GR Infraprojects IPO Details

GR Infraprojects IPOGR 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. 

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)

  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

Registrar of GR Infraprojects IPO

KFin Technologies Private Limited Selenium Tower B, Plot 31-32, Gachibowli, Nanakramguda, Hyderabad – 500 032, Telangana
Phone: +91 40 6716 2222 
Fax:
 +91 40 2343 1551
Email: [email protected] 
Website: 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: 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

 

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

GR Infraprojects IPO Reviews

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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: INR1,747.10  per share (up 108.73% from IPO price)

1 COMMENT

  1. 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?

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