Shares of Garuda Construction and Engineering made a positive debut at ₹105 on the BSE. This represents a 10.5% premium over its issue price of ₹95 per share.
The company’s ₹264-crore public issue was met with robust demand, achieving a subscription rate of 7.55 times on the final day of bidding, October 10. Investors subscribed 15.03 crore equity shares against the offer size of 1.99 crore shares.
Retail and non-institutional investors’ reserved portions subscribed 10.81 times and 9.03 times, respectively. While the qualified institutional buyers also showed interest, bidding 1.24 times the allotted quota.
Prior to the IPO launch, Garuda Construction raised ₹75 crore from institutional investors through its anchor book on October 7. The public offering, priced between ₹92 and ₹95 per share, consists of a fresh equity issuance of ₹173.85 crore and an offer-for-sale of 95 lakh shares, valued at ₹90.25 crore, from promoter PKH Ventures.
Garuda Construction and Engineering provides a diverse array of construction services, including residential, commercial, mixed-use, infrastructure, and industrial projects. The company also offers operation and maintenance (O&M), mechanical, electrical, and plumbing (MEP) services, along with finishing works. Proceeds from the IPO will be used to meet working capital needs, cover general corporate expenses, and potentially fund unidentified inorganic acquisitions.
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