Garuda Construction and Engineering Limited shares were launched on Indian stock exchanges on Tuesday after exceeding market expectations. Garuda Construction’s share price started on the BSE at ₹103.20 and listed on the NSE at ₹105 per share, resulting in a 10% listing gain for lucky allottees.
The newly-listed Garuda Construction stock surged to a new peak of ₹120.99 per share on the NSE shortly after its listing. As of 3:25 pm, the shares of the company were trading at ₹106.64, witnessing some profit booking from investors.
The IPO of Garuda Construction and Engineering was open for bidding from October 8 to October 10. The company offered its shares at a set price band of Rs 90-95 per share, with a lot size of 157 shares.
It earned Rs 264.10 crore through its initial public offering (IPO), which included a fresh share sale of Rs 173.85 crore and an offer-for-sale (OFS) of up to 95 lakh equity shares.
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