GR Infraprojects shares were in high demand as its share sale via initial public offering (IPO) was oversubscribed within hours of opening, data from the National Stock Exchange (NSE) showed. GR Infraprojects' Rs 963 crore IPO was subscribed 1.15 times by 2:30 pm, NSE data showed. GR Infraprojects received over 93 lakh bids for 81.23 lakh shares on offer. A total of 61,47,948 bids were made at the cut-off price.
Retail investors were seen participating in high numbers as portion reserved for them was fully subscribed. While Qualified Institutional Buyers (QIBs) and Non Institutional Investors were showing tepid response to the issue on the first day.
GR Infraprojects is selling shares in the price band of Rs 828 to Rs 837 per share in the ongoing IPO which will close on July 9.
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 11,42,400 shares by Lokesh Builders, 1,27,000 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 initial public offering, GR Infraprojects raised Rs 283 crore from anchor investors, including Smallcap World Fund Inc, Abu Dhabi Investment Authority, BlackRock Global Funds, The Master Trust Bank of Japan and Fidelity.