GR Infraprojects plans to raise $36 million through an IPO

GR Infraprojects Limited has filed its draft red herring prospectus to float its maiden public issue. The proposed initial public offering (IPO) comprises a fresh issue to raise Rs 2.4 billion in addition to an offer for sale by a private equity investor and the promoter. Of the funds raised, the firm intends to use Rs 1.5 billion to purchase equipment for its engineering, procurement and construction business, Rs 0.25 billion to retire debt and the rest for general corporate purposes. GR Infraprojects joins other infrastructure and construction firms tapping the market such as Dilip Buildcon Private Limited (which completed an IPO in August 2016) and GVR Infra Projects Limited that is also planning to float a public issue.