G R INFRAPROJECTS LIMITED IPO
Incorporated in 1995, G R Infraprojects Limited is an integrated road emerging, procurement, and construction company. It has experience in the design and construction of various highway & road projects across 15 states in India. Recently, it has also diversified into the projects of the railway sector. Its principal business operations are broadly in 3 categories:
- Civil construction activities under which it provides EPC services
- Development of roads, highways on a Build Operate Transfer (BOT) which include Annuity and Hybrid Annuity Model (HAM)
- Manufacturing activities, under which it processes manufacture thermoplastic road-marking paint, electric poles, etc
As of 31st March 2021, G R Infraprojects has completed 100+ road construction projects and currently, 4 BOT projects are under construction.
It has fabricating and galvanization unit in Ahmedabad (Gujarat) and 3 manufacturing facilities in:
- Udaipur (Rajasthan)
- Guwahati (Assam)
- Sandila (Uttar Pradesh)
The promoters of the company are Mr. Vinod Kumar Agarwal, Mr. Ajendra Kumar Agarwal, Mr. Purshottam Agarwal, and Lokesh Builders Private Limited.
Strengths of the Company
- Focused EPC player with a focus on road projects
- In-house integrated model
- Good track record of timely execution
- Strong financial performance & credit rating
- Experience promoters and management team
Purpose of the IPO
- To achieve the listing benefit of equity shares on the stock exchanges.
- The company will not receive any proceeds from the IPO as there is no fresh issue.
- IPO is to carry out the offer for sale by the existing shareholders.
Financial Performance of the Company
| FY 2021 | FY 2020 | FY 2019 | |
| Total Revenue | 7,906.94 | 6,423.70 | 5,325.53 |
| Profit After Tax | 953.22 | 800.83 | 532.55 |
| Total Assets | 10,116.04 | 7,783.41 | 5,828.73 |
*All the values are in crores and as per DRHP.
Valuation of the Company
| For the nine-month period ended 31st December 2020 | FY 2020 | FY 2019 | FY 2018 | |
| Basic Earnings per Share (EPS) | 72.61^ | 82.43 | 73.69 | 42.57 |
| Diluted Earnings per Share (EPS) | 72.61^ | 82.43 | 73.69 | 42.57 |
| Return on Net Worth (%) | 18.85%^ | 26.43% | 32.07% | 27.24% |
| Net Assets Value per Equity share | 385.18^ | 311.86 | 229.78 | 156.24 |
^Numbers are not annualised
*As per DRHP.
IPO details
| Face Value | ₹5 per equity share |
| Market Lot | 17 Shares |
| Minimum Order Quantity | 17 Shares |
| Price Band | ₹828- ₹837 per equity share |
| Issue type | Book Built Issue IPO |
| Issue Size | ₹963.28 Crores |
| Offer for Sale | ₹963.28 Crores |
| Listing | NSE, BSE |
Important IPO dates
| Open Date | 07th July 2021 |
| Close Date | 09th July 2021 |
| Basis of Allotment Date | 14th July 2021 |
| Initiation of Refunds | 15th July 2021 |
| The credit of shares to Demat Account | 16th July 2021 |
| Listing Date | 19th July 2021 |
Allocation Quota
| Category | Portion |
| Qualified Institutional Buyers (QIBs) | Not more than 50% |
| Non- Institutional Buyers (NIIs) | Not less than 15% |
| Retail Investors | Not less than 35% |
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