Garuda Construction and Engineering IPO: Issue subscribed 0.72 times so far, check key dates

Garuda Construction and Engineering IPO has received a decent response from investors with the issue being subscribed 0.72 times so far on Tuesday, the first day of bidding.

The initial share sale has received bids for 1,42,71,614 shares as against 1,99,04,862 shares on offer. The quota set aside for retail investors has been subscribed 1.31 times, while non-institutional investors bid 0.37 times the reserved portion.

The company allocated 78.95 lakh equity shares at ₹95 apiece to seven funds.

It consists of a fresh offering of 1.83 crore shares and an offer-for-sale component of 95 lakh equity shares.

The money raised will be used for working capital requirements and for general corporate purposes.

Garuda Construction IPO: Key dates

• Bidding period: October 8-October 10
• Allotment finalisation: October 11
• Refund initiation: October 14
• Demat transfer: October 14
• Listing: October 15

Garuda Construction IPO: About the company

Garuda Construction and Engineering is engaged in civil construction activities. It offers end-to-end civil construction for residential, residential cum commercial, commercial, infrastructure and industrial projects.

Garuda Construction IPO: Financials