GR Infraprojects files for IPO

Udaipur-based leading integrated road EPC company may raise approximately ₹800-1000 crore via IPO, a person aware of the matter said.

The issue consists of an offer for sale of 11.51 million shares by existing promoters and shareholders. An OFS comprises 6.41 million shares by India Business Excellence Fund I, 3.16 million shares by India Business Excellence Fund, 1.14 million shares by Lokesh Builders Pvt Ltd, 4.86 lakh shares by Pradeep Kumar Agrawal, 1.27 million shares by Jasamrit Premises Pvt Ltd.

HDFC Bank Ltd, ICICI Securities Ltd, Kotak Mahindra Capital, Motilal Oswal Investment Advisor, SBI Capital Markets, Enquires Capital are the book lead running managers to the issue.

For fiscal year 2020, the company reported a total income of ₹6421.06 crore against ₹5323.11 crore a year ago. Net profit for the period stood at ₹799.23 crore versus ₹714.51 crore last year.

As of December 2020, its total borrowings were at ₹4202.51 crore, while its net worth was ₹3725.06 crore. The total order book was stood at Rs18221.98 crore.

As of the date of this Draft Red Herring Prospectus, out of our BOT projects, the company have one operational road project which has been constructed and developed on a BOT (annuity) basis and 14 road projects which have been awarded under the HAM, out of which five projects are currently operational, four projects are under construction and construction is yet to commence on five of these projects.

GP Infraprojects is an integrated road engineering, procurement and construction (“EPC") company with experience in design and construction of various road/highway projects across 15 States in India and having recently diversified into projects in the railway sector.