Garuda Construction IPO Ends Today, To Be Listed on October 15: Did you Subscribe?

Garuda Construction and Engineering, a prominent construction company, is set to make its market debut soon as its Initial Public Offering (IPO) ends today. The IPO opened for subscription on Tuesday, October 8, 2024, and is expected to be listed on the stock exchanges, NSE and BSE, on October 15, 2024. 

The Garuda Construction and Engineering IPO is a book-built issue amounting to ₹264.10 crores. It includes a fresh issue of 1.83 crore shares, raising ₹173.85 crores, along with an offer for sale of 0.95 crore shares, worth ₹90.25 crores. 

The IPO offers a total of 2,78,00,000 shares, with 60,04,862 shares (21.6%) allocated to QIB, 41,70,000 shares (15%) to NII, 97,30,000 shares (35%) to RII, and 78,95,138 shares (28.4%) to Anchor investors.

The IPO has set a price band of ₹90 to ₹95 per share. Retail investors are required to invest a minimum of ₹14,915 for a lot size of 157 shares. 

As of 12:19 PM on October 10, 2024, the final day of subscription, the Garuda Construction and Engineering IPO was subscribed to 5.28x. QIBs subscribed 0.91x, NIIs subscribed 3.78x, and retail investors subscribed 8.63x.

As of October 10, 2024, 09:55 AM, the Garuda Construction and Engineering IPO GMP stands at ₹0. With a price band set at ₹95.00, the estimated listing price for the IPO is ₹95 (cap price + today’s GMP), indicating an expected gain or loss per share of 0.00%.

The IPO Allotment process is anticipated to be completed on Friday, October 11, 2024. With the IPO closing today, the focus now turns to the final allotment results and the company’s future plans as it embarks on this new growth phase.

In its RHP, the company stated that the proceeds would be used for the working capital requirements, for general corporate purposes and unidentified inorganic acquisitions.

About Garuda Construction and Engineering Limited

Garuda Construction and Engineering Ltd is a civil construction company. For the period ending April 30, 2024, the company reported revenues of ₹1,187.50 lakh, while for Fiscal 2024, Fiscal 2023, and Fiscal 2022, the revenues stood at ₹15,417.83 lakh, ₹16,068.76 lakh, and ₹7,702.08 lakh, respectively. The company provides comprehensive civil construction services for residential, commercial, mixed-use residential-commercial, infrastructure, and industrial projects, along with additional offerings for infrastructure and hospitality projects.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.