G R Infraprojects IPO
G R Infraprojects IPO — date, price band, lot size & details 2021
G R Infraprojects listed on 19 Jul 2021 at ₹1,715.85, 105% above the ₹837 issue price.
G R Infraprojects is an integrated road EPC company that builds highways and also develops road projects on BOT and hybrid annuity models. Its total income was Rs 7,906.94 crore in FY2021.
Stock price
G R Infraprojects is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 07 Jul 2021
- Close 09 Jul 2021
- Allotment 14 Jul 2021
- Refund/credit 15 Jul 2021
- Listing 19 Jul 2021
Issue summary
The terms of the offer, as filed.
| IPO Dates | 7 to 9 Jul, 2021 |
|---|---|
| Price Band | ₹828 – ₹837 |
| Face Value | ₹5 |
| Lot Size | 17 Shares |
| Issue Size | ₹962.37 Cr |
| Sale Type | OFS only |
| Listing On | BSE, NSE |
| Employee Discount | Rs 42.00 per share |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,229 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 17 shares at the ₹837 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 17 | ₹14,229 |
| Retail (max) | 14 | 238 | ₹1,99,206 |
| S-HNI (min) | 15 | 255 | ₹2,13,435 |
| S-HNI (max) | 70 | 1,190 | ₹9,96,030 |
| B-HNI (min) | 71 | 1,207 | ₹10,10,259 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 6
- 01Total income rose from Rs 5,325.53 crore in FY2019 to Rs 7,906.94 crore in FY2021.
- 02Profit after tax rose from Rs 716.64 crore in FY2019 to Rs 953.22 crore in FY2021.
- 03The P/E was 8.49 at the upper band of Rs 837, based on EPS of Rs 98.59.
- 04Net worth grew from Rs 2,229.68 crore on 31 March 2019 to Rs 3,980.03 crore on 31 March 2021.
- 05EBITDA rose from Rs 1,326.31 crore in FY2019 to Rs 1,912.54 crore in FY2021.
- 06Project size has grown from Rs 26.50 million in 1997 to Rs 27,470.00 million for a 2020 expressway award.
Risks · 5
- 01Total borrowing rose from Rs 2,110.71 crore on 31 March 2019 to Rs 4,494.97 crore on 31 March 2021.
- 02The whole Rs 962.37 crore issue was offer for sale, so no money went to the company.
- 03Most work comes from government road agencies such as NHAI, so order flow depends on public spending. It works across 15 states.
- 04BOT and HAM projects tie up capital for many years. Assets reached Rs 10,116.05 crore on 31 March 2021.
- 05Promoters and the promoter group held 88.04% before the issue and 86.54% after it.
Three years of numbers
All figures in ₹ crore, as reported in the G R Infraprojects offer document.
| Metric | 31 Mar 2021 | 31 Mar 2020 | 31 Mar 2019 |
|---|---|---|---|
| Assets | 10,116.05 | 7,783.42 | 5,828.73 |
| Total Income | 7,906.94 | 6,423.71 | 5,325.53 |
| Profit After Tax | 953.22 | 800.83 | 716.64 |
| EBITDA | 1,912.54 | 1,637.08 | 1,326.31 |
| NET Worth | 3,980.03 | 3,027.15 | 2,229.68 |
| Reserves and Surplus | 3,926.77 | 2,973.76 | 2,176.29 |
| Total Borrowing | 4,494.97 | 3,179.31 | 2,110.71 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the G R Infraprojects RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
G R Infraprojects IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹98.59 | ₹98.59 |
| P/E Ratio (x) | 8.49 | 8.49 |
| Market Cap at Offer Price (₹ Cr) | ₹8,092.56 | ₹8,092.56 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹837 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
How the company intends to use the proceeds of the issue.
Information about the usage of proceeds from the G R Infraprojects IPO will be updated shortly.
About the company
It works in three areas. It provides EPC services for civil construction, develops roads and highways on BOT basis, including annuity and Hybrid Annuity Model projects, and runs manufacturing units that process bitumen, make thermoplastic road-marking paint, electric poles and road signage, and fabricate metal crash barriers.
One of its first projects, for the Public Works Department in Rajasthan in 1997, had a bid project cost of Rs 26.50 million. In 2020 NHAI awarded it part of the Vadodara Mumbai Expressway on HAM basis with a bid project cost of Rs 27,470.00 million. It has plants at Udaipur, Guwahati and Sandila, and a fabrication and galvanising unit at Ahmedabad.
The IPO was Rs 962.37 crore and was entirely an offer for sale, so the company received none of the money.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
G R Infraprojects IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
SBI Capital Markets Ltd.
37 issues handledBest listing: Indo-MIM (+44.3%). Weakest: Kalyan Jewellers India (-15.0%).
ICICI Securities
65 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Motilal Oswal Investment Advisors
44 issues handledBest listing: Devyani International (+56.6%). Weakest: Metro Brands (-12.6%).
Equirus Capital Pvt.Ltd.
13 issues handledBest listing: CMR Green Technologies (+39.6%). Weakest: Metro Brands (-12.6%).
Kotak Mahindra Capital Company Limited
49 issues handledBest listing: Clean Science & Technology (+95.0%). Weakest: Rategain Travel Technologies (-15.3%).
Hdfc Bank Limited
12 issues handledListing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of G R Infraprojects?
The current Grey Market Premium is ₹520, or 62% over the issue price.
What is the G R Infraprojects IPO price band?
₹828 to ₹837, on a face value of ₹5.
When is the allotment?
The basis of allotment is 14 July 2021, with listing on 19 July 2021.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
