GR Infraprojects IPO Subscribed Over 50 Times On Final Day Of Issue

GR Infraprojects shares were in very high demand in the ongoing share sale via initial public offering (IPO) on final day of the issue. GR Infraprojects IPO, which was oversubscribed within hours of opening on July 7, was subscribed 54 times by 2:45 pm on final day of the issue, data from National Stock Exchange showed. GR Infraprojects received over 45 crore bids for 81.23 lakh shares on offer. A total of 3.51 crore bids were made at the cut-off price.

GR Infraprojects shares were in high demand among non-institutional investors and qualified institutional buyers (QIBs) as the portion reserved for non-institutional investors was subscribed 42 times and portion for QIBs was subscribed 38 times.

Retail portion was also oversubscribed as the portion reserved for them was subscribed 4.5 times.

GR Infraprojects is selling shares in the price band of Rs 828 to 837 per share in the ongoing IPO which will close later in the day.

GR Infraprojects IPO is an offer-for-sale (OFS) of up to 1.15 crore shares by the promoter and shareholders.

The OFS includes sale of 11.42 lakh shares by Lokesh Builders, 1.27 lakh shares by Jasamrit Premises and 80,000 shares by Jasamrit Fashions. As many as 2.25 lakh shares will be reserved for eligible employees.

Retail investors can apply for a minimum one lot of 17 shares and in multiples thereof, extending up to 14 lots (238 shares).

Ahead of the IPO, GR Infraprojects raised Rs 283 crore from anchor investors, including Abu Dhabi Investment Authority, Smallcap World Fund Inc, The Master Trust Bank of Japan, BlackRock Global Funds and Fidelity.