The Initial Public Offering (IPO) of BR Goyal Infrastructure, a leading Indore-based infrastructure construction company, has garnered a strong response from investors, with the issue being oversubscribed 118.08 times. The IPO, which was open for subscription from January 7 to January 9, saw high demand for its shares, leading to a massive subscription and a promising outlook for the company’s listing. Investors can expect to receive allotment status updates by the weekend or Monday, January 13.

IPO Details & Subscription Stats

The SME IPO, which offered shares in a fixed price band of Rs 128-135 per share, raised a total of Rs 85.21 crore. The company issued 63.12 lakh equity shares, all of which were fresh issues. Investors were able to apply for shares in lots of 1,000 equity shares.

The subscription details highlight the intense demand across all investor categories. The Qualified Institutional Buyers (QIBs) segment was subscribed 69.88 times, while Non-Institutional Investors (NIIs) and Retail Investors showed even more enthusiasm, with subscription rates of 256.9 times and 88.27 times, respectively.

Grey Market Premium (GMP)

Despite the subscription numbers, the grey market premium (GMP) for BR Goyal Infrastructure’s IPO saw a correction in recent days, reflecting the rising volatility in the broader market. The GMP, which stood at Rs 60 a day ago, has dropped to Rs 45, suggesting a potential listing gain of over 33% for successful applicants.

Company Profile & Business Operations

Incorporated in 2005, BR Goyal Infrastructure is engaged in the construction of a variety of infrastructure projects, including roads, highways, bridges, and buildings. The company has built a solid reputation in the sector, offering integrated EPC (Engineering, Procurement, and Construction) services, supported by a skilled design and engineering team and a Ready Mix Concrete (RMC) unit.

With a focus on quality, efficiency, and innovation, BR Goyal Infrastructure has successfully completed numerous projects across the country, providing it with a competitive edge in the infrastructure sector. The funds raised from this IPO will help the company scale its operations, expand its portfolio, and execute more large-scale projects in the coming years.

IPO Allotment Process

As the IPO allotment date approaches, investors are keen to find out whether they have secured shares in the company’s upcoming listing. BR Goyal Infrastructure is likely to finalize the basis of allotment on Friday, January 10, 2025, and investors can expect to receive alerts via messages, emails, or notifications regarding the debit of their funds or revocation of their IPO mandates by the weekend or latest by Monday, January 13.

Investors can check the allotment status through two platforms: the Bombay Stock Exchange (BSE) website and Link Intime India, the registrar for the issue.

Via BSE Website:

Visit the BSE IPO allotment page.
Select ‘Equity’ under the issue type.
Choose ‘BR Goyal Infrastructure Limited’ from the dropdown.
Enter your application number or PAN.
Complete the security verification and click ‘Search.’

Link Intime India website:

Go to the Link Intime India IPO allotment page.
Select ‘BR Goyal Infrastructure’ from the dropdown.
Choose between the Application Number, Demat Account Number, or PAN ID.
Enter the required details and submit the information.
Complete the CAPTCHA for security and click ‘Submit’ to view the allotment status.

Upcoming Listing

BR Goyal Infrastructure’s IPO is slated to be listed on the BSE SME platform on Tuesday, January 14, 2025. With a strong subscription response, the company is poised for a promising debut, and investors are expecting healthy listing gains, especially given the company’s order book and growth prospects in India’s infrastructure sector.

Beeline Capital Advisors serves as the book-running lead manager for the IPO, while Link Intime India is the registrar. Spread X Securities acts as the market maker for the issue.