Giriraj Civil Delevopers Ltd

Giriraj Civil Delevopers

About the Company:

Giriraj Civil Delevopers (Incorporated in 2005) is a civil works contracting and engineering company.

Company is currently concentrating on the Railway sector projects, where they undertake a wide scope of work which includes construction of foot over bridges, platform extensions; sick line sheds, stabling lines etc.

Company has also ventured into other infrastructural projects for government / semi-government bodies like MCGM (Municipal Corporation of Greater Mumbai) and MRVC (Mumbai Railway Vikas Corporation) and for various private players.Most of the projects undertaken are in the states of Maharashtra and Gujarat.

Company has successfully completed several projects since inception in 2005 and currently has 21 ongoing projects.

They have executed projects for Western Railway at Borivali, Bhayender, Virar-Dahanu, Goregaon, Lower Parel, Bandra, Dadar, Virar – Surat, etc. and at various western and eastern suburbs for the MCGM.

They have recently successfully completed the project for finalisation of the construction of Ram Mandir station in Mumbai.

Company’s revenue model includes projects undertaken as direct Contract from various government, semi-government and private parties, sub-contracting for other infrastructure companies and also trading of certain construction material.

Company’s Overview:

Company Overview

Company’s Main Clients:

  • Indian Railways.
  • Western Railway.
  • Mumbai Railway Vikas Corporation Limited.
  • Central Railway.


Company’s Revenue Model:

revenue model


Management Team:

  1. Mr. Mahesh Shah (Designation: Chairman & Managing Director)
  2. Mr. Krushang Shah (Designation: Whole-Time Director)
  3. Mrs. Mamta Shah (Designation: Non-executive Non – Independent Director)


Promoters Average Acquisition Cost:

Name of the Promoter No. of Shares held Average Acquisition Cost (in Rs.)
Mr. Mahesh Shah 13,27,800 3.89
Mrs. Mamta Shah 2,92,000 3.29


Promoters Stake Pre & Post Issue:

Shareholder Name Pre Issue Stake (%) Post Issue Stake
Mr. Mahesh Shah 45.10% 33.20%
Mrs. Mamta Shah 9.91% 5.93%
Promoter Group Entities            31.01%         20.43%
Total 86.02% 59.57%


Objectives of the Issue:

Offer for Sale (OFS): (Around Rs. 6 crores)

  • Company will not receive any proceeds from the Offer for Sale by the Selling Shareholders.

Fresh Issue: (Around Rs.3 crores)

  • Repayment of Unsecured Loans.
  • Funding expenditure for General Corporate Purposes.


Fund Utilization:

Particulars Amount (Rs. in Crores)
Repayment Of Unsecured Loans 2.48
General Corporate Expenses 0.37
Issue Related Expenses 0.15
Net Proceeds 3 crores


Financials of the Company:

(in Crores) FY 13 FY 14 FY 15 FY 16 FY 17 31st Dec 17
Revenue  42.24  56.74  49.95  48.21  45.27  33.98
Net Profit  1.49  1.96 1.89   1.75  1.78  1.35


Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW NAV
Giriraj Civil Delevopers Ltd 10 6.07 16.47 10.14% 119.80
CMM Infraprojects Limited 10 21.13 4.52 21.18% 99.79


IPO Details:

Details Info
Issue Opens on 19th March 2018
Issue Closes on:. 21st March 2018
Issue Price Rs.100
Face Value Rs.10
Minimum Lot 1200
Minimum Investment Rs.1,20,000
Issue Constitutes 27.74%
Issue Size Rs.9 cr
Market Cap Rs.32.44 cr
Listing at NSE SME
Equity Shares Offered (Fresh) 3,00,000
Equity Shares Offered (OFS) 6,00,000
Total Equity Shares Offered (Fresh + OFS) 9,00,000
Equity Shares Prior to the Issue 29,44,100
Equity Shares after the Issue 3244,100


Important Dates:

Finalization of Basis of Allotment on or Before 26th March 2018
Initiation of Refunds on or Before 27th March 2018
Credit of Equity Shares: on or Before 28th March 2018
Listing Date: on or Before 2nd April 2018


Subscription Details:

(Subscription-Category-Wise (no. of times) Till time : 06:00 PM) Shares Offered Day-1 Day-2 Day-3
HNI  4,26,000   0.00  0.82  0.96
Retail  4,26,000  0.098  0.42   1.36
Others    48,000   0.00  0.00  0.00
Employee  ——–  —-  —-  —–
TOTAL  9,00,000  0.046  0.59  1.11


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
6.07 16.47 10.14% 119.80


Markets Guruji Opinion:

IPO View Apply For: Expected listing Gain:
Neutral NA NA


Company Contact Info:
Giriraj Civil Delevopers Ltd
101 Jaitirth
Co-operative Housing Society Daulat Nagar,
Road No.10, Borivali (East)
Mumbai – 400066
Tel No: +91 –22– 28906356


IPO Registrar Info:
Subramanian Building No. 1,
Club House Road
Chennai – 600 002
Tel No.: +91 – 44- 2846 0390/ 1989
Fax No.: +91- 44 – 2846 0129


Lead Manager to the Issue:
60, Khatau Building, Ground Floor,
Alkesh Dinesh Modi Marg, Fort, Mumbai – 400 001
Tel No.: +91 – 22 – 6216 6999
Fax No.: +91 – 22 – 2263 0434
Investor Email: