B.R. Goyal IPO is a book-built issue worth ₹85.21 crore, entirely consisting of a fresh issue of 63.12 lakh shares. The IPO will open for subscription today i.e. January 7, 2025, and close on January 9, 2025. Investors can expect the allotment finalisation on January 10, 2025, with the listing set to take place on the BSE SME platform on January 14, 2025.
The IPO's price band ranges from ₹128 to ₹135 per share. Retail investors can apply for a minimum of 1,000 shares, requiring an investment of ₹1,35,000. High-net-worth individuals need to apply for at least two lots, equating to 2,000 shares and an investment of ₹2,70,000.
Beeline Capital Advisors Pvt Ltd serves as the book-running lead manager for the IPO, ensuring a smooth process. Link Intime India Private Ltd is appointed as the registrar, managing all subscription-related queries and investor communications. Spread X Securities Private Limited is acting as the market maker for the IPO, providing liquidity post-listing.
This IPO presents an opportunity for investors to participate in the growth story of B.R. Goyal Infra Pvt Ltd.
Industry Outlook
- The Indian government has allocated ₹11.11 lakh crore for infrastructure in the Interim Budget 2024-25, marking an 11.1% increase. Additionally, 9,142 projects under the National Infrastructure Pipeline (NIP) involve an estimated investment of $1.9 trillion, with nearly half focusing on transportation and roads.
- India’s road network, the second largest globally, has grown by 59% over the past decade, now spanning 66.71 lakh km. National highway construction has reached 12,300 km in FY24, supported by record investments of ₹2.78 lakh crore in the road transport ministry.
B.R.Goyal Infrastructure IPO Objectives
The company will use the proceeds of the issue for the following objects:
- Funds will be used to support capital expenditure to enhance production capacity and efficiency.
- Capital will be allocated for provision of working capital to streamline operations and meet day-to-day requirements.
- A portion of the proceeds will be utilised for investment in acquisitions and strategic initiatives to drive inorganic growth and diversification.
About B.R.Goyal Infrastructure Limited
B.R. Goyal Infrastructure Limited is a prominent company engaged in constructing and developing infrastructure projects, including roads, highways, bridges, and buildings. The company operates extensively across Madhya Pradesh, Maharashtra, Gujarat, Haryana, Uttar Pradesh, Mizoram, and Manipur. Its expertise spans Engineering Procurement Construction (EPC) services, Ready-Mix Concrete (RMC) manufacturing, wind power generation, toll collection contracts, and residential plotting projects.
Founded in 1986 as a partnership firm, the company transitioned into a private limited company in 2005 and later became a public limited entity in 2018. Over the years, it has built a robust track record in executing complex projects, particularly in the roads and highways sector. Its services encompass designing, engineering, material procurement, on-site execution, and project management. Additionally, the company provides repair and maintenance services under contractual agreements.
B.R. Goyal Infrastructure Limited leverages an integrated business model with in-house capabilities, including a design and engineering team and a state-of-the-art RMC manufacturing unit with an annual capacity of 1.80 lakh cubic meters. Its extensive equipment base includes over 199 pieces of construction machinery and vehicles as of September 2024, ensuring timely project execution.
The company has also diversified into wind power generation, commissioning a 1.25 MW turbine in Rajasthan and securing a 20-year power purchase agreement. Recognised for quality and timely delivery, it has received accolades like the "Captain of Industry" award in 2014 from the Chief Minister of Madhya Pradesh.
How To Check the Allotment Status of the B.R.Goyal Infrastructure IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for a B.R.Goyal Infrastructure IPO online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the B.R.Goyal Infrastructure IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of B.R.Goyal Infrastructure Limited
Registered office: 3-A, Agrawal Nagar, Indore – 452001, Madhya Pradesh, India
Phone: : (+91-731) 2403831, 4096902
E-mail:cs@brginfra.in
B.R.Goyal Infrastructure IPO Reservation Detail
|
Investor Category |
Shares Offered |
|
Anchor Investor Shares |
17,86,000 (28.3%) |
|
Market Maker Shares |
3,16,000 (5.01%) |
|
QIB Shares |
11,92,000 (18.88%) |
|
NII (HNI) Shares |
8,94,000 (14.16%) |
|
Retail Shares |
20,86,000 (33.05%) |
|
Employee Shares |
38,000 (0.6%) |
|
Total Shares Offered |
63,12,000 (100%) |
B.R.Goyal IPO Anchor Investors Details
The B.R. Goyal IPO has successfully raised ₹24.11 crore from anchor investors. The anchor bidding for the IPO took place on January 6, 2025. A detailed list of the anchor investors participating in the IPO is available.
|
Bid Date |
January 6, 2025 |
|
Shares Offered |
17,86,000 |
|
Anchor Portion Size (In ₹ Cr.) |
24.11 |
|
Anchor lock-in period end date for 50% shares |
February 9, 2025 |
|
Anchor lock-in period end date for remaining shares |
April 10, 2025 |
B.R.Goyal Infrastructure IPO Lot Size Details
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
1000 |
₹1,35,000 |
|
Retail (Max) |
1 |
1000 |
₹1,35,000 |
|
HNI (Min) |
2 |
2000 |
₹2,70,000 |
B.R.Goyal Infrastructure IPO Promoter Holding
The company's promoters are 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.
|
Share Holding Pre Issue |
99.31% |
|
Share Holding Post Issue |
73% |
Key Performance Indicators for B.R.Goyal Infrastructure IPO
As of March 31, 2024, the KPIs of B.R.Goyal Infrastructure
|
KPI |
Values |
|
ROE |
18.91% |
|
ROCE |
19.72% |
|
Debt/Equity |
0.50 |
|
RoNW |
18.91% |
|
PAT Margin |
3.72 |
|
Price to Book Value |
0.93 |
Price Metrics
|
Metric |
Pre-IPO |
Post-IPO |
|
P/E (x) |
5.37 |
__ |
|
EPS (₹) |
25.15 |
__ |
Note: The Pre-IPO EPS is based on the pre-issue shareholding and FY earnings as of March 31, 2024, as detailed in the RHP. Post-Issue EPS and the debt-to-equity ratio are calculated using post-issue shareholding and annualized earnings as of July 31, 2024.
B.R.Goyal Infrastructure IPO Prospectus
B.R.Goyal Infrastructure IPO Registrar and Lead Managers
B.R.Goyal Infrastructure IPO Lead Managers
Beeline Capital Advisors Pvt Ltd
Registrar for B.R.Goyal Infrastructure IPO
Link Intime India Private Limited
- Contact Number:+91-22-4918 6270
- Email Address: brgoyal.ipo@linkintime.co.in
Website: B.R.Goyal Infrastructure IPO Registrar
Financial Performance of B.R.Goyal Infrastructure Limited
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|
| Revenue from Operation (in ₹ lakh) | 57,880.62 | 34,529.78 |
| Profit After Tax (PAT) (in ₹ lakh) | 2187.75 | 1732.12 |
| Return on Equity (“RoE”) (%) | 19.09 | 16.94 |
| Net Worth (in ₹ lakh) | 12,666.79 | 10,479.04 |
| Total Borrowings (in ₹ lakh) | 4,947.28 | 4,163.53 |
| Return on Capital Employed (RoCE) (%) | 21.80 | 19.31 |
| EBITDA (in ₹ lakh) | 3,246.14 | 2,671.33 |
Know before investing
Strengths
8Over 20 years of expertise in road-focused EPC projects.
Strong order book with Rs. 87,339.70 lakhs in ongoing projects.
Efficient business model driving cost optimization and higher profit margins.
Experienced management team with over 37 years in infrastructure development.
Fleet of 199 modern construction equipment ensuring timely project completion.
Focused on expanding geographical presence across key Indian states.
The strong credit rating of CARE BBB+ supports project financing and growth.
Diversifying into wind power and RMC manufacturing for future growth.
Risks
8Inability to qualify for large projects could affect business growth.
High bid preparation costs without guaranteed acceptance of submissions.
Reliance on joint ventures may lead to financial and operational risks.
Delays in project completion may lead to penalties and lost payments.
Dependency on a few clients may cause revenue instability.
Cost overruns due to unforeseen conditions may harm financial health.
Risks of claims and disputes with government entities can impact profitability.
Unfavourable outcomes from joint ventures may lead to significant losses.
Peer Comparison
| Company Name | EPS (Basic) | NAV per Share(₹) | RoNW (%) | Dividend Yield |
|---|---|---|---|---|
| B.R.Goyal Infrastructure Limited | 12.57 | 144.27 | 19.09 | - |
| Teerth Gopicon Limited | 18.49 | 24.10 | 59.96 | - |
| Udayshivkumar Infra Limited | 5.54 | 31.60 | 17.22 | - |
