Udaipur-based GR Infraprojects has filed its Draft Red Herring Prospectus (DRHP) with the market regulator SEBI for initial public offering (IPO). This road engineering, procurement and construction (EPC) company is looking to raise around Rs 800-Rs 1,000 crore.
The company is looking at raising Rs 800-Rs 1,000 crore as per sources. The company has experience in the design and construction of various road and highway projects across 15 states in India.
In the last three fiscal years, the company’s revenue from operations increased from Rs 3,295 crore in fiscal 2018 to Rs 6,373 crore in fiscal 2020 at a CAGR of 39 per cent. Meanwhile, the profit for the year increased from Rs 413 crore in fiscal 2018 to Rs 799 crore in fiscal 2020 at a CAGR of 39 per cent. In addition, the company’s EBITDA has grown at a CAGR of 46 per cent from fiscal 2018 to fiscal 2020.
The issue will be a complete Offer for Sale (OFS) of 1.15 crore equity shares of the face value of Rs 5 each by the promoter and investor selling shareholders. The offer includes an employee reservation portion as well.
The company, which has been in the road/highway sector for over 25 years, have now diversified into the railway sector.
The company will not receive any proceeds from the offer since it involves only the OFS.
The portion reserved for qualified institutional buyers will be up to 50 per cent of the offer, non-institutional investors to have up to 15 per cent of the portion reserved while up to 35 per cent will be reserved for the retail investors.
It is proposed to be listed on the BSE and NSE Stock Exchanges.
