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GR Infraprojects IPO shares debut at Rs 1,700, a 103% premium over IPO price

GR Infraprojects IPO shares debut at Rs 1,700, a 103% premium over IPO price
July 22
03:33 2021

GR Infra IPO: The company is well placed to meet its funds requirement for growth with low debt and ready monetizable assets, said Yes Securities.

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GR Infraprojects shares witnessed a strong demand in the secondary market as they listed with a 103 percent premium on July 19. It was far better than analysts’ expectations considering the company’s healthy orderbook and the government’s increasing focus on infrastructure.

The stock started the first day of trade at Rs 1,700, higher by Rs 863, against issue price of Rs 837 on the BSE.

At 10:02 hours IST, the stock was trading at Rs 1,605.25, up by Rs 768.25 or 91.79 percent, with volume of 2.68 lakh equity shares.

GR Infraprojects has grown exponentially over the last 2 decades and is currently an established EPC player, particularly in the road construction space. As at the end of March 2021, it is sitting on a robust order book of around Rs 19,000 crore with book to bill ratio of 2.6x to its FY21 revenue. “This gives a good revenue visibility for the coming years,” said Yes Securities.

The company as on March 2021, has one operational build-operate-transfer (BOT) (annuity) project and 14 road projects under hybrid annuity mode (HAM). Of the 14 projects, 5 projects are currently operational, 4 projects are under construction and construction is yet to commence on 5 projects. The company has also bid for projects in Metros & High-speed rail and wants to further diversify by wining projects in these segments.

“GR Infraprojects has a strong integrated business model,” said Yes Securities. As on March 2021, its equipment base comprised of over 7,000 construction equipment and vehicles. Its inhouse integrated model reduces dependence on third party suppliers for key raw materials, construction equipment and other products and services required in the development and construction of its projects.

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“The company also has very low debt with net debt to equity of 0.2x. Hence, the company is well placed to meet its funds requirement for growth with low debt and ready monetizable assets,” said the brokerage.

The road engineering, procurement and construction (EPC) company successfully raised Rs 963 crore through its public offer that was subscribed 102.58 times during July 7-9. Its IPO had seen a 7th highest subscription among IPOs launched in 2021.

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