GR Infraprojects IPO: Shares available at 26-38% premium in grey market ahead of the issue

Road EPC company GR Infraprojects (GRIL) shares are available at a premium of 26-38 percent in the grey market today, ahead of IPO opening next week.

The public issue of Rs 963 crore will open for subscription on July 7, with a price band at Rs 828-837 per share. The offer will close on July 9.

The anchor investors' portion, if any, will open for bidding for a day on July 6.

GRIL equity shares traded at a premium of Rs 220-320 per share in the grey market, i.e. a price of Rs 1,057-1,157, which is 26-38 percent higher over the upper price band of Rs 837, the data available on IPO Watch, IPO Guru and Chanakyanipothi showed.

The grey market is an unofficial platform for trading in IPO shares. Generally the trading in IPO shares begin after the announcement of price band till the listing of shares on the bourses.

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The IPO of 1,15,08,704 equity shares comprises a complete offer for sale by existing selling shareholders including promoter.

GR Infraprojects is an integrated road engineering, procurement and construction (EPC) company with experience in design and construction of various road/highway projects across 15 States in India. The company recently diversified into projects in the railway sector.

Its principal business operations are broadly divided into three categories civil construction activities; development of roads, highways on a build operate transfer (BOT) basis; and manufacturing activities.

HDFC Bank, ICICI Securities, Kotak Mahindra Capital Company, Motilal Oswal Investment Advisors, SBI Capital Markets, and Equirus Capital are the book running lead managers to the issue.