Garuda Construction and Engineering IPO Day 2: Issue booked 3.19 times; check subscription, offer size and price band

Garuda Construction and Engineering Limited IPO received decent demand, as the public offer was subscribed 3.19 times on Wednesday, the second day of bidding.

The investors bid for 6,34,40,560 shares as against 1,99,04,862 shares on offer. The issue was booked 5.70 times in the retail category and subscribed 1.89 times in the non-institutional investors (NIIs) category.

Qualified institutional buyers (QIBs) quote was subscribed only 0.02 times.

Garuda Construction and Engineering IPO details

Garuda Construction and Engineering IPO is a book-building issue worth ₹264.1 crore. The mainboard public offer consists of a fresh issue of 1.83 crore shares and an offer-for-sale (OFS) portion of 95 lakh shares, aggregating to ₹90.25 crore.

The IPO price band has been fixed at ₹92 to ₹95 per share.

Retail investors interested in applying for Garuda Construction and Engineering IPO can place bids for a minimum lot size of 157 shares, aggregating to an investment of ₹14,915. Small Non-Institutional Investors (sNIIs) can place bids for a minimum lot size of 14 lots, or 2,198 shares, amounting to ₹2,08,810 and Big NIIs can place bids for 68 lots, or 10,676 shares, aggregating to an investment of ₹10,14,220.

Garuda Construction and Engineering IPO dates

Garuda Construction and Engineering IPO subscription opened on Tuesday, October 8. The bidding window is scheduled to close on October 10. The share allotment status of Garuda Construction and Engineering IPO is expected to be finalised on Friday, October 11. After the share allotment status is finalised, refunds will be initiated for unsuccessful bidders on Monday, October 14. Successful bidders will receive shares of Garuda Construction and Engineering in their demat accounts on the same day. Shares of Garuda Construction and Engineering will be listed on the NSE and BSE. The tentative listing date for Garuda Construction and Engineering shares is Tuesday, October 15.

Garuda Construction and Engineering financials

Garuda Construction and Engineering’s revenue for FY24 decreased over 4% to ₹154.47 crore compared to ₹161.02 crore in FY23. The company’s profit-after-tax fell over 10% to ₹36.44 crore in FY24 against ₹40.8 crore in FY23. The company's net worth surged more than 44% to ₹119.01 crore in FY24, compared to ₹82.61 crore in FY23.

Garuda Construction and Engineering IPO Registrar

Corpwis Advisors Private Limited is the book-running lead manager for Garuda Construction and Engineering IPO, and Link Intime India Private Ltd is the registrar for the mainboard issue.

Garuda Construction and Engineering Promoters

Garuda Construction and Engineering promoters include Pravinkumar Brijendra Kumar Agarwal, PKH Ventures Limited and Makindian Township Private Limited. The shareholding of the promoters stood at 96.81% before the issue.

Garuda Construction and Engineering IPO objective

The company plans to use the funds raised via the public issue to finance working capital requirements, general corporate purposes, and unidentified inorganic acquisitions.

About Garuda Construction and Engineering Limited

Garuda Construction and Engineering Limited was founded in 2010. The company provides construction services for residential, commercial and industrial projects. Garuda Construction and Engineering also provides Operation and Maintenance (O&M) and Mechanical, Electrical and Plumbing (MEP) services to its clients. The company employed 65 people on a permanent basis as of September 28, 2024.