G R Infraprojects
Mainboard₹962 Cr issue
+103.11%
Listing gain over issue price
Issue size
₹962 Cr
1 lot at cut-off
₹14,229
Lot size
17shares
Open
07 Jul 2021
Close
09 Jul 2021
Allotment
14 Jul 2021
Listing
19 Jul 2021
Listing performance
Issue price
₹837
Listed at
₹1,700
Listing-day close
₹1,747.10
Latest price
₹788.40
Close on 23 Oct 2026
Listing gain
+103.11%
Return since issue
-5.81%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 07 Jul 2021 – 09 Jul 2021
- Listing date
- 19 Jul 2021
- Face value
- ₹5 per share
- Issue price
- ₹837 per share
- Lot size
- 17 shares
- Total issue size
- ₹962 Cr
- Market cap at offer price
- ₹8,093 Cr
- Promoter holding
- 88.04% → 86.54% pre-issue → post-issue
- ISIN
- INE201P01022
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Equirus Capital Ltd.
- Registered office
- Revenue Block No.223, Old Survey No.384 /1, 384/2, Paiki and 384 / 3, Khata No.464, Kochariya, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 33,85,110 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 17 shares per lot, in multiples, at ₹837
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 17 | ₹14,229 |
| Retail (max) | 14 | 238 | ₹1,99,206 |
| S-HNI (min) | 15 | 255 | ₹2,13,435 |
| S-HNI (max) | 70 | 1,190 | ₹9,96,030 |
| B-HNI (min) | 71 | 1,207 | ₹10,10,259 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
33,85,110
Anchor portion
₹283 Cr
at ₹837 per share
Valuation and performance
Valuation at offer price
₹837 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹8,093 Cr |
About G R Infraprojects
G R Infraprojects Limited, incorporated as 'G. R. Agarwal Builders and Developers Limited' on December 22, 1995, acquired the business of M/s Gumani Ram Agarwal in 1996 and changed its name to G R Infraprojects Limited in 2007. The company operates as an integrated road EPC company with experience in design and construction of various road/highway projects across 15 States in India and has recently diversified into the railway sector. Its principal business operations are divided into three categories: (i) civil construction activities providing EPC services; (ii) development of roads and highways on a BOT basis, including under annuity and HAM; and (iii) manufacturing activities including processing bitumen, manufacturing thermoplastic road-marking paint, electric poles, road signage, and fabricating and galvanizing metal crash barriers.
Company Analysis
from RHPG R Infraprojects Limited is an integrated road EPC company providing design and construction services for road/highway projects across India, with recent diversification into railways and manufacturing of bitumen, thermoplastic road-marking paint, electric poles, and road signage.
G R Infraprojects Limited, incorporated as 'G. R. Agarwal Builders and Developers Limited' on December 22, 1995, acquired the business of M/s Gumani Ram Agarwal in 1996 and changed its name to G R Infraprojects Limited in 2007. The company operates as an integrated road EPC company with experience in design and construction of various road/highway projects across 15 States in India and has recently diversified into the railway sector. Its principal business operations are divided into three categories: (i) civil construction activities providing EPC services; (ii) development of roads and highways on a BOT basis, including under annuity and HAM; and (iii) manufacturing activities including processing bitumen, manufacturing thermoplastic road-marking paint, electric poles, road signage, and fabricating and galvanizing metal crash barriers.
road infrastructurehighway constructionrailway infrastructuremanufacturing (bitumen, thermoplastic road-marking paint, electric poles, road signage, metal crash barriers)
Objects of the Issue
- Benefits of listing the Equity Shares on the Stock Exchanges p.25
- The Offer involves only Offer for Sale by the Selling Shareholders. Our Company will not receive any proceeds from the Offer. ₹ 9,623.34 million (aggregate) p.73
- Not specified in this document section
Issue Structure
- Total Issue
- ₹ 9,623.34 million (11,508,704 Equity Shares)
- Fresh Issue
- Nil (Offer for Sale only)
- Offer for Sale
- 11,508,704 Equity Shares aggregating to ₹ 9,623.34 million
- Price Band
- ₹ 828 to ₹ 837 per Equity Share
- Lot Size
- 17 Equity Shares and in multiples of 17 Equity Shares thereafter
- Face Value
- ₹ 5 per Equity Share
Business Model
The company generates revenue through three primary channels: (i) Engineering, Procurement and Construction (EPC) services for road and highway projects, where it contracts to design and construct projects for government authorities; (ii) Build-Operate-Transfer (BOT) projects on toll, annuity, and Hybrid Annuity Model (HAM) bases, where the company develops, operates and maintains roads for specified periods; and (iii) manufacturing and sale of bitumen, thermoplastic road-marking paint, electric poles, road signage, and fabricated metal crash barriers.
