Garuda Construction and Engineering’s IPO opened on October 8, 2024, with strong demand from retail and non-institutional investors (NIIs), but limited participation from Qualified Institutional Buyers (QIBs).
The company raised ₹75 Crore from anchor investors ahead of the IPO, with a price band set at ₹92-95 per share. The total IPO size is ₹264 Crore, closing on October 10, 2024.
The allocation of shares is divided: 50% for QIBs, 35% for retail investors, and 15% for NIIs. Investors can place bids for a minimum lot of 157 shares.
Garuda Construction provides a range of civil construction services for residential, commercial, and infrastructure projects, including offices, hotels, and industrial buildings.
The company’s revenue doubled from ₹77.02 Crore in FY22 to ₹154.18 Crore in FY24, with a 26% CAGR. Profit after tax also rose from ₹18.78 Crore to ₹36.43 Crore, with a 25% CAGR.
By the third day of the subscription on October 10, 2024, the IPO was subscribed 5.39 times, with retail oversubscribed 8.71 times, NIIs 3.84 times, and QIBs by 1.07%.
IPO proceeds will fund operations and potential acquisitions. Corpwis Advisors is the lead manager, with Link Intime India as the registrar.
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