G R Infraprojects IPO subscribed 2.28 times

Published on Jul 07, 2021 17:44

The initial public offer (IPO) of G R Infraprojects received bids for 1.85 crore shares as against 81.23 lakh shares on offer on Wednesday (7 July 2021), according to the stock exchange data at 17:00 IST. The issue was subscribed 2.28 times.

The issue opened for bidding on Wednesday, 7 July 2021, and it will close on Friday, 9 July 2021.

The price band for the IPO is set at Rs 828-837 per share. An investor can bid for a minimum of 17 shares in multiples thereof.

The public issue is a complete offer for sale of up to 1,15,08,704 equity shares, including an employee reservation portion, by existing shareholders. Thus, the company will not receive any proceeds from the offer.

Ahead of the IPO, the company finalized allocation of 33,85,110 equity shares to anchor investors at Rs 837 per share, aggregating to Rs 283.33 crore.

G R Infraprojects (GRIL) is an integrated road engineering, procurement and construction (EPC) company largely focused on road sector. It executes road projects as EPC contractors, construction services providers as well as through PPP model on a BOT basis, with a focus on HAM projects. The company have also recently diversified into projects in the railway sector.

The company reported a consolidated net profit of Rs 953.22 crore and sales of Rs 7,844.13 crore in the year ended 31 March 2021.