Garuda Construction And Engineering IPO subscribed 1.74 times

8 Oct 2024 , 04:09 PM

Garuda Construction and Engineering plans to conduct its initial public offering (IPO) on Tuesday, October 8. The construction company would offer its shares at a price between Rs 92 and 95 per share, with investors able to apply for a minimum of 157 equity shares and subsequent multiples. The edition is available for subscription until Thursday, October 10.

As of 15:58 pm, The retail section was subscribed 3.20 times while NII portion 0.96 times. The QIB portion was subscribed 2%.

Garuda Construction and Engineering, established in 2010, offers full construction services for residential, commercial, residential/commercial, infrastructure, and industrial projects, as well as specialised services for infrastructure and hospitality projects.

Garuda Construction’s Rs 264.10 crore IPO includes a fresh share sale of 1.83 crore shares for Rs 173.85 crore and an offer-for-sale (OFS) of up to 95 lakh shares by its promoter, PKH Ventures, worth Rs 90.25 crore. The net proceeds from the issuance will be used to cover working capital needs, unidentified inorganic acquisitions, and general corporate expenses.

Garuda Construction raised Rs 75 crore from seven anchor investors ahead of its initial public offering, allocating 78,95,138 shares at Rs 95 a share. The anchor book featured names such as AG Dynamic Funds Trust Mutual Fund, Maybank Securities, North Star Opportunities Fund, Resonance Opportunities Fund, Bridge India Fund, and Cognisant Capital Dynamic Opportunities Fund.

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