B R Goyal Infra sets SME IPO price band at ₹128-135 per share; issue to open on Jan 7

B R Goyal Infrastructure on Saturday said it has fixed a price band of ₹128-135 per equity share for ₹85.21 crore initial share sale, which will hit the markets on January 7.

The initial public offering (IPO) will end on January 9 and bidding for anchor investor will open for a day on January 6, the company, which specialises in infrastructure projects, said in a statement.

At the upper end of the price band, the company is going to fetch about ₹85.2 crore, while shares of the company will be listed on the BSE's SME platform, it added.

Indore-based B R Goyal Infra's IPO is entirely a fresh issuance of up to 63.12 lakh equity shares with a face value of  ₹10 each, according to the red herring prospectus (RHP).

The net proceeds from the public issue will be utilised for funding capital expenditure requirement and for funding the working capital requirement.

Funds from the IPO will also be used by B R Goyal Infra towards funding expenditure for inorganic growth through acquisitions and general corporate purposes, the RHP said.

"The IPO funding will not only help us overcome this hurdle but also be strategically allocated towards capital expenditures, acquisitions, and other growth-oriented initiatives," Brij Kishore Goyal, Chairman & Managing Director, of B R Goyal Infrastructure Ltd, said.

These investments will enable us to embark on a transformative new phase of growth and expansion, Goyal said.

B R Goyal Infra specialises in road construction and infrastructure projects as EPC contractors and construction service providers. The company manages all project phases, from design and engineering to procurement and site execution.

As of July 2024, the company has reported a revenue of ₹155.51 crore and clocked a profit after tax of ₹1.97 crore.

Beeline Capital Advisors is the sole book-running lead manager while Link Intime India is the registrar for the IPO.