Garuda Construction and Engineering IPO subscribed 6.8 times so far

10 Oct 2024 , 03:21 PM

Following a strong response in the first two days of Garuda Construction and Engineering’s initial public offering (IPO), the issue was subscribed six times on the final day. The strongest demand was driven by retail investors, who subscribed to the offer by 10.1 times.

The company has set a price band of Rs 92-95 per share, with buyers able to bid for 157 shares in one lot.

The proceeds of the additional offer in the amount of Rs 100 crore will be used to cover working capital requirements and other corporate objectives, including an unnamed inorganic acquisition.

As of 3:15 p.m., the issue had received 9.85 crore bids from retail investors, with 97.3 lakh shares allocated for them. Non-institutional investors (NIIs) subscribed 7.94 times the issue, while qualified institutional buyers (QIBs) subscribed 114%.

The offering includes a fresh equity sale of Rs 173 crore and an offer for sale (OFS) of Rs 90 crore. Approximately 50% of the public offering is allocated for qualified institutional buyers, 35% for retail investors, and the remaining 15% for non-institutional investors.

Garuda Construction offers complete civil construction services for residential, commercial, residential-commercial, infrastructure, and industrial projects, as well as extra services for infrastructure and hospitality projects.

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