J. Sagar Associates (JSA) advised HDFC Bank Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited, and Equirus Capital Private Limited, the book running lead managers in relation to the recently concluded initial public offering of G R Infraprojects Limited (“GRIL”) (“IPO”).
The IPO was by way of an offer for sale of 11,508,704 equity shares by the selling shareholders, at a price of Rs. 837 per equity share, aggregating to a total IPO size of Rs. 9,623.66 million. As per news reports, the IPO was oversubscribed by approximately 102 times, making it one of the most oversubscribed IPOs in the sector.
GRIL is an integrated road EPC company with experience in design and construction of various road/highway projects across 15 States in India and having recently diversified into projects in the railway sector. The principal business operations are broadly divided into three categories: (i) civil construction activities, under which we provide EPC services; (ii) development of roads, highways on a BOT basis, including under annuity and HAM; and (iii) manufacturing activities, under which we process bitumen, manufacture thermoplastic road-marking paint, electric poles and road signage and fabricate and galvanize metal crash barriers.
The deal value of the transaction is approx. $128.32 million.
JSA team comprised of Lead Partners – Madhurima Mukherjee & Arka Mookerjee, Partner – Pracheta Bhattacharya, Senior Associate – Krupa Brahmbhatt and Junior Associate – Reshmi Prabhakar.
Arka’s practice area covers primarily equity capital markets issuances which covers a wide range of products such as Initial Public Offerings, Rights Issues, Qualified Institutions Placements, Initial Public Offering of Infrastructure Trusts and foreign currency convertible bonds.