GR InfraProjects IPO – Schedule *(FINAL – Pg #428 of RHP)*
02nd July – Announcement of Price Band
06th July – Anchor Investors Allotment
07th July – Offer Opens
09th July – Offer Closes
14th July – Finalisation of Basis of Allotment
15th July – Unblocking of ASBA Accounts
16th July – Credit of Equity Shares to Depository Accounts
19th July – Commencement of Trading
GR InfraProjects IPO – Issue Information *(Tentative)*
Issue Opens on: 07 July 2021
Issue Closes on: 09 July 2021
Issue Type: Book Built Issue IPO
Issue Size: 1,15,08,704 Shares
Face Value: Rs.5/- per Share
Issue Price: Rs.828 – Rs.837 Share
Discount: Rs.??/- per Share (for Employees)
Market Lot: 17 Shares
Listing At: NSE, BSE
Equity Shares outstanding prior to the Issue = 9,66,89,010 Shares
Offer for Sale of 1,15,08,704 Shares @837/- = Rs.963.28Crs
Equity Shares outstanding after the Issue = 9,66,89,010 Shares
Category-wise Break up:
Anchor – 33,85,110 Shares = 283.33Crs
QIB – 22,56,741 Shares = 188.89Crs
NII – 16,92,556 Shares = 141.67Crs
RII – 39,49,297 Shares = 330.56Crs (Lot size: 17 = 2,32,312 Forms)
Empl. – 2,25,000 Shares = 18.83Crs (Discount @??)
Total Issue – 1,15,08,704 Shares = 963.28Crs.
Subscription required for 1X
RII = 2,32,312 Forms
NII = 141.67 Crs
GR InfraProjects IPO – Financial Information (Basis of Valuation)
The information is collated from the following documents:
1) RHP = Red Herring Prospectus Dated June 26, 2021 (555 pages)
EPS for FY18-19 >>> Rs.73.91 (Page #108 of RHP)
EPS for FY19-20 >>> Rs.82.59 (Page #108 of RHP)
EPS for FY20-21 >>> Rs.98.31 (Page #108 of RHP)
RoNW for FY18-19 >>> 23.95% (Page #109 of RHP)
RoNW for FY19-20 >>> 26.45% (Page #109 of RHP)
RoNW for FY20-21 >>> 32.14% (Page #109 of RHP)
NAV as on March 31, 2021 was Rs.411.63 (Page #109 of RHP)
Listed Industry Peer Group (Page #109 of RHP): KNR Constructions, PNC Infratech, HG Infra Engineering, Dilip Buildcon, Ashoka Buildcon, IRB Infrastructure Developers, Sadbhav Engineering
GR InfraProjects IPO – *Market’s Current Estimates of oversubscription*:
NII = 25KCrs. = ~176.47X
RII = 20L Forms = 8.61X Applic. wise (Avg allotment of ~1.97 shares per lot)
Interest cost *@8.00%p.a.* for 7days = *128.42paise for 1X*
Thus, for NII the costing = 175.47 X 128.42 paise = Rs.226.62 per share (= GMP)
And, for RII the costing = 226.62 X 1.97 = Rs.447/- (= Kostak)
GR InfraProjects IPO – *GMP Estimated*
GMP 378 +/- 2
Kostak 750 +/- 25
Subject 2 @5,450/-