Latest News | Ahead of IPO, GR Infraprojects Garners Rs 283 Cr from Anchor Investors

New Delhi, Jul 6 (PTI) GR Infraprojects on Tuesday said it has mobilised a little over Rs 283 crore from anchor investors ahead of its initial share-sale, which opens on Wednesday.

The company has decided to allocate 33,85,110 equity shares at Rs 837 apiece to anchor investors, aggregating to Rs 283.33 crore, according to a circular on BSE website.

Among the anchor investors are ICICI Prudential Mutual Fund (MF), SBI MF, HDFC MF, Kotak MF, UTI MF, Sundaram MF, BlackRock, Fidelity, Allianz Global Investors Fund and HDFC Life Insurance Company.

The IPO will be a complete Offer for Sale (OFS) of 1,15,08,704 equity shares by promoter and investor selling shareholders. The offer includes an employee reservation portion as well.

Lokesh Builders will sell 11,42,400 equity shares through an offer for sale, Jasamrit Premises 1,27,000 equity shares, Jasamrit Fashions 80,000 equity shares, Jasamrit Creations 56,000 equity shares, and Jasamrit Construction 44,000 equity shares.

In addition, India Business Excellence Fund will offer 64,14,029 equity shares, India Business Excellence Fund 31,59,149 equity shares and Pradeep Kumar Agarwal will also sell 4,86,126 equity shares through offer for sale.

The company has fixed fixed a price band of Rs 828-837 a share for its initial share-sale. At the upper end of the price band, the IPO will fetch Rs 963.28 crore.

The three-day initial public offer (IPO) will open on July 7 and conclude on July 9.

The public issue being only an Offer for Sale, the company will not receive any proceeds from the Offer.

Half of the issue size has been reserved for qualified institutional buyers, up to 35 percent for retail investors, and the remaining 15 percent for non-institutional buyers.

This is the company's third attempt to go public. It had filed preliminary papers with capital markets regulator Sebi in April to raise funds through an initial share-sale.

Earlier in May 2018, GR Infraprojects had filed draft papers with the markets regulator to raise an estimated Rs 1,800 crore through an IPO.

Priot to that, in September 2016 as well, the company had filed IPO papers with Sebi and received the regulator's go-ahead to launch the public issue. It, however, did not go in for the public issue then.

Udaipur-based GR Infraprojects is a leading integrated road engineering, procurement and construction (EPC) company with experience in design and construction of various road and highway projects across 15 states in India. It has recently diversified into projects in the railway sector.

In the last three fiscal years the company's revenue from operations increased from Rs 3,295 crore in fiscal 2018 to Rs 6,373 crore in fiscal 2020 at a compound annual growth rate or CAGR of 39 per cent, while the profit surged from Rs 413 crore in fiscal 2018 to Rs 799 crore in fiscal 2020.

As on March this year, the company had an order book of Rs 19,000 crore.

HDFC Bank, ICICI Securities, Kotak Mahindra Capital Company, Motilal Oswal Investment Advisors, SBI Capital Markets, Equirus Capital are the book running lead managers to the issue.

The equity shares offered are proposed to be listed on the BSE and NSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)