Shares of G R Infraprojects, a contractor of the road sector, made a solid listing on the National Stock Exchange (NSE) and BSE at a premium of more than 100% from the Rs.828-837 price share. The stock opened at ₹1700. After the listing, the company's market capitalization was ₹15,950 crore, according to BSE data.
On July 19, At 10:28am, shares of G R Infraprojects were trading at ₹1,640.
The grey market premium for the stock indicated a premium of 60-70% premium over the issue price. The company was seeking to raise ₹962 crore through the public issue of shares.
During the three days of bidding, the Initial Public Offering (IPO) received a good response from investors considering that it was oversubscribed 102.58 times on the last day of bidding.
Most analysts recommended subscribing to the IPO on enormous opportunities in the infrastructure space and the company's strong order book and project execution track record. Between June 7 and June 9, the issue was open for subscription.
The Public release consists of ₹ 121 crores for promoters, ₹ 801 crores for Motilal Oswal's private equity arms, and ₹40 crores for other shareholders.
G R Infraprojects is an integrated highway EPC company - engineering, procurement, and construction which is specialized in the designing and construction of various highway projects across 15 states of India. Recently they are diversified in railway projects.
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