GR Infraprojects Seeks SEBI Approval For IPO

GR Infraprojects Ltd., a road engineering, procurement and construction firm, has sought approval from the markets regulator to launch its initial public offering.

The Udaipur-based company’s shareholders will sell as many as 1.15 crore shares at face value of Rs 5 each through an offer for sale, according to its draft red herring prospectus.

Among the shareholders, Lokesh Builders Pvt. will sell up to 11.4 lakh shares in the IPO, India Business Excellence Fund 1 will sell 64.14 lakh shares, India Business Excellence Fund 31.59 lakh shares, Pradeep Agarwal 4.86 lakh shares and Jasamrit Group would sell 3.07 lakh shares.

Up to 50% of the offer will be reserved for qualified institutional buyers. The portion reserved for non-institutional and retail investors is up to 15% and 35%, respectively.

GR Infraprojects has road and highway projects across 15 Indian states and has also diversified into projects for the railway sector, according to the prospectus.

Since 2018, the company’s profit has risen 70% to Rs 702 crore. Its order book stood at Rs 18,221 crore as of December 2020. Total liabilities stood at Rs 6,083 crore, total borrowings at Rs 4,202 crore, total assets at Rs 9,808 crore and total expenses at Rs 4,182 crore. Total income grew at an annualised rate of 38.74% between FY18 and FY20 to Rs 5,156 crore.

HDFC Bank, ICICI Securities, Kotak Mahindra Capital, Motilal Oswal, SBI Capital and Equirus Capital are the book running lead managers for the issue.