GR Infra IPO subscribed 2.28x on 1st first day

New Delhi: The initial public offer (IPO) of GR Infraprojects Ltd was subscribed 2.28 times on the first day of subscription on Wednesday.

The IPO received bids for 1,85,21,058 shares against 81,23,594 shares on offer, as per NSE data. The category meant for Qualified Institutional Buyers (QIBs) was subscribed 49 per cent, non-institutional investors 2.68 times and retail individual investors (RIIs) 3.25 times.

The IPO of 11,508,704 equity shares is in a price range of Rs 828-837 per share. At the upper end of the price band, the IPO will fetch Rs 963.28 crore. The public issue being only an offer for sale, the company will not receive any proceeds from the offer. GR Infraprojects on Tuesday said it has mobilised a little over Rs 283 crore from anchor investors.

Udaipur-based GR Infraprojects is a leading integrated road engineering, procurement and construction (EPC) company with experience in design and construction of various road and highway projects across 15 states in India.