Business Segments
Provides EPC services for design and construction of road and highway projects; includes civil construction, civil maintenance and laying of optical fiber cables
Development and operation of roads and highways on a BOT basis, including under annuity and HAM (Hybrid Annuity Model)
Processing bitumen, manufacturing thermoplastic road-marking paint, electric poles and road signage, and fabricating and galvanizing metal crash barriers
Engineering, Procurement, and Construction contracts for infrastructure projects undertaken on a fixed-price or cost-plus basis
Build-Operate-Transfer projects including annuity-based projects where revenue is received as periodic payments from concession grantors, and HAM (Hybrid Annuity Model) projects
Civil construction services including road infrastructure, highway construction, airport runways, and related construction activities
Provides EPC services for civil construction of road projects including construction, widening, strengthening, improvement, lane-related construction, maintenance and development of roads and highways; also undertakes repair and maintenance of projects in accordance with contractual arrangements.
Development of roads and highways on a Build Operate Transfer basis, including under annuity and Hybrid Annuity Model (HAM). The company designs, finances, constructs, operates and maintains road infrastructure during the concession period and receives annuity payments from authorities along with operations and maintenance payments.
Processing of bitumen, manufacturing thermoplastic road-marking paint, electric poles, and road signage; fabrication and galvanization of metal crash barriers. Products are used in the company's own projects or sold to third parties.
Construction of highways, expressways and civil infrastructure under hybrid annuity and BOT contracts
Operations and maintenance of constructed roads and infrastructure
Sale of civil construction materials and finished goods
Installation and laying of optical fiber cables
Interest income earned on annuity receivables from concession arrangements
Development of roads and laying of OFC (Optical Fibre Cable)
Operation and maintenance of roadways
Sale of products, jobwork charges and other miscellaneous income
Revenue from civil construction services including highways and road projects
Revenue from civil maintenance services
Revenue from laying of optical fiber cables
Revenue from finance income on contract assets and right to receive annuity from concession grantor for BOT/HAM projects
Revenue from manufacturing and sale of products
SWOT Analysis
Strengths
- • Integrated road EPC company with diversified project portfolio(p.24)
- • Broad experience across multiple project types and delivery models(p.24)
- • Strong financial performance with growing revenue and profitability(p.26)
- • Substantial order book providing revenue visibility(p.45)
- • Integrated in-house model with key competencies across design, engineering, and manufacturing(p.53)
- • Strong credit ratings from CARE and CRISIL(p.53)
- • Extensive order book and established project track record(p.55)
- • Focused EPC player with 25+ years road construction experience and 100+ projects executed since 2006(p.177)
- • Established track record of timely project completion with significant bonuses earned(p.177)
- • In-house integrated business model with owned manufacturing facilities and equipment base of 7,000+ units(p.178)
- • Strong financial performance with highest 5-year CAGR in operating income at 47% among key EPC peers(p.174)
- • Highest return on capital employed (ROCE) of 32.2% and highest return on equity (ROE) of 27.8% among key EPC peers in FY2020(p.179)
- • Excellent credit ratings with CARE AA; Stable and CRISIL AA/Stable for long-term bank facilities(p.179)
- • Experienced promoters with 25+ years in construction industry and strong management team(p.180)
- • Large order book of ₹190,258 million with 87.16% from NHAI providing revenue visibility(p.188)
- • Over 25 years of combined experience in road construction among senior promoters(p.227)
- • Promoter holds leadership position in industry association(p.227)
- • Experienced management team with diverse expertise across operations, contracts, and finance(p.239)
- • Multi-functional manufacturing and fabrication capabilities(p.273)
- • Integrated business model with in-house capabilities across supply chain(p.239)
- • Diverse project portfolio across multiple highways and concessions(p.298)
- • Established presence in toll road infrastructure with long-term concession arrangements(p.283)
- • Multiple revenue streams from construction, operations and maintenance, and finance income(p.290)
- • Strong financial backing with significant equity investment and multiple lenders(p.296)
- • Diversified revenue model across EPC, BOT/HAM, and manufacturing(p.359)
- • Established execution track record with over 100 completed road projects since 2006(p.360)
- • In-house integrated model reducing third-party dependencies(p.360)
- • Substantial equipment fleet of over 7,000 construction equipment and vehicles(p.360)
- • Strong order book of ₹190,258.05 million providing revenue visibility(p.360)
- • Experienced promoters with over 25 years in construction industry(p.359)
- • Significant revenue and profit growth with CAGR of 21.85% and 15.33% respectively FY2019-FY2021(p.360)
- • Diversified civil construction capabilities across multiple infrastructure segments(p.389)
- • Established in-house manufacturing facilities for project materials(p.389)
- • Strong revenue growth trajectory from operations(p.389)
- • Positive EBITDA margins consistently above 19%(p.387)
- • Operational presence with HAM concession arrangement expertise(p.389)
Weaknesses
- • Heavy dependence on civil construction revenues(p.36)
- • Concentration of revenue from limited number of government customers(p.36)
- • High capital intensity requiring substantial debt financing(p.35)
- • Substantial indebtedness limiting financial flexibility(p.26)
- • Regulatory compliance failures in past(p.46)
- • Significant contingent liabilities and pending litigation(p.28)
- • Significant business concentration in northern India(p.55)
- • Certain subsidiaries and group companies have incurred losses(p.50)
- • Negative operating cash flows in recent years(p.63)
- • High dependence on joint venture partners whose performance cannot be fully controlled(p.58)
- • Unsecured loans that may be recalled by lenders at any time(p.59)
- • Regulatory compliance lapses with SEBI(p.47)
- • Heavy shareholder concentration(p.98)
- • Promoters' dominant control post-IPO(p.100)
- • Concentration risk among family members(p.99)
- • Heavy dependence on NHAI contracts representing 87.16% of order book(p.188)
- • Working capital intensive business with net working capital of 63.8 days(p.174)
- • Limited cash conversion from operations with cash flow from operations to EBITDA multiplier of only 0.2x(p.174)
- • No formal dividend policy established as of prospectus date(p.256)
- • No dividends declared or paid in preceding three fiscal years(p.256)
- • Limited board diversity with concentration of power among promoter family(p.231)
- • Significant foreign operations expose company to currency and geopolitical risks(p.277)
- • High debt burden with rapid leverage growth(p.257)
- • Heavy reliance on debt financing with significant borrowing obligations(p.312)
- • High concentration of guarantees and security provisions dependent on key management personnel(p.326)
- • Exposure to defined benefit obligations and employee benefit liabilities(p.322)
- • Significant deferred tax assets recognised on carried forward losses requiring future profitability(p.321)
- • High concentration of revenue from two major customers (80.88% in FY2021)(p.342)
- • Significant leverage with total borrowings of ₹44,949.69 million and debt-to-equity ratio of 1.13:1(p.340)
- • Heavy reliance on debt financing for project funding and working capital(p.362)
- • Multiple tax disputes pending across various jurisdictions (₹490.55 million in indirect tax disputes as at 31 March 2021)(p.334)
- • Contingent liabilities from guarantees issued to third parties of ₹14,346.15 million(p.334)
- • Nigerian subsidiaries identified for divestiture, indicating operational challenges(p.349)
- • High dependence on government contracts from limited number of authorities(p.400)
- • Significant mineral/mining-related compliance liabilities and penalties(p.406)
- • Multiple outstanding FIRs and criminal proceedings related to illegal mining(p.404)
- • Declining profit margins and EBITDA margins over three-year period(p.387)
- • Declining return on equity and return on capital employed(p.387)
Opportunities
- • Growing private investment in national highway infrastructure(p.24)
- • Expansion into railway sector projects(p.24)
- • Government emphasis on infrastructure development through PPP models(p.24)
- • Geographic expansion beyond north India to capture national markets(p.49)
- • Diversification into railways and water management infrastructure sectors(p.49)
- • Growth through expansion and diversification strategy(p.49)
- • Significant government investment in road infrastructure through Bharatmala Pariyojana and national highway expansion(p.181)
- • Planned diversification into railways and optical fiber projects leveraging EPC expertise(p.181)
- • Expansion of in-house integrated model with new manufacturing and design capabilities(p.181)
- • Growth in metro and airport infrastructure construction projected at 1.3x increase over next 5 years(p.168)
- • Monetization of BOT/HAM assets to generate cash flows and reduce leverage(p.181)
- • Geographic diversification across multiple states with 15 states currently served and expansion opportunities(p.180)
- • Expansion of BOT/DBFOT highway infrastructure model with government concessions(p.277)
- • Large pipeline of special purpose vehicle subsidiaries for project execution(p.277)
- • Strategic joint ventures with established partners for project delivery(p.224)
- • Growing revenue base demonstrating execution capability and market demand(p.268)
- • Growth in toll road infrastructure and expressway projects under government concessions(p.290)
- • Expansion of renewable energy business through wind power generation(p.284)
- • Long-term revenue visibility from service concession arrangements over 22 years(p.283)
- • Capital work-in-progress representing pipeline of future revenue-generating assets(p.296)
- • Expansion of HAM project portfolio with 14 awarded projects (5 operational, 4 under construction, 5 pre-construction)(p.360)
- • Growing government budgetary allocations for infrastructure and road development(p.361)
- • Diversification into railway sector construction in addition to road projects(p.359)
- • Geographic expansion across India with operations in 15 states and ability to pursue larger projects(p.359)
- • Capacity to execute increasingly complex and higher-value projects(p.359)
- • Expansion in Indian road infrastructure and highway construction projects(p.400)
- • Growth in HAM/DBOT concession contract arrangements(p.381)
- • Diversification into optical fibre cable laying services(p.385)
- • Growth in operations and maintenance revenue from mature projects(p.381)
Threats
- • COVID-19 pandemic causing operational disruptions and uncertainty(p.32)
- • Dependence on government policy and budgetary allocations for road infrastructure(p.36)
- • Competitive bidding process with uncertain award outcomes(p.37)
- • Risk of BOT project termination by concession authorities(p.38)
- • Volatility in construction material and fuel costs(p.45)
- • Seasonal and weather-related operational disruptions(p.46)
- • Labour shortage and wage inflation risks(p.46)
- • Force majeure events and unforeseen project delays(p.42)
- • High implementation risks and uncertainties in project execution(p.47)
- • Intense competition in the construction market(p.48)
- • Dependence on continuous bidding success for new projects(p.48)
- • Material sourcing risks and supply chain dependencies(p.57)
- • Environmental and health and safety regulatory compliance requirements(p.51)
- • Receivables collection risks, particularly from government entities(p.52)
- • Traffic volume risk for toll-based BOT projects(p.59)
- • Interest rate volatility affecting project profitability(p.56)
- • Macroeconomic and regulatory uncertainties in India(p.68)
- • Labour shortage risks during pandemic periods(p.58)
- • Delays in project completion leading to termination or cost overruns due to land acquisition and environmental clearances(p.169)
- • Pandemic-related work stoppages and labor migration impacting project timelines(p.168)
- • Escalation in raw material prices (bitumen, cement, steel) without full price recovery in contracts(p.195)
- • Intense competition from established EPC players with price being significant selection criterion(p.200)
- • Foreign exchange and commodity price volatility affecting input costs(p.195)
- • Regulatory changes and policy uncertainty in road and infrastructure sector(p.201)
- • Ability to pay dividends constrained by financing obligations and restrictive covenants(p.256)
- • Reliance on working capital facilities with short maturities for operational liquidity(p.267)
- • Exposure to public sector revenue streams dependent on government funding and approvals(p.273)
- • Concentration of income generation in capital-intensive road construction sector(p.273)
- • Foreign exchange translation risks from Nigeria operations(p.268)
- • Regulatory and policy changes affecting toll road concessions and public infrastructure projects(p.287)
- • Fluctuations in input costs and labour expenses in civil construction(p.317)
- • Currency risk exposure on external commercial borrowings and international operations(p.306)
- • Exposure to credit risk on trade receivables and receivables from concession grantors(p.285)
- • Macroeconomic factors including inflation, interest rates, and global GDP growth affecting infrastructure demand(p.361)
- • Government policy changes arising from electoral transitions affecting project awards and funding(p.361)
- • Intense competition from larger players with superior financial and technical resources(p.363)
- • Price-based competition affecting project margins(p.364)
- • Volatility in construction material, fuel, labour, and equipment costs(p.362)
- • Weather-dependent operations vulnerable to monsoons, floods, and landslides(p.363)
- • COVID-19 pandemic causing operational disruptions and project delays(p.364)
- • Government policy changes affecting road project awards and funding(p.399)
- • Seasonal variations and adverse weather conditions(p.399)
- • Intensifying competitive market conditions(p.399)
- • Commodity price volatility affecting project costs(p.398)
- • Rising interest rate risk on floating rate borrowings(p.398)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vinod Kumar Agarwal | Promoter | 5.11% | 5.11% |
| Ajendra Kumar Agarwal | Promoter | 4.44% | 4.44% |
| Purshottam Agarwal | Promoter | 4.34% | 4.34% |
| Lokesh Builders Private Limited | Promoter | 33.01% | 31.83% |
| Vinod Kumar Agarwal | Promoter | — | — |
| Vinod Kumar Agarwal | Promoter | 5.11% | 5.11% |
| Ajendra Kumar Agarwal | Promoter | 4.44% | 4.44% |
| Purshottam Agarwal | Promoter | 4.34% | 4.34% |
| Lokesh Builders Private Limited | Promoter | 33.01% | 31.83% |
| Devki Nandan Agarwal | Promoter/Promoter Group | — | — |
| Vinod Kumar Agarwal | Promoter/Promoter Group | — | — |
| Mahendra Kumar Agarwal | Promoter/Promoter Group | — | — |
| Ajendra Kumar Agarwal | Promoter/Promoter Group | — | — |
| Purshottam Agarwal | Promoter/Promoter Group | — | — |
| Vinod Kumar Agarwal | Promoter | 5.11% | 5.11% |
| Ajendra Kumar Agarwal | Promoter | 4.44% | 4.44% |
| Purshottam Agarwal | Promoter | 4.34% | 4.34% |
| Lokesh Builders Private Limited | Promoter | 33.01% | 33.01% |
| Lokesh Builders Private Limited | Promoter Group | 32.92% | 33.01% |
| Vinod Kumar Agarwal | Promoter | — | — |
| Ajendra Kumar Agarwal | Promoter | — | — |
| Lokesh Builders Private Limited | Promoter Selling Shareholder | — | — |
| Vinod Kumar Agarwal | Promoter and Chairman and Whole Time Director | — | — |
| Ajendra Kumar Agarwal | Promoter and Managing Director | — | — |
| Mr. Devki Nandan Agarwal | Promoter | — | — |
| Mr. Vinod Agarwal | Promoter | — | — |
| Mr. Mahendra Agarwal | Promoter | — | — |
| Mr. Ajendra Agarwal | Promoter | — | — |
| Mr. Purshottam Agarwal | Promoter | — | — |
| G R Infratech Private Limited | Promoter | — | — |
| Lokesh Builders Private Limited | Promoter | — | — |
| Lokesh Builders Private Limited | Promoter Selling Shareholder | — | — |
| Jasamrit Premises Private Limited | Promoter Group Selling Shareholder | — | — |
| Jasamrit Fashions Private Limited | Promoter Group Selling Shareholder | — | — |
| Jasamrit Creations Private Limited | Promoter Group Selling Shareholder | — | — |
| Jasamrit Construction Private Limited | Promoter Group Selling Shareholder | — | — |
| India Business Excellence Fund I | Investor Selling Shareholder | — | — |
| Business Excellence Trust – India Business Excellence Fund | Investor Selling Shareholder | — | — |
| Pradeep Kumar Agarwal | Other Selling Shareholder | — | — |
Leadership
Ajendra Kumar Agarwal · Managing Director
Anand Rathi · Chief Financial Officer
Sudhir Mutha · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
G R Infraprojects IPO FAQs
What is the lot size of G R Infraprojects IPO?
The minimum lot size of G R Infraprojects IPO is 17 shares. One lot costs ₹14,229 at the cut-off price.
When does G R Infraprojects IPO open and close?
G R Infraprojects IPO opened for subscription on 07 Jul 2021 and closed on 09 Jul 2021.
What is the listing date of G R Infraprojects IPO?
G R Infraprojects IPO listed on 19 Jul 2021.