GR Infraprojects IPO subscribed 2.28 times on first day of subscription

At the upper end of the price band, the IPO will fetch Rs 963.28 crore.The public issue being only an offer for sale, the company will not receive any proceeds from the offer.GR Infraprojects on Tuesday said it has mobilised a little over Rs 283 crore from anchor investors.Udaipur-based GR Infraprojects is a leading integrated road engineering, procurement and construction EPC company with experience in design and construction of various road and highway projects across 15 states in India.

The initial public offer of G R Infraprojects Limited was subscribed 2.28 times on the first day of subscription on Wednesday.

The IPO (initial public offer) received bids for 1,85,21,058 shares against 81,23,594 shares on offer, as per NSE data.

The category meant for Qualified Institutional Buyers(QIBs) was subscribed 49 per cent, non-institutional investors 2.68 times and retail individual investors(RIIs) 3.25 times.

The initial public offer of 11,508,704 equity shares is in a price range of Rs 828-837 per share. At the upper end of the price band, the IPO will fetch Rs 963.28 crore.

The public issue being only an offer for sale, the company will not receive any proceeds from the offer.

GR Infraprojects on Tuesday said it has mobilised a little over Rs 283 crore from anchor investors.

Udaipur-based GR Infraprojects is a leading integrated road engineering, procurement and construction (EPC) company with experience in design and construction of various road and highway projects across 15 states in India. It has recently diversified into projects in the railway sector.

Shares of the company are proposed to be listed on the BSE and NSE.

HDFC Bank Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited, Equirus Capital Private Limited are the managers to the offer.