G R Infraprojects Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹837
Per ShareLot Size
17 Shares
Minimum Investment
₹14,229
Issue Size
₹952.92 Cr
Face Value
₹5
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
G R Infraprojects Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
46.89%
Promoter Holding (Post-Issue)
45.71%
Issue Type
Book Building
ISIN
INE201P01022
About the Company
G R Infraprojects Limited is an integrated road 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. Its principal business operations are broadly divided into three categories: (i) civil construction activities, under which it provides EPC services; (ii) development of roads, highways on a BOT basis, including under annuity and HAM; and (iii) manufacturing activities, under which it process bitumen, manufacture thermoplastic road-marking paint, electric poles and road signage and fabricate and galvanize metal crash barriers.
Industry Overview
The infrastructure sector encompasses roads, power, railways, urban infrastructure, and irrigation among others. The government introduced significant policy reforms to augment foreign direct investment (FDI) inflows to further boost investment and enhance infrastructure in the country. The roads sector accounted for 49% of total investments in the infrastructure industry over fiscal year 2015-19. Currently, 12-15% of the investment in state roads is through public and private partnerships. CRISIL Research expects private construction investments in national highways to increase 2x to Rs. 1.5 trillion over fiscal 2021-25 compared with the previous five years.
Company History
G R Infraprojects Limited was incorporated as `G. R. Agarwal Builders and Developers Limited' on December 22, 1995 under the Companies Act, 1956 as a public limited company. The certificate of commencement of business was issued by the RoC Rajasthan on January 3, 1996 and the Company subsequently acquired the business of M/s Gumani Ram Agarwal, a partnership firm, in the same year. The name of the Company was changed to `G R Infraprojects Limited' vide a resolution passed by its Shareholders on August 24, 2007, as its management believed that the activities being undertaken by the Company were reflected in broader terms from the new name. A fresh certificate of incorporation pursuant to change of name was issued by the RoC Rajasthan on August 31, 2007.
Products & Services
- Civil construction activities under which it provides EPC services
- Development of roads and highways on a BOT basis, including under annuity and HAM
- Manufacturing activities, under which it process bitumen, manufacture thermoplastic road marking paint, electric poles, and road signage and fabricate and galvanize metal crash barriers, which the company uses in its projects or sell to third parties
Growth Strategy
- Continued focus on our road EPC business
- Pursue other segments within the EPC space
- Leverage core competencies with enhanced in-house integration
- Strengthen internal systems and continue to focus on technology and operational efficiency
- Financial discipline coupled with strategy to monetise assets
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial Public Offering of 11,508,704 equity shares of face value of Rs. 5 each ("equity shares") of G R Infraprojects Limited ("the company" or the "issuer") for cash at a price of Rs. 837 per equity share (including a premium of Rs. 832 per equity share) ("offer price") aggregating to Rs. 962.33 Crores (the "offer"). The offer comprises of an offer for sale of 11,508,704 equity shares aggregating to Rs. 962.33 Crores, comprising 1,142,400 equity shares aggregating to Rs. 95.53 Crores by Lokesh Builders Private Limited (the "promoter selling shareholder"); 127,000 equity shares aggregating Rs. 10.62 Crores by Jasamrit Premises Private Limited, 80,000 equity shares aggregating to Rs. 6.69 Crores by Jasamrit Fashions Private Limited, 56,000 equity shares aggregating to Rs. 4.68 Crores by Jasamrit Creations Private Limited, and 44,000 equity shares aggregating to Rs. 3.68 Crores by Jasamrit Construction Private Limited (collectively, the "promoter group selling shareholders"); 6,414,029 equity shares aggregating to Rs. 536.33 Crores by India Business Excellence Fund I and 3,159,149 equity shares aggregating to Rs. 264.16 Crores by India Business Excellence Fund (together, the "investor selling shareholders"); and 486,126 equity shares aggregating to Rs. 40.65 Crores by Pradeep Kumar Agarwal (the "other selling shareholder" and together with the promoter selling shareholder, promoter group selling shareholders, and investor selling shareholders, the "selling shareholders"). The offer includes a reservation of 225,000 equity shares aggregating to Rs. 17.89 Crores (constituting 0.23% of the post- offer paid-up equity share capital of the company) for subscription by eligible employees (the "employee reservation portion"). The offer less the employee reservation portion is hereinafter referred to as the "net offer". The offer and the net offer constitute 11.90% and 11.67%, respectively (subject to finalization of basis of allotment), of the post-offer paid-up equity share capital of the company. The company and the investor selling shareholders in consultation with the book running lead managers ("BRLMs"), offered a Discount of Rs. 42 of the offer price to eligible employees bidding in the employee reservation portion ("employee discount"). The face value of equity shares is Rs. 5 each. Offer Price : Rs. 837 per equity share of face value of Rs. 5 each. The Offer Price is 167.40 times of the face value. Anchor Investor Offer Price : Rs. 837 per equity share.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- focused EPC player with road projects focus;
- established track record of timely execution;
- in-house integrated model;
- strong financial performance and credit rating;
- experienced Promoters with strong management team.
- The continuing effect of the COVID-19 pandemic on its business and operations is highly uncertain and cannot be predicted.
- Company's inability to meet our obligations, conditions and restrictions imposed by its financing agreements could adversely affect its ability to conduct its business and operations as well as to undertake and consummate the Offer. Further, its Company is required to take prior consent of its lenders under some of its financing agreements for undertaking certain actions, including the Offer.
- Company derive majority of its revenue from its civil construction and its financial condition would be materially and adversely affected if we fail to obtain new contracts or its current contracts are terminated.
- Company's business currently is primarily dependent on road projects in India undertaken or awarded by governmental authorities and other entities funded by the GoI or state governments and it derive majority of its revenues from contracts with a limited number of government entities. Any adverse changes in the central orstate government policies may lead to our contracts being foreclosed, terminated, restructured or renegotiated, which may have a material effect on its business and results of operations.
- All projects company operate have been awarded primarily through competitive bidding process. its bids may not always be accepted. it may not be able to qualify for, compete and win projects, which could adversely affect its business and results of operations.