GR Infraprojects IPO - Attractive Valuation: IDBI Capital
Workers talk on mobile phones at a road construction site in Bhopal District, Madhya Pradesh, India. (Photographer: Anindito Mukherjee/Bloomberg)

GR Infraprojects IPO - Attractive Valuation: IDBI Capital

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

IDBI Capital Report

GR Infraprojects, a road sector contractor is coming out with an IPO to raise Rs 9.6 billion at an upper band of IPO pricing.

IPO is largely an offer of sale by existing investors and promoter stake will be 86.5% post IPO. Order book at Rs 190 billion is scattered across multiple states and GR has experience of executing projects in 15 states in India.

If compared with peers, GR's revenue growth has been better than its peers and so is the Ebitda margin trajectory. GR’s balance sheet has leverage but we understand it’s not stretched at 0.4x debt-to-equity ratio.

Click on the attachment to read the full report:

IDBI Capital GR IPO Note July 6.pdf

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