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GR Infraprojects shares list at 105% premium to IPO price; double investors money

The Rs 936-crore initial public offering (IPO) of GR Infraprojects was subscribed 102.58 times over the 81.23 lakh shares that were on offer.

GR Infraprojects shares made a strong listing on the stock exchanges on Monday, doubling over the IPO price, in an otherwise weak market. Shares of the debutant company began trading at Rs 1715.85 per share on NSE, up Rs 878.85 or 105 per cent from the issue price of Rs 837 apiece. GR Infraprojects had a market capitalization of Rs 16,437.13 crore on the listing. While, on BSE, GR Infraprojects shares got listed at Rs 1,700 apiece, rising Rs 863 or 103.11 per cent over the IPO price. In the traded volume terms, 3.13 lakh shares traded on BSE, while a total of 55.04 lakh scrips exchanged hands on NSE, so far. The Rs 936-crore initial public offering (IPO) of GR Infraprojects was subscribed 102.58 times over the 81.23 lakh shares that were on offer.

Udaipur-based GR Infraprojects is an 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. It has recently diversified into projects in the railway sector. During IPO, the company received bids for 83.33 crore shares against 81.23 lakh shares on offer. 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.

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The issue was sold at a price band of Rs 828-837 per share. One day prior to IPO, company mobilised a little over Rs 283 crore from anchor investors. GR Infraprojects’ principal business operations are broadly divided into three categories — civil construction activities, under which provides EPC services; development of roads, highways on a Build Operate Transfer (BOT) basis, including under annuity and Hybrid Annuity Model (HAM); and manufacturing activities, under which it process bitumen, manufacture thermoplastic road-marking paint, electric poles and road signage and fabricate and galvanize metal crash barriers.

Analysts at HDFC Securities said that the significant growth of GRIL’s business in the last three fiscal years has contributed significantly to its financial strength. It has been able to maintain its growth, due to its in-house integrated model, efficient project execution and its prudent bidding strategy. Its balance sheet coupled with low levels of debt enables it to fund its strategic initiatives, pursue opportunities for growth and better manage unanticipated cash flow variations.

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