IPO Details
Bidding Dates
To be announced
Minimum Investment
To be announced
Price Range
To be announced
Maximum Investment
To be announced
Retail Discount
To be announced
Issue Size
Up to 2,78,00,000 Equity Shares aggregating up to ₹ [●] lakh
Investor category and sub category
RIIs | NIIs | QIBs | Eligible employees |About Garuda Construction and Engineering Limited
Garuda Construction and Engineering Limited, incorporated on September 21, 2010, under the erstwhile Companies Act of 1956, is a growing civil construction firm. The company specialises in comprehensive civil construction services for residential, commercial, and industrial projects, as well as infrastructure and hospitality developments.
They provide everything from constructing building structures made of concrete and steel to offering mechanical, electrical, and plumbing services, along with operations and maintenance.
Historically, Garuda Construction primarily worked on projects for its parent group, receiving contracts through bids made by associated corporate entities on both private and government projects. However, the company is now expanding its reach by engaging directly with third-party contracts, leveraging its extensive experience in construction to take on a larger role as a developer.
Notable projects include the construction of the Golden Chariot Vasai Hotel & Spa, the renovation of a boutique hotel under the same brand, and the construction of the Delhi Police Headquarters, which features twin seventeen-story towers connected by a steel bridge.
Currently, Garuda is involved in twelve ongoing projects, with seven of these having a contract value over ₹10,000 lakhs each. As the company moves forward, it aims to increase its execution capabilities and expand its client base outside its initial group affiliations, seeking to procure larger developmental contracts and enhance its position in the market.
Industry Outlook:
- The National Infrastructure Pipeline (NIP) now includes 9,142 projects, with 2,476 in the development phase requiring an investment of US$ 1.9 trillion. Significant efforts are focused on the transportation sector, especially roads and bridges.
- The Indian government has raised the infrastructure capital investment for 2023-24 to ₹10 lakh crore (US$ 122 billion), a 33% increase, with a record ₹2.40 lakh crore (US$ 29 billion) dedicated to the Railways, indicating a strong commitment to enhancing national infrastructure.
Garuda Construction and Engineering Limited IPO Details
Garuda Construction and Engineering Limited IPO Dates
The exact dates are yet to be announced.
Garuda Construction and Engineering Limited IPO Price Band
The exact price range is yet to be announced.
Garuda Construction and Engineering Limited IPO Lot Size
The exact lot size is not announced yet.
Garuda Construction and Engineering Limited IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Working Capital Requirements
- General Corporate Expenses and unidentified inorganic acquisitions
- Cover the Issue Expenses
Peer Details
The companies considered by Rays Power Infra as its peers include:
- PSP Projects Limited
- Capacite Infraprojects Limited
- Vascon Engineers Limited
- Ahluwalia Contracts (India) Limited
- B. L. Kashyap And Sons Ltd
How to Check the Allotment Status of the Garuda Construction and Engineering Limited IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app
- Go to the Individual order details page of the IPO that you had applied for.
- Check the IPO allotment status. As such, Angel One will notify you of your IPO allotment status via push notification, email and SMS.
Contact Details of Garuda Construction and Engineering Limited IPO
- Registered office: 201, A Wing, Fortune 2000 C -3 Block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051, Maharashtra
- Phone: +91 22 79635174
- E-mail:compliance@garudaconstructionengineering.com
IPO Financials
| Particulars | For the nine Months Period Ended November 30, 2023 | Year ending on March 31, 2023 | Year ending on March 31, 2022 | Year ending on March 31, 2021 |
|---|---|---|---|---|
| Total Revenue (in ₹ lakh ) | 8,045.47 | 16,102.41 | 7,702.79 | 7,520.22 |
| Profit After Tax (PAT) (in ₹ lakh) | 1,873.41 | 4,079.53 | 1,878.22 | 927.78 |
| Cash & Cash Equivalents (in ₹ lakh) | 16.34 | 484.60 | 688.39 | 20.59 |
| Net Worth (in ₹ lakh) | 10,134.59 | 8,261.18 | 4,179.04 | 2,300.99 |
| Debt to Equity Ratio(x) | - | 0 | 0.29 | 0.65 |
| Return on Equity (%) | - | 49.38% | 44.94% | 40.32% |
| Return on Capital Employed (RoCE) (%) | - | 60.20% | 42.44% | 21.07% |
| Earning Per Share (EPS)-in absolute ₹ | 2.51 | 5.46 | 2.51 | 1.24 |
Know before investing
Strengths
4-
The company maintains high construction quality and timely delivery through its strong project management capacity, utilizing a fleet of modern construction equipment managed through third-party vendors to remain asset-light.
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Demonstrating robust growth, Garuda posted revenues of ₹16,068.76 lakhs in FY2023, with an EBITDA margin of 34.85% and a high Return on Capital Employed (ROCE) of 71.27%.
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As of the latest report, Garuda's order book stood at ₹1,40,827.44 lakhs, indicating strong future revenue potential from ongoing and upcoming projects across various regions.
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Asset Management and Cost Efficiency: By employing third-party vendors for equipment, Garuda strategically keeps its asset base light, which enhances cost efficiency and minimizes operational disruptions, contributing to its financial stability.
Risks
5-
Garuda Construction has experienced negative cash flows from operations in recent periods, totalling (-₹192.64 lakhs) as of November 30, 2023, which could hinder financial stability and operations.
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Venturing into new markets with 64.61% of ongoing projects with unrelated entities exposes Garuda to risks of non-performance, project delays, and potential financial losses.
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With no non-compete agreements in place, related group entities could compete directly with Garuda, potentially jeopardizing future business opportunities and growth.
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Ongoing transactions with related parties might not be at arm's length, risking financial discrepancies and potential adverse effects on the company's operations and profitability.
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Historical non-compliance in securities allotment could lead to penalties or legal repercussions, impacting Garuda's reputation and financial health as highlighted by issues in 2015 and 2016 allotments.
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Garuda Construction and Engineering IPO FAQs
Garuda Construction and Engineering IPO is a book-built IPO. The exact dates and price range are yet to be announced.
The exact dates and price range are yet to be announced.
The IPO subscription window is not announced yet.
Retail investors can apply for a minimum of one lot. However, the lot size has not been announced yet.
The exact date is not announced yet.
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app
- Go to the individual order details page of the IPO that you had applied for.
- Check the IPO allotment status as such, Angel One will notify you of your IPO allotment status via push notification, email and SMS.
Listing gains cannot be ascertained before the listing of the IPO on the stock exchange. The exact date is not announced yet.
Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.
You must complete the payment process by logging in to your UPI handle and approving the payment mandate.
You can submit only one application using your PAN card.
