Gayatri Projects IPO
Gayatri Projects IPO — date, price band, lot size & details 2006
Gayatri Projects listed on 17 Oct 2006 at ₹333, 12.9% above the ₹295 issue price.
Gayatri Projects is a civil construction company building dams, highways, bridges, canals and ports. Its total income was Rs 376.41 crore in FY2006.
Stock price
Gayatri Projects 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 12 November.
- Open 26 Sep 2006
- Close 29 Sep 2006
- Allotment 12 Oct 2006
- Refund/credit TBA
- Listing 17 Oct 2006
Issue summary
The terms of the offer, as filed.
| IPO Dates | 26 to 29 Sep, 2006 |
|---|---|
| Price Band | ₹275 – ₹295 |
| Face Value | ₹10 |
| Lot Size | 20 Shares |
| Issue Size | ₹85.55 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 5,900 |
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 20 shares at the ₹295 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 20 | ₹5,900 |
| Retail (max) | 33 | 660 | ₹1,94,700 |
| S-HNI (min) | 34 | 680 | ₹2,00,600 |
| S-HNI (max) | 169 | 3,380 | ₹9,97,100 |
| B-HNI (min) | 170 | 3,400 | ₹10,03,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 4
- 01Total income rose from Rs 303.57 crore in FY2005 to Rs 376.41 crore in FY2006.
- 02Profit after tax doubled from Rs 8.95 crore in FY2005 to Rs 18.08 crore in FY2006.
- 03Net worth rose from Rs 57.64 crore in FY2002 to Rs 92.69 crore in FY2006.
- 04It had 867 permanent employees and a long record in irrigation and highway work.
Risks · 5
- 01Total income fell from Rs 345.75 crore in FY2003 to Rs 304.03 crore in FY2004 before recovering.
- 02Profit after tax was only Rs 5.23 crore in FY2004 on income of Rs 304.03 crore.
- 03Rs 56.05 crore of the Rs 85.55 crore issue went to selling shareholders.
- 04Rs 20.00 crore of the issue went into a BOT project company, which pays back over many years.
- 05Promoter holding fell from 62.00% before the issue to 55.80% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Gayatri Projects offer document.
| Metric | 31 Mar 2006 | 31 Mar 2005 | 31 Mar 2004 | 31 Mar 2003 | 31 Mar 2002 |
|---|---|---|---|---|---|
| Assets | 315.59 | 287.73 | 242.53 | 191.86 | 171.60 |
| Total Income | 376.41 | 303.57 | 304.03 | 345.75 | 309.89 |
| Profit After Tax | 18.08 | 8.95 | 5.23 | 7.23 | 6.71 |
| NET Worth | 92.69 | 76.54 | 69.20 | 63.39 | 57.64 |
| Reserves and Surplus | 83.69 | 71.54 | 64.20 | 58.39 | 52.64 |
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 Gayatri Projects RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Gayatri Projects IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹18.92 | ₹17.02 |
| P/E Ratio (x) | 15.59 | 17.33 |
| Market Cap at Offer Price (₹ Cr) | ₹281.90 | ₹313.37 |
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 ₹295 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
₹34.02 Cr of the issue is earmarked to named objects.
About the company
It is an ISO 9001-2000 company executing major civil works such as concrete and masonry dams, earth filling dams, national highways, bridges, canals, aqueducts and ports.
Irrigation work made up 45.3% of the projects it had executed. It had 867 permanent employees.
The IPO was Rs 85.55 crore, with Rs 29.50 crore of fresh issue and Rs 56.05 crore of offer for sale, at Rs 295, the top of the Rs 275 to Rs 295 band. The fresh money was for investing in a BOT project company and repaying debt.
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.
Gayatri Projects 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.
Almondz Global Securities Ltd
23 issues handledBest listing: Amar Remedies (+100.0%). Weakest: First Winner Industries (-12.0%).
HSBC InvestDirect Securities (India) Ltd
24 issues handledBest listing: Dishman Pharmaceuticals & Chemicals (+97.1%). Weakest: Bannari Amman Spinning Mills (-25.2%).
Listing 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 Gayatri Projects?
The current Grey Market Premium is ₹0.
What is the Gayatri Projects IPO price band?
₹275 to ₹295, on a face value of ₹10.
When is the allotment?
The basis of allotment is 12 October 2006, with listing on 17 October 2006.
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.
