GR Infraprojects files DRHP for IPO

Real estate company GR Infraprojects filed draft papers with the market regulator SEBI to raise about Rs. 1,800 crore via an initial public offering (IPO). The IPO will comprise of fresh issues of shares worth Rs. 500 crore along with an offer for sale of up to 11,225,343 equity shares by the existing shareholders, including the promoters.

The company’s IPO will be managed by HDFC Bank, IDFC Bank, Motilal Oswal Company Investment Advisor and Yes Securities. The proceeds from the offering will be used for investment in the company's subsidiaries, repayment of loans and purchase of capital equipment, among other corporate purposes.

The company posted a revenue of Rs. 3,205 crore in the FY17, against a revenue of Rs. 1,895.9 crore in FY16. The company’s EBITDA rose to Rs. 699.5 crore in FY1 7, compared to Rs. 235.4 crore in the previous fiscal year. While, as of 31 March, its order book stood at Rs. 7,982 crore , respectively.

The company is involved in infrastructure construction business. The company builds roads, highways, bridges, culverts, flyovers and airport runways. It has completed projects in over 14 states across the country including Rajasthan, Meghalaya, Himachal Pradesh and Jharkhand.