MUMBAI, APRIL 13, 2021 (GPN): GR Infraprojects Ltd, a leadingintegrated road engineering, procurement and construction (“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, has filed its Draft Red Herring Prospectus (DRHP) with the markets regulator for IPO.

As per market sources the IPO size will be approximately between Rs. 800 to Rs. 1,000 crores.

The issue will be a complete Offer for Sale (OFS) of 1,15,08,704 Equity Shares of face value of Rs. 5 each by Promoter and Investor Selling Shareholders. The offer includes an employee reservation portion as well.

Details of OFS are “Promoter Selling Shareholders” 11,42,400 Eq. shares Lokesh Builders Pvt. Ltd, 127,000 Eq. Shares Jasamrit Premises, 80,000 Eq Shares Jasamrit Fashions Pvt Ltd, 56,000 Eq. Shares Jasamrit Creations Pvt. Ltd,  44,000 Eq. Shares Jasamrit Construction Pvt. Ltd.

“Investor Selling Shareholders” 64,14,029 Eq. Shares India Business Excellence Fund 1,  31,59,149 Equity Shares India Business Excellence Fund, 486,126 Eq. Shares Pradeep Kumar Agarwal.

The Company will not receive any proceeds from the Offer since it involves only the Offer for Sale.

The portion reserved for Qualified Institutional Buyers will be upto 50% of the offer, Non-Institutional Investors to have upto 15% of the portion reserved while upto 35% will be reserved for the Retail Investors. The Equity Shares offered are proposed to be listed on the BSE & NSE Stock Exchanges.

HDFC Bank Ltd, ICICI Securities Ltd, Kotak Mahindra Capital Company Ltd, Motilal Oswal Investment Advisors Ltd, SBI Capital Markets Ltd, Equirus Capital Pvt. Ltd are the Book Running Lead Managers to the issue. KFin Technologies Private Ltd is the registrar to the offer.

About GR Infraprojects Ltd (GRIL)

GRIL is an integrated road engineering, procurement and construction (“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. The principal business operations are broadly divided into three categories: (i) civil construction activities, under which we provide EPC services; (ii) development of roads, highways on a Build Operate Transfer (“BOT”) basis, including under annuity and Hybrid Annuity Model (“HAM”); and (iii) manufacturing activities, under which we process bitumen, manufacture thermoplastic road-marking paint, electric poles and road signage and fabricate and galvanize metal crash barriers.

GRIL’s principal business of civil construction comprises EPC and BOT projects in the road sector. The company has, since 2006, executed over 100 road construction projects. As of the date of this DRHP, out of the BOT projects, GRIL has one operational road project which has been constructed and developed on a BOT (annuity) basis and 14 road projects which have been awarded to the company under the HAM, out of which five projects are currently operational, four projects are under construction and construction is yet to commence on five of these projects. The company also has experience in constructing state and national highways, bridges, culverts, flyovers, airport runways, tunnels and rail over-bridges.

In the last three fiscal years the company’s revenue from operations increased from Rs. 3,295 cr in Fiscal 2018 to Rs. 6,373 cr in Fiscal 2020 at a CAGR of 39 % while the profit for the year increased from Rs. 413 cr in Fiscal 2018 to Rs 799 cr in Fiscal 2020 at a CAGR of 39 %. EBITDA has grown at a CAGR of 46 % from Fiscal 2018 to Fiscal 2020.

GR Infraprojects IPO DRHP Link Below
https://www.icicisecurities.com/Upload/ArticleAttachments/G%20R%20Infraprojects%20Limited%20DRHP.pdf