GR Infraprojects, Clean Science shares may see robust listings; here’s why

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At the time when investors are chasing the initial public offerings (IPO) of online food delivery platform Zomato, the grey market premium of GR Infraprojects and Clean Science and Technology jumped over 60% ahead of listings on July 19. Dealers told Money9 that the premium of GR Infraprojects increased to Rs 530 from Rs 450 after the allotment of shares. Likewise, the grey market premium of Clean Science and Technology moved to Rs 600-605 from Rs 530 earlier.

GR Infraprojects, which got oversubscribed 102.58 times, had fixed a price band of Rs 828-837 per share, while Clean Science and Technology had set a price band of Rs 880-900 for the initial share shale. The issue of speciality chemical manufacturer was subscribed 93.41 times on the final day of subscription on July 9.

Expert view

“Shares of both of these companies are trading at a premium of over 63% in the grey market. At present, GR Infraprojects is trading at a premium of Rs 530, while Clean Science is available at a premium of Rs 600-605,” said Abhay Doshi, founder, Unlisted Arena.

Earlier, the three-day IPO of Clean Science received bids for 1,14,92,30,160 shares against 1,23,02,672 shares on offer. The category meant for Qualified Institutional Buyers (QIBs) was subscribed 156.37 times, non-institutional investors 206.43 times, and retail individual investors (RIIs) nine times.

The Rs 1,546.62-crore initial public offering (IPO) was entirely an offer for sale (OFS) by existing promoters and other shareholders.

On the other hand, GR Infraprojects IPO received bids for 83,33,04,538 shares against 81,23,594 shares on offer. Qualified Institutional Buyers (QIBs) category was subscribed 168.58 times, non-institutional investors 238.04 times and those meant for retail individual investors (RIIs) 12.57 times.

Udaipur-based GR Infraprojects is a leading integrated road engineering, procurement, and construction (EPC) company with experience in the design and construction of various road and highway projects across 15 states in India.