Garuda Construction and Engineering IPO Day 3: Issue subscribed 5.62 times so far; check allotment and listing date

Garuda Construction and Engineering IPO has received a good response from investors, with the issue being subscribed 5.62 times so far on Thursday, the third day of bidding.

According to consolidated data on the NSE website, the initial public offering received bids for 11,17,98,915 equity shares against the 1,99,04,862 shares offered.

The quota meant for retail individual investors (RIIs) fetched 9.02 times the subscription, while the portion for non-institutional investors (NIIs) received 4.21 times the subscription.

The part reserved for qualified institutional buyers (QIBs) was booked 1.08 times.

Before the IPO, Garuda Construction and Engineering mobilised ₹75 crore from anchor investors.

The ₹264.1 crore initial share sale, which has fixed a price range of ₹92-₹95 per share, is a fresh issue of 1.83 crore equity shares as well as an offer of sale (OFS) of 95 lakh shares by promoter PKH Ventures.

The net proceeds will be used for working capital requirements and general corporate purposes.

Garuda Construction and Engineering IPO: Allotment and listing date

About Garuda Construction and Engineering

Garuda Construction is engaged in civil construction work. Currently, the company is working on six residential projects, two commercial projects, one infrastructure and one industrial project, having an order book of ₹1,408.27 crore.

On the financial front, the company's revenue surged from ₹77.02 crores in the financial year 2021-22 (FY22) to ₹154.18 crore in FY24, reflecting a Compound Annual Growth Rate (CAGR) of 26%. Net profit increased from ₹18.78 crore in FY22 to ₹36.43 crore in FY24 at a CAGR of 25%.