GR Infraprojects, an integrated road engineering, procurement and construction (EPC) company, has filed the draft red herring prospectus with the capital markets regulator Sebi for its initial public offering.
The issue will be a complete offer for sale of 1,15,08,704 equity shares by the promoter and other existing selling shareholders. The company will also reserve some shares for its employees.
The offer for sale comprises 11,42,400 equity shares by Lokesh Builders, 1,27,000 equity shares by Jasamrit Premises, 80,000 shares by Jasamrit Fashions, 56,000 shares by Jasamrit Creations, and 44,000 shares by Jasamrit Construction which all are part of promoter and promoter group.
Investors -- India Business Excellence Fund 1, will sell 64,14,029 equity shares, India Business Excellence Fund 31,59,149 shares and Pradeep Kumar Agarwal 4,86,126 equity shares via offer for sale.
The company will not receive any proceeds from the offer as it is only the offer for sale issue.
As per market sources, the IPO size will be approximately between Rs 800 crore and Rs 1,000 crore.
The equity shares offered are proposed to be listed on the BSE as well as the National Stock Exchange.
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HDFC Bank, ICICI Securities, Kotak Mahindra Capital Company, Motilal Oswal Investment Advisors, SBI Capital Markets and Equirus Capital are the book running lead managers to the issue, while KFin Technologies is the registrar to the offer.
GR Infraprojects' business operations are broadly divided into three categories - civil construction activities; development of roads, highways on a build operate transfer (BOT) basis; and manufacturing activities. Under the manufacturing activities, the company processes bitumen, manufactures thermoplastic road-marking paint, electric poles and road signage and fabricate and galvanise metal crash barriers.
Out of the BOT projects, the company has one operational road project which has been constructed and developed on a BOT (annuity) basis. Fourteen road projects have been awarded to the company, of which five projects are currently operational, four are under construction and work is yet to commence on five projects.