As of 11.17 am, out of the total 81,23,594 shares on offer, investors bid for 2,32,17,019 shares.
The promoters and shareholders of the company look to raise Rs 963 crore from primary markets. The book building issue is expected to
through successfully as most analysts have ‘subscribe’ rating on it as they believe shares are being offered at a comparatively cheaper valuations.
“GR Infraprojects is bringing the issue at a price band of Rs 828-837 per share at PE multiple 8.5 on FY21 EPS basis. We like the financial performance posted by the company with healthy balance sheet status,” analysts at Hem Securities said. .
“As the company strives to maintain a robust financial position and low debt levels along with emphasis on a strong balance sheet enable the company to pursue future opportunities for growth. Hence we recommend ‘subscribe’ on issue both for listing gain and long term purpose,” they added.
As of March 31, the company had a healthy order book of Rs 19,025.80 crore and comprised 16 EPC projects, 10 HAM projects and three other projects which gives strong revenue visibility going forward.
Of the total shares on offer, 50 per cent shall be available for allocation on a proportionate basis to qualified institutional buyers (QIBs). Further, not less than 15 per cent of the offer shall be available for non-institutional bidders and the rest for retail investors.Up to 225,000 shares are reserved for employees. Bidding can be placed in a lot of 17 shares.
GR Infraprojects is an integrated road engineering, procurement and construction 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.
