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IDBI Capital Report
GR Infraprojects, a road sector contractor is coming out with an IPO to raise Rs 9.6 billion at an upper band of IPO pricing.
IPO is largely an offer of sale by existing investors and promoter stake will be 86.5% post IPO. Order book at Rs 190 billion is scattered across multiple states and GR has experience of executing projects in 15 states in India.
If compared with peers, GR's revenue growth has been better than its peers and so is the Ebitda margin trajectory. GR's balance sheet has leverage but we understand it's not stretched at 0.4x debt-to-equity ratio.
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