Business Nation

GR Infra projects IPO sees a strong response from FIIs, issue subscribed 103 times.

GR Infraprojects share sale via initial public offering (IPO) witnessed strong response during the three-day share sale which ended today. GR Infraprojects’? 963 crore IPO was subscribed a whopping 102.58 times, data from the National Stock Exchange showed.

GR Infraprojects received over 83.33 crore bids for 81.23 lakh shares on the offer. A total of 3.92 crore bids were received at the cut-off price by the end of the bidding process today, NSE data showed.

GR Infraprojects’ IPO was in high demand across categories of investors but institutional investors showed keen interest in the issue.

According to NSE bid details data, the portion reserved for qualified institutional buyers (QIBs) was subscribed 93.18 times off which foreign institutional investors made bids for 12.56 crore shares compared to 22.56 lakh shares reserved for all QIBs. Domestic financial institutional made bids for 2.11 crore shares and mutual funds made bids for 3.55 crore shares.

The portion reserved for non-institutional investors was subscribed 73 times and the portion reserved for individual retail investors was subscribed 4.89 times, NSE data showed.

GR Infraprojects sold shares in the price band of? 828 to 837 per share in the IPO with an aim to raise? 936 crore. GR Infraprojects is an integrated road engineering, procurement, and construction company with experience in designing and construction activities and road/highway projects.

GR Infraprojects IPO was an offer for sale wherein existing investors sold some stake in the company. The IPO was the 23rd IPO to hit capital markets this year.