G R Infraprojects IPO makes a strong listing on exchanges with over 100% premium, shares open at ₹1700

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G R Infraprojects IPO makes a strong listing on exchanges with over 100% premium, shares open at  ₹1700
BCCL
  • Shares of G R Infraprojects list at over 100% premium from its price band of ₹828-837 per share.
  • The IPO was subscribed 102.58 times on the last day of the bidding.
  • The market capitalisation of the company stood at ₹15,950 crore.
Shares of G R Infraprojects, a road sector contractor, made a strong listing on the National Stock Exchange (NSE) and BSE at over 100% premium from its price band of ₹828-837 per share. The stock had opened at ₹1,700.

Post listing, the market capitalisation of the company stood at ₹15,950 crore, according to BSE data.

At 10:28 a.m., on July 19, shares of G R Infraprojects were trading at ₹1,640.

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The grey market premium of the stock had indicated a 60-70% premium over the issue price. The company was looking to raise ₹962 crore through the public issue of shares.

During the three days of bidding, the initial public offering (IPO) had received a good response from investors considering it was oversubscribed 102.58 times on the last day of bidding.

Most analysts had recommended subscribing to the IPO on huge opportunities in the infrastructure space and strong order book and project execution record of the company.

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The issue was open for subscription between June 7 and June 9.

The public issue consists of ₹121 crore by promoters, ₹801 crore by private equity arms of Motilal Oswal and ₹40 crore by other shareholders.

G R Infraprojects is an integrated road engineering, procurement and construction (EPC) company proficient in designing and constructing various road/highway projects, across 15 states in India. It has also recently diversified into railway projects.

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