One of the largest infrasprojects corporate, GR Infraprojects of Udaipur has filed its Draft Red Herring Prospectus (DRHP) with SEBI as a first step towards its maiden Initial Public Offer (IPO).
The issue is expected to be a complete offer for sale of 1,15,08,704 Equity Shares of Face Value Rs 5, by the promoter and investor selling shareholders. The size of the IPO will be in the range of Rs 800-1000 Crore.
In the last three fiscal years, GR Infra has clocked a profit growth from Rs 413 Crore in FY2018 to Rs 799 Crore in FY2020. The revenue from operations increased from Rs 3,295 Croe to Rs, 6,373 Crore at a CAGR of 39% in this period.
HDFC Bank, Kotak Mahindra Capital Company, Motilal Oswal Investment Advisors, SBI Capital Markets, Equirus Capital and ICIC Securities are the book running lead managers for this issue. The offer includes and employee reservation portion as well. The company will not receive any proceeds from the offer since it involves only the Offer for Sale.
Qualified institutional buyers will be able to access 50% of the offer, non - institutional buyers - 15% and 35% for retail investors. The company will then be listed in the BSE and NSE Stock Exhanges.
About GR Infra
GR Infra was incorporate as GR Agarwal Builder and Developers Limited, a public limited company in 1995. The company took over the operations of M/s Gumani Ram Agarwal, partnership firm and received its certificate of business in 1996. In 2001 the GR forayed into the business of development and infrastructure projects. The first centralized workshop of GR was established in 2006 at NH8, Balicha, Udaipur and the company changed its name to GR Infraprojects Limited (GRIL) in 2007. In 2011, India Business Excellence Fund I, India Business Excellence Fund and IDFC Investment Advisors joined GRIL as Equity partners. GRIL completed its biggest project, the Shillong Bypass Project in 2013 ahead of the scheduled date by 10 months. GRIL was award with its first BOT project by NHAI (worth Rs 13,670 million in 2016 In IN 2018 the company was awarded its first railway project.