 11,508,704 shares (INR952.92 – 963.28 crore) |
| Total IPO size | 11,508,704 shares (INR952.92 – 963.28 crore) |
| Minimum bid (lot size) | 17 shares |
| Face Value | INR5 per share |
| Retail Allocation | 35% |
| Listing On | NSE, BSE |
GR Infraprojects Performance (in INR crore)
| Â | FY2018* | FY2019 | FY2020 | FY2021 |
| Revenue | 3,335.6 | 5,325.3 | 6,423.7 | 7,906.9 |
| Expenses | 2,824.9 | 4,317.8 | 5,269.6 | 6,582.3 |
| Net income | 417.7 | 715.1 | 797.5 | 953.6 |
| Margin (%) | 12.5 | 13.4 | 12.4 | 13.6 |
- Figures marked with * are from DRHP. Other figures are from RHP
More about GR Infraprojects IPO
Registrar of GR Infraprojects IPO
KFin Technologies Private Limited Selenium Tower B, Plot 31-32, Gachibowli, Nanakramguda, Hyderabad – 500 032, Telangana
Phone:Â +91 40 6716 2222Â
Fax:Â +91 40 2343 1551
Email: [email protected]Â
Website:Â www.kfintech.com
GR Infraprojects Contact Details
G R Infraprojects Limited
Novus Tower, Second Floor
Plot No. 18, Sector 18
Gurugram, Haryana – 122 015
Phone: +91 294 248 7370
Email: [email protected]
Website:Â www.grinfra.com
Valuation of GR Infraprojects (as of FY2021)
Earnings Per Share (EPS): INR98.31
Price/Earnings (PE ratio): 8.42 – 8.51
Return on Net Worth (RONW): 23.95%
Net Asset Value (NAV): INR411.63 per share
GR Infraprojects IPO GMP Daily Trend
| Date | GR Infra IPO GMP | Kostak | Subject to Sauda |
| 17 July 2021 | INR520 | – | – |
| 16 July 2021 | INR520 | – | – |
| 15 July 2021 | INR500 | – | – |
| 14 July 2021 | INR470 | INR570 | – |
| 13 July 2021 | INR450 | INR520 | – |
| 12 July 2021 | INR440 | INR570 | INR5,000 |
| 10 July 2021 | INR400 | INR530 | INR4,800 |
| 9 July 2021 | INR400 | INR530 | INR4,800 |
| 8 July 2021 | INR400 | INR500 | INR4,500 |
| 7 July 2021 | INR420 | INR500 | INR4,500 |
| 6 July 2021 | INR400 | INR450 | INR4,200 |
| 5 July 2021 | INR380 | INR450 | INR4,200 |
| 3 July 2021 | INR380 | INR450 | INR4,200 |
| 2 July 2021 | INR340 | INR400 | INR3,800 |
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GR Infra Peer Comparison
| Parameter |
GR Infraprojects |
Dilip Buildcon |
PNC Infra |
Ashoka Buildcon |
| Operating Income 5Y CAGR |
47% |
28% | 25% |
15% |
| EBIT 5Y CAGR |
87.3% |
25.4% | 36.1% |
22.2% |
| ROCE (%) |
32.2% |
17.5% | 28.8% |
20.9% |
| Total Debt/EBITDA |
0.8 |
2.0 | 0.4 |
0.6 |
| Order Book/Operating Income |
2.6 |
0.8 | 1.9 |
2.3 |
Figures are based on FY2020 performance
Source: GR Infra IPO RHP
GR Infraprojects IPO Subscription Details
| Category | Shares offered | Subscription (no. of times, at 5 PM) | ||
| Day 1 | Day 2 | Day 3 | ||
| QIB | 22,56,741 | 0.49 | 2.78 | 168.58 |
| NII | 16,92,556 | 2.68 | 6.31 | 238.04 |
| Retail | 39,49,297 | 3.24 | 7.49 | 12.57 |
| Employee | 2,25,000 | 0.25 | 0.75 | 1.36 |
| Total | 81,23,594 | 2.28 | 5.75 | 102.57 |
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GR Infraprojects IPO Allotment Status
GR Infraprojects IPO allotment status is now available on KFin Technologies’ website. Click on this link to get allotment status.
Listing Performance of GR Infraprojects
IPO Opening Date: 7 July 2021
IPO Closing Date: 9 July 2021
Finalisation of Basis of Allotment: 14 July 2021
Initiation of refunds: 15 July 2021
Transfer of shares to demat accounts: 16 July 2021
Listing Date: 19 July 2021
Opening Price on NSE: INR1,715.85 per share (up 105% from IPO price)
Closing Price on NSE: INR1,747.10Â per share (up 108.73% from IPO price)
GR Infraprojects Limited will be opening its IPO, a 100% offer for sale of 11.51 million equity shares, on July 7th.
What does the company do? What are opportunities and risks involved in investing in it?