GVR Infra Projects files IPO papers to raise Rs 400 cr

Joining the IPO rush, GVR Infra Projects has filed draft papers with markets regulator Sebi to raise at least Rs 400 crore through an initial share-sale programme.
GVR Infra's initial public offering (IPO) comprises fresh issue of equity shares worth Rs 400 crore and an offer for sale, whereby IDFC Private Equity Fund would offload 43.22 lakh scrips, as per the draft papers.
The proceed of the fresh issue would be utilised towards working capital requirements, reduction of outstanding amount under short-term borrowings and for general corporate purposes.
The shares of the company are proposed to be listed on both NSE and BSE.

Edelweiss Financial Services, Ambit Corporate Finance, SBI Capital Markets and IDFC Securities are the bankers to the issue.
Chennai-based GVR Infra Projects was originally incorporated in 2001 as GVR Construction.

The IPO space is heating up as six companies -- Quick Heal Technologies, Parag Milk Foods, GNA Axles, Narayana Hrudayalaya, Sandhar Technologies and L&T Infotech -- have submitted their IPO papers with Sebi last week alone.
Since the start of the year, at least 36 companies have already approached Sebi to float their IPOs. In the same period, the regulator has given approval to 28 firms to launch their initial share-sale plans, some of which had been pending since the previous year.

In addition, IPO papers of 10 firms are "under process" and the regulator has sought clarifications from them.
Moreover, 15 companies have already hit the market so far this year as against just six and three in 2014 and 2013, respectively.