Garuda Construction IPO Subscription Details on Day 1, October 8, 2024

8 Oct 2024 , 11:58 AM

Garuda Construction and Engineering Ltd debuted in the primary market today, October 8. The company raised ₹75 Crore from anchor investors on October 7, ahead of its initial public offering (IPO). IPO price band is set between ₹92-95 per share, with a total offer value of ₹264.10 Crore.

Subscription period for the IPO runs from October 8 to October 10. 50% of the issue is allocated to qualified institutional buyers (QIBs), 35% to retail investors, and 15% to non-institutional investors (NIIs). Investors can bid for a minimum of 157 equity shares and multiples thereafter.

Garuda provides full-service civil construction, including residential, commercial, industrial, and hospitality projects.

Revenue increased from ₹77.02 Crore in FY22 to ₹154.18 Crore in FY24, reflecting a 26% CAGR. Profit after tax rose from ₹18.78 Crore in FY22 to ₹36.43 Crore in FY24, a 25% CAGR.

At the time of writing on Day 1 of subscription at 11:55 am, the IPO is subscribed 0.91 times, Retail portion was subscribed 1.67 times; NIIs subscribed 0.43 times, while QIBs’ portion is yet to be booked.

Proceeds from the IPO will fund working capital needs and corporate purposes. Corpwis Advisors is the lead manager, and Link Intime is the registrar.