Shares of GR Infraprojects Ltd. surged on debut after investors piled into the initial public offering of the road and highway builder.
The stock began trading at Rs 1,700 apiece on the National Stock Exchange, a premium of 103.1% to its issue price of Rs 837 apiece. It touched an intra-day high of Rs 1,831.85 and closed 108.73% higher at Rs 1747.10 on its market debut.
The IPO was subscribed 105.45 times, becoming the sixth-most subscribed offer so far in 2021.
The offer-for-sale of 1.15 crore shares was intended to provide exit to the private equity arm of Motilal Oswal Group—IBEF-I and IBEF.
GR Infraprojects' primary business is civil construction constituting EPC; build-operate-transfer; and HAM projects in the road sector.
The company has an order book of Rs 19,025.8 crore, predominantly in EPC and HAM projects in the road sector. The projects are spread across Uttar Pradesh, Madhya Pradesh, Maharashtra, Gujarat, Chhattisgarh, Rajasthan, Andhra Pradesh, Bihar, Manipur, Odisha and Himachal Pradesh.
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