January 14, 2025
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B.R.Goyal Infrastructure listing Review
The IPO is listed at Rs. 135.75, premium of 0.56% over the issue price. The listing is quite below the expectations of the grey market.
B.R.Goyal Infrastructure
GMP Rs. 22
Subscription status of B.R.Goyal Infrastructure IPO
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B. R. Goyal Infrastructure IPO Price Rs. 135 Lot 1000 shares, Rs. 85.21 Crore |
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| QIB | NII x | RII x | Total x | Applications |
| 69.88 | 256.90 | 88.27 | 118.08 | 2,18,744 |
| Amount wise bids recd. Rs. ? Crore | ||||
| Note: | ||||
What is the business of B.R.Goyal Infrastructure IPO?
B.R. Goyal Infrastructure Limited: A Leading Player in Infrastructure and Renewable Energy
Founded in 2005, B.R. Goyal Infrastructure Limited specializes in the construction of major infrastructure projects, including roads, highways, bridges, and buildings.
The company has built an integrated EPC (Engineering, Procurement, and Construction) and construction business, supported by a dedicated design and engineering team, alongside a ready-mix concrete (RMC) unit. The RMC unit, located in Indore, has an impressive annual capacity of 1.80 lakh cubic meters. As of September 30, 2024, B.R. Goyal operates a fleet of over 199 construction vehicles and equipment.
In addition to its core business, the company expanded into the wind energy sector by installing a 1.25 MW wind turbine in Jaisalmer, Rajasthan, which was commissioned in 2005.
With a successful track record of completing projects across Madhya Pradesh, the company has since broadened its scope, undertaking road construction projects in Maharashtra, Gujarat, Mizoram, Manipur, and Uttar Pradesh as part of its operational expansion.
As of December 30, 2024, the company employs 31 individuals across various departments.
Get more information about the company @ http://www.brginfra.com/
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B.R.Goyal Infrastructure IPO Details |
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| IPO opens on | 7 January 2025 |
| IPO closes on | 9 January 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 6312000 Shares / Rs 85.21 Crore |
| * Fresh Issue | 6312 Shares / Rs 85.21 Crore |
| * Offer for Sale – | – shares / Rs. – crore |
| Market Maker Portion | 316,000 Shares |
| Net offer to Public | 5996000 Shares/ Rs.80.95 Crore |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 128-135 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1000 Shares |
| Listing will at | BSE SME |
Shares offered in IPO |
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| Shares | Rs. (Crore) | |
| QIB (50%) | 2998000 | 40.48 |
| HNI (15%) | 899400 | 12.14 |
| RII (35%) | 2098600 | 28.33 |
| Total Shares | 5996000 | 80.95 |
| Retail portion will be oversubscribed by |
2099 | |
| Forms | ||
| How much Shares to Apply in this IPO? | ||
| Min Retail Application | 1000 Shares | Rs.135000 |
| Min HNI Application | 2000 Shares | Rs. 270000 |
Who are the Promoters of B.R.Goyal Infrastructure?
Mr. Brij Kishore Goyal, Mr. Balkrishna Goyal, Mr. Gopal Goyal, Mr. Rajendra Kumar Goyal, Mr. Yash Goyal, Mr. Uppal Goyal and M/S. B.R. Goyal Holdings Private Limited are the promoters of the company.
What are the Objects of B.R.Goyal Infrastructure IPO?
The Offer comprises of fresh issue of shares.
The Company intend to utilize the net proceeds of the Issue to meet the following objects:
- Funding capital expenditure requirement of the company
- Funding Working Capital Requirement of the Company
- Funding expenditure for inorganic growth through acquisitions & other strategic initiatives and General Corporate Purposes
Tentative timetable |
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| IPO opens on | 7 January 2024 |
| IPO Closes on | 9 January 2025 |
| IPO Allotment on | 10 January 2025 |
| Refund Initiation | 13 January 2025 |
| Credit of Shares | 13 January 2025 |
| Listing on | 14 January 2025 |
| Registered Office of the Company B.R.Goyal Infrastructure Limited 3-A Agrawal Nagar, Indore 452001 |
| Who is the Lead Manager of this IPO? Beeline Capital Advisors Pvt ltd |
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Who is the Registrar to IPO? |
B.R.Goyal Infrastructure IPO GMP grey market premium, review, Subscription, allotment, listing estimate
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B.R.Goyal Infrastructure IPO Financial & Analytical Ratios |
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| Year | Total Income |
Net Profit |
EPS | RoNW |
| Rs.in Crore | Rs.in Crore | Rs. | % | |
| 2021-22 | 228.63 | 7.56 | ||
| 2022-23 | 353.30 | 17.34 | ||
| 2023-24 | 596.19 | 21.89 | 25.15 | 18.91 |
| Book Value of the Share on 31.03.2024 |
145.66 | |||
| BV of the Share at cap price after IPO |
Rs. | – | ||
| Offer Price/upper band | Rs. | 135 | ||
Key Performance
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| Price/EPS of 23-24 | 5.37 |
| Price/BV Ratio | 0.93 |
| Debt/Equity Ratio | 0.50 |
How B.R.Goyal Infrastructure IPO compares with the Peers?
| As on date of RHP | FV | RONW | PE |
| Rs. | % | Ratio of | |
| B.R.Goyal Infra | 10 | 18.91 | 5.37 |
| Teerth Gopicon | 10 | 59.96 | 27.96 |
| Udayshivkumar Infra | 10 | 17.22 | 13.53 |
# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
B.R.Goyal Infrastructure IPO Review by Paresh Gordhandas, CA & Research Analyst.
Founded in 2005, B.R. Goyal Infrastructure Limited has established itself as a key player in the construction of significant infrastructure projects, including roads, highways, bridges, and buildings.
As of September 30, 2024, the company operates a fleet of over 199 construction vehicles and equipment, supporting its extensive operations.
In addition to its core construction business, B.R. Goyal expanded into the wind energy sector by installing a 1.25 MW wind turbine in Jaisalmer, Rajasthan, which was commissioned in 2005. Over the past three years, the company has experienced significant growth in both top-line and bottom-line figures, a trend that appears to be sustainable. The shares are being offered at a reasonable valuation.
The SME IPO of B.R. Goyal Infrastructure is relatively large, with 2,099 applications the retail portion is expected to see one-time subscription. The lead manager for the IPO, Beeline Capital Advisors, has an impressive track record, having successfully managed 55 SME IPOs, all of which have seen positive listings.
While the company’s business fundamentals may not appear particularly striking in terms of delivering high returns, the overall factors—such as the company’s growth trajectory, IPO size, and the lead manager’s strong track record—make this IPO a solid investment opportunity.
+ from fundamental angle: Ok
+ from grey market angle: Apply
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