The initial public offering (IPO) of BR Goyal Infrastructure shall open for bidding on Tuesday, January 07. The company shall be offering its shares in the range of Rs 128-135 apiece. Investors can apply for a minimum of 1,000 equity shares and its multiples thereafter. The issue shall close for bidding on Thursday, January 09.
Incorporated in 2005, Indore-based BR Goyal Infrastructure is engaged in the business of construction of infrastructure projects such as roads, highways, bridges and buildings. The company has established an integrated EPC and construction business, supported by a design and engineering team and RMC unit.
The IPO of BR Goyal Infrastructure is entirely a fresh share sale of up to 63,12,000 equity shares amounting to Rs 85.21 crore at the upper end of the price band. The net proceeds from the issue shall be utilized towards funding capital expenditure and working capital requirements of the company along with inorganic growth and general corporate purposes.
BR Goyal Infra entered the wind energy business by installing a 1.25 MW wind power turbine in Jaisalmer, Rajasthan, commissioned in 2005. The RMC unit, located in Indore, has an installed capacity of 1.80 Lakh cubic meters per annum. As of September 30, 2024, the company operates with over 199 construction equipment and vehicles.
It has successfully executed projects across Madhya Pradesh and is currently executing road construction projects in Maharashtra, Gujarat, Mizoram, Manipur, and Uttar Pradesh after expanding operations. The company had 402 permanent employees and 212 employees at TCCs as on September 30, 2024.
Retail investors can apply for a single lot or 1,000 equity shares amounting to Rs 1,35,000. Non-retail investors can apply for a minimum of two lots or 2,000 equity shares amounting to Rs 2,70,000. The company is commanding a grey market premium of Rs 21 apiece, suggesting a listing pop of 16 per cent to the investors.
BR Goyal Infrastructure reported a net profit of Rs 1.95 crore with a revenue of Rs 156.86 crore for the four months ended on July 31, 2024. The company's net profit came in at Rs 21.89 crore with a revenue of Rs 596.19 crore for the financial year 2023-24. The company commands a total market capitalization of 321.63 crore.
Anchor book for the issue opens on bidding on Monday, January 06, 2025. The company shall allocate 50 per cent of the net issue to qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will get 15 per cent of the offer. Remaining 35 per cent of the issue shall go to the retail investors of the issue.
Beeline Capital Advisors is the book running lead manager of the B.R.Goyal IPO, while Link Intime India is the registrar for the issue. The market maker for BR Goyal Infrastructure IPO is Spread X Securities. Shares of the company shall be listed at BSE SME platform on Tuesday, January 14, 2025